Oakland Countys American Dream Downpayment Initiative (ADDI) program helps first-time homebuyers overcome the single greatest obstacle to homeownership - the downpayment and closing costs. Qualified homebuyers receive a $10,000 deferred payment loan with 0% interest to be used toward downpayment and closing costs of a home purchase. ADDI recipients must purchase and occupy the house as their primary residence.
Guidelines for the program include:
The applicant must be a first-time homeowner (not owned a home in the past three years, a displaced homemaker, or a single parent)
The gross annual household income cannot exceed maximum limits
At least one applicant must live or work in Oakland County
All household members must be citizens of the United States or permanent resident aliens
Applicants must pre-qualify for a fixed rate mortgage from a participating lender
Applicants must make a cash contribution of at least 2 percent of the sales price
The net household assets may not exceed $50,000
Applicants must complete home-buyer and post-purchase counseling sessions with the Oakland County Housing Counselor
The loan is secured with a mortgage and is repaid when the property changes ownership
All homes purchased must be located within one of our 50 participating communities, meet minimum property standards at closing, and be less than the FHA mortgage limit, currently $226,100.
The American Dream Downpayment Initiative is a federally funded program, dedicated to providing funds to increase the overall homeownership rate, especially among lower income households, while revitalizing and stabilizing communities. It is regulated through the Department of Housing & Urban Development.
For more information on the program, please contact Dorothy Melvin Johnson, ADDI Coordinator, at (248) 858-0495.
