PROGRAM DETAILS

The ACCESS Program allows a homeowner to borrow funds from the Authority in the form of a second mortgage loan for up to 5% of the sales price as a source of down payment towards the purchase of a home with an FHA 1st. Mortgage.

100% financing. ACCESS loan proceeds can finance all or a portion of the homebuyers equity, closing costs and/ or recurring (prepaid) costs. The borrower must qualify for the payment on the ACCESS 2nd mortgage.

The second mortgage loan works in conjunction with a market rate FHA 30 year fixed first mortgage loan.

Takes the form of a silent second. Second mortgage loan is due and payable only upon sale or refinance of the property, or the final maturity date of 20 years. The ACCESS loan is at 7.5% fixed, fully amortized for 20 years.

The homebuyer does not have to be a first time homebuyer. However, the homebuyer must not own any other property at the time of escrow.

There is no minimum homebuyer contributions; seller or builder contributions are permitted subject to FHA guidelines.

There is no federal recapture nor purchase price limits; however, FHA loan limits by county apply.

Income limits apply (100% of the area median income), regardless of family size.