Down Payment Assistance

First time homeowners in their new home

In order to eliminate obstacles to achieving the dream of homeownership, NHS of Beloit offers down payment and closing cost assistance with several different products. This program is available for qualified homebuyers so that they can borrow part of their down payment and/or closing costs. All downpayment assistance loans are subject to approval by the NHS loan committee.

Downpayment Assistance Programs

	0% Repayable downpayment assistance: Available to income qualified buyers (<80% AMI) who purchase homes in our priority neighborhoods. Payments are based on the amount borrowed and the length of the term. Property must be owner occupied.
	Forgivable downpayment assistance: Available to income qualified buyers (<80% AMI) who purchase NHS homes in our priority neighborhoods. Payments are forgiven over 5 to 15 years. Property must be owner occupied.
	Deferred downpayment assistance: Available to families who purchase homes in our priority neighborhoods whose income exceeds forgivable loan guidelines. Payments are not required. Loan is repaid when the buyer sells or refinances the home. Property must be owner occupied.
	Repayable downpayment assistance. Available to buyers who purchase homes in the City of Beloit or the City of South Beloit. No income restrictions. Property must be owner occupied.

Downpayment Assistance Programs

0% Repayable downpayment assistance: Available to income qualified buyers (<80% AMI) who purchase homes in our priority neighborhoods. Payments are based on the amount borrowed and the length of the term. Property must be owner occupied.

Forgivable downpayment assistance: Available to income qualified buyers (<80% AMI) who purchase NHS homes in our priority neighborhoods. Payments are forgiven over 5 to 15 years. Property must be owner occupied.

Deferred downpayment assistance: Available to families who purchase homes in our priority neighborhoods whose income exceeds forgivable loan guidelines. Payments are not required. Loan is repaid when the buyer sells or refinances the home. Property must be owner occupied.

Repayable downpayment assistance. Available to buyers who purchase homes in the City of Beloit or the City of South Beloit. No income restrictions. Property must be owner occupied.