Kairos Group -- Downpayment and Closing Cost Assistance

Kairos Development Corporation, Inc.

"Empowering People—Building Communities"

Downpayment and Closing Cost Assistance

American Dream Downpayment Initiative (ADDI) A key obstacle to homeownership is funds for downpayment and closing costs. HUD originated the American Dream Downpayment Initiative (ADDI) Program to assist first-time homebuyers. The funding is provided to the County Housing Department (DHCD). Kairos ADDI Administrators on behalf of the County. The program offers $5,000 towards downpayment.

ADDI Income Qualifications The US Department of Housing and Urban Development (HUD) has funds available to assist low- and moderate-income homebuyers with downpayment and closing costs. Funds are available! The following outlines the basic program guidelines and eligibility. Program: Most downpayment/closing loans will not exceed $5,000. Loans range from a minimum of $1,000 to a maximum of 6% of the purchase price of a single-family home not to exceed $10,000. Loan amounts will be determined on a case by case basis. Purchasers must provide at least $1,000 of their own funds in the transaction. ADDI funds are structured as a 5-year forgivable loan. The loan will reduce by 20% each of the five years. After the five-year term of the loan, the debt will be forgiven. If the home is sold during the loan term, the owner must repay the unforgiven portion of the loan. The ADDI program can be layered with SOME downpayment/closing cost grants Purchasers must obtain home and termite inspections by certified, licensed inspectors Eligibility: Purchaser(s) must be first-time homebuyer(s) or not have owned a home in the last three (3) years Purchaser(s) must earn 80% or less of the area median income based on household size: Household Size Max. Income $50,600 $57,800 $65,000 $72,200 $78,000 $83,800 $89,600 $95,400 Purchaser(s) must buy a home located in Prince George’s County, Maryland Purchaser(s) must live in the home as their primary residence during the 5-year term of the down/payment closing cost loan; no temporary subleases Purchaser must complete intensive, HUD-certified homeownership counseling program PRIOR to applying for ADDI funds How to Get Started: Two nonprofit housing organizations will administer the ADDI loan funds for Prince George’s County, Maryland. Both offer intensive, HUD-certifed homeownership counseling. Call either organization to sign up for counseling and begin the process. Housing Initiative Partnership, Inc. 6525 Belcrest Road, Suite 555 Hyattsville, MD 20782 Contact Graciela Aponte at (301) 985-5048 (English & Spanish) Gaponte@hiphomes.org Kairos Development Corporation, Inc. 5601 Old Branch Avenue Camp Springs, MD 20748 Contact Harold Davis at (301) 899-1180 Housing@Kairosgroups.org

Click here to download Program Requirements and Fact Sheet.

Click here to download Kairos ADDI Checklist and Application.

Click here to download CREDIT REPORT AUTHORIZATION AND PRIVACY DISCLOSURE FORM.

More House 4 Less: Kairos is also a partner with the Maryland State Department of Housing and Community Development (MHCD) for the state-sponsored “More House 4 Less” homeownership program. The costs of downpayment and settlement can overwhelm first-time homebuyers and is listed as the #1 barrier to homeownership. More House 4 Less provides flexible and competitive programs and mortgage rates for individuals and families. Up to $5,000 may be available for downpayment and closing cost assistance. For all programs and requirements, visit the More House 4 Less website at: www.morehouse4less.com

Some Homeowners: From September 2004 - August 2006: Teresa Kerrick - February 2006 Anita Brown - May 2006 Dale Comerie - June 2006 Annie Troy - July 2006 Patrice Hollingsworth - August 2006 Trina Randall - January 2005 Taunya Scott - June 2005 John & Lawanna Ewing - July 2005 Michael Brown - August 2005 Michael & Veronica Shields - October 2005