City of Pontiac Down Payment Assistance for First Time Homebuyers
Down Payment Assistance helps first-time homebuyers overcome the upfront costs of purchasing a home. The City of Pontiac's program provides eligible buyers with financial support that can be used toward the down payment or approved closing costs, making homeownership more achievable for households that meet income and asset limits. This assistance helps reduce barriers and supports stable, long-term homeownership in the community. Eligible closing costs include prepaid taxes, interest, lender’s points, application processing fees, credit report fees, title insurance, appraisal, mortgage survey, cost estimates, safety testing, private mortgage insurance, lump-sum processing, and various loan, broker, recording, and legal fees.Excluded closing cost examples (not inclusive) include homeowner’s insurance and real estate commissions.
Down Payment Assistance Requirements
- You must be a first time homebuyer.
- Your household income may not exceed the amount listed by HUD for your household size for 80% AMI.
- You have to complete the required education.
- You must be purchasing in the city of Pontiac. This is determined by the legal description of the property, not the mailing address.
- Your assets may not exceed $20,000.00.
- The housing ratio must not exceed 35% and the debt-to-income ratio must not exceed 43%.
- The program offers up to $20,000 towards 50% of the down payment and any reasonable closing costs.
- If the amount of the assistance awarded falls between $1–$14,999, the affordability period will be a five-year ownership period. A lien will be placed on the property specifying these conditions.
- If the amount of the assistance awarded falls between $15,000–$40,000, the affordability period will be a ten-year ownership period. A lien will be placed on the property specifying these conditions.
- Each section of the application for assistance must be completed for each household/family member. If the amount for any family member is zero (0), you must enter a zero (0). Your application for assistance will not be processed if any information is missing. All lines that require a signature must be signed. If there is a witness line, it must be signed by a witness before it can be submitted. If there is a notary section, the document must be notarized before it can be submitted.
- All household income must be declared and will be counted toward the income limit for your family size.
- NO FILE(S) WILL BE SUBMITTED TO PONTIAC FOR PAYMENT UNTIL ALL DOCUMENTATION HAS BEEN RECEIVED AND VERIFIED FOR ACCURACY, COMPLETION AND ELIGIBILITY.
- If you are unsure how to complete your paperwork, please call or come into our office so a NFH representative can help you complete your paperwork.
2025 Income Limits
Household Size
Household Income
1 Person
$56,600
2 Person
$64,650
3 Person
$72,750
4 Person
$80,800
5 Person
$87,300
6 Person
$93,750
7 Person
$100,200
8 Person
$106,700
