The City of Rome is launching a First Time Homebuyer Assistance Program in partnership with the HomeOwnershipCenter. The program will be made available to income eligible first-time homebuyers who would like to purchase a home within the City of Rome. The program will allow income eligible applicants access to financial assistance for the down payment and closing costs associated with the purchase of their first home.
Qualified applicants will be eligible to receive assistance of up to 50% of their lender-required down payment and up to 4% of their purchase price towards closing cost. Final grant award amounts will be determined upon approval. The maximum grant award is $15,000.00. Applicants must contribute a minimum of $2,000 to the purchase of the home. The following costs count towards the applicant’s minimum contribution: earnest money deposit, professional home inspection, surveys and appraisals.
“I am very pleased to announce today a new First Time Homebuyers program in partnership with the HomeOwnership Center. Our agencies have been working toward this program for almost a year. There is no better neighborhood improvement program than assisting people to finance a new home, and the city is proud to help facilitate those who may just be a little short on a down payment or need to fill a gap in their closing costs. The program will provide up to $15,000 in down payment assistance to eligible prospective buyers and the loans are 100% forgivable. With the resources of the HomeOwnership Center, we hope buyers will be able to take advantage of this new opportunity to assist financing their forever home in the City of Rome,” said Mayor Jacqueline Izzo.
Eligible properties include existing one- and two-family homes located anywhere within the City of Rome’s Corporation Tax District (inside district). The program will not provide grants on cash purchase homes, fixer uppers, construction conversion mortgages, FHA mortgages or any new build projects.
For more information regarding the program, please contact the HomeOwnershipCenter at (315) 724-4197 or visit https://unhs.org/home buyer/
2022 Rome HUD 80% Area Median Income Guidelines (Based on financial circumstances at time of application.) See chart below:
