NEXTHome is a combination first mortgage loan and down payment assistance second loan that is available to first-time and non-first-time homebuyers. Here are some quick facts about the NEXTHome program:
- NEXTHome's first mortgage loan works with FHA, VA, USDA and HFA Preferred Conventional mortgage loans.
- NEXTHome's down payment assistance second mortgage loan is 3 percent of the first mortgage loan amount. It may be used to finance down payment and closing costs, including pre-paid items.
- The second loan may be forgiven if certain conditions are met.
- Borrowers are eligible to use NEXTHome if they earn less than $91,000 annually.
- The sale price of the home must not exceed $340,000.
- Borrowers must contribute $500 from their own funds. The contribution cannot come from any type of gift, grant or down payment assistance
For more information about the NEXTHome program, click here to download a factsheet.