Another main component of the FFP is financial assistance. Down-payment assistance, closing cost assistance, and subsidized mortgage are provided on a case-by-case basis to first-time homebuyers that are low- and moderate-income, are deemed credit-worthy, and who would otherwise be unable to obtain a mortgage. Clients are required to complete the Homebuyer Education course in order to be eligible for financial assistance and are strongly encouraged to complete the Post-Purchase course after their home purchase is finalized.

Each situation is evaluated individually, taking into account income, family size, and other factors to determine the amount of assistance that will keep the homebuyer’s payment under 30% of income with a debt load of no more than 41%. Although it is recommended that clients start early to save up a minimum 10% down payment, sometimes homebuyer education graduates simply haven’t had the time or resources to raise the full down payment or can’t find a home that is affordable for their budget.

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