Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Program

The Cumberland County Affordable Housing Trust Fund First-Time Homebuyer’s Down Payment and Closing Cost Assistance Program provides up to $5,000 in assistance to qualified first-time homebuyers who have lived or worked in Cumberland County for at least six months and wish to purchase a single family home in Cumberland County.  

Available Assistance  
A family with a gross household income between 80% and 100% of the County’s Median Income may qualify for up to $3,000 in assistance to be used for down payment and closing costs. A family with a gross household income less than 80% of the County’s Median Income may qualify for up to $5,000 of assistance to be used for down payment and closing costs. 

This program will match the buyers’ savings 3-to-1. For every $1 of savings the buyer uses to purchase their house, the program will provide $3 in grant assistance. The match can not exceed $3,000 for those households with a gross annual income between 80% and 100% of the County’s median income and $5,000 for those households with a gross annual income below 80%. This assistance is in the form of a five year, no interest, forgivable loan. 

Eligibility Requirements 
All applicants must be first-time homebuyers provide satisfactory evidence of the funds to be matched and these must be the participants’ own funds.and provide satisfactory evidence of the funds to be matched and these must be the participants’ own funds. Participants’ household assets must not exceed $30,000 after settlement. Participants must not contribute more than $15,000 to the purchase of the home (seller assistance, gift funds and lender assistance are included in this restriction). Applicant must supply a current pre-approval letter from a lender with the application. Their total gross annual household income cannot exceed the 100% median income guidelines calculated for the current Fiscal Year by the U.S. Department of Housing and Urban Development (HUD). 

Income Limits 
80% AMI 
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 
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 

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price, and income limits.        

Note: All figures mentioned above were accurate at the time of publication and may no longer be current. Visit the program website for updated information.