Accessible Homeownership with the Cumberland County Trust Fund Program

The Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Down Payment and Closing Cost Assistance Program is a valuable initiative aimed at helping qualified first-time homebuyers achieve their dream of homeownership within Cumberland County. If you’ve been living or working in Cumberland County for at least six months and aspire to purchase a single-family home in the same area, this program can be your pathway to making homeownership a reality.

Available Assistance Under this program, you have access to financial assistance of up to $5,000, which can be a significant boost in covering the essential upfront costs associated with buying your first home.

• For families with a gross household income ranging between 80% and 100% of the County’s Median Income, you may qualify for up to $3,000 in assistance. This financial support can be utilized for both down payment and closing costs.
• If your gross household income falls below 80% of the County’s Median Income, you could be eligible for a more substantial assistance amount of up to $5,000. These funds can help cover the costs associated with your down payment and closing expenses.

A unique feature of this program is its matching component. For every dollar of your own savings that you use towards purchasing your home, the program will generously provide $3 in grant assistance. The maximum matching amount you can receive is $3,000 if your household’s gross annual income falls between 80% and 100% of the County’s median income. For households with a gross annual income below 80%, the maximum matching amount increases to $5,000. Importantly, this assistance is structured as a five-year, interest-free, forgivable loan, making it a highly attractive financial resource for aspiring homebuyers.

Eligibility Requirements To qualify for this program, there are certain eligibility criteria you must meet:

1. First-Time Homebuyer Status: All applicants must be first-time homebuyers.
2. Proof of Savings: You need to provide satisfactory evidence of the funds you intend to use for the match, and these funds must be your own.
3. Household Asset Limit: Your household assets must not exceed $30,000 after the settlement.
4. Contributions to Home Purchase: You must not contribute more than $15,000 to the purchase of the home. This includes any assistance from the seller, gift funds, and lender assistance.
5. Pre-Approval Letter: You must include a current pre-approval letter from a lender with your application.
6. Income Limits: Your total gross annual household income cannot exceed the 100% median income guidelines determined for the current Fiscal Year by the U.S. Department of Housing and Urban Development (HUD).

Income Limits The income limits are categorized into two segments:

80% AMI (Area Median Income)

• 1-person household: $47,550
• 2-person household: $54,350
• 3-person household: $61,150
• 4-person household: $67,900
• 5-person household: $73,350
• 6-person household: $78,800
• 7-person household: $84,200
• 8-person household: $89,650

100% AMI (Area Median Income)

• 1-person household: $59,500
• 2-person household: $68,000
• 3-person household: $76,500
• 4-person household: $84,900
• 5-person household: $91,700
• 6-person household: $98,500
• 7-person household: $105,300
• 8-person household: $112,100

These income limits are essential in determining your eligibility for the program, so it’s crucial to understand where your household income falls within these ranges.

The Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Down Payment and Closing Cost Assistance Program is designed to empower individuals and families within the Cumberland County area to step into homeownership with confidence. By providing financial support, matching savings, and offering a forgivable loan structure, this program opens doors to a brighter future for first-time homebuyers in the community.