City offers interest-free down payment loans to low-, moderate-income families

Local News

Mayor Kirk Caldwell announced Tuesday that qualified low-income and moderate-income families can receive interest-free loans for the down payment on home purchases.

The city is now accepting applications for loans of up to $40,000, which will be awarded on a first-come, first-served basis to qualified households. The loans are provided through $250,000 in Federal HOME funds administered by the Department of Community Services (DCS).

Interested families must apply through a mortgage lender after being approved for a first mortgage. To qualify, applicants must provide five-percent of the purchase price as down payment and complete an approved homeownership course. A home inspection is also required. There is no cost to apply.

For more information, please call the DCS Loan Branch at 768-7076.

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