Down Payment Assistance Program Announced: City of Rome and the HomeOwnershipCenter to partner in program
Jan. 13 2023

Down Payment Assistance Program Announced: City of Rome and the HomeOwnershipCenter to partner in program

The City of Rome is launching a First Time Homebuyer Assistance Program in  partnership with the HomeOwnershipCenter. The program will be made  available to income eligible first-time homebuyers who would like to  purchase a home within the City of Rome. The program will allow income  eligible applicants access to financial assistance for the down payment  and closing costs associated with the purchase of their first home.  

Qualified applicants will be eligible to receive assistance of up to 50% of  their lender-required down payment and up to 4% of their purchase price  towards closing cost. Final grant award amounts will be determined upon  approval. The maximum grant award is $15,000.00. Applicants must  contribute a minimum of $2,000 to the purchase of the home. The following  costs count towards the applicant’s minimum contribution: earnest money  deposit, professional home inspection, surveys and appraisals.  

“I am very pleased to announce today a new First Time Homebuyers  program in partnership with the HomeOwnership Center. Our agencies  have been working toward this program for almost a year. There is no  better neighborhood improvement program than assisting people to  finance a new home, and the city is proud to help facilitate those who  may just be a little short on a down payment or need to fill a gap in their  closing costs. The program will provide up to $15,000 in down payment  assistance to eligible prospective buyers and the loans are 100%  forgivable. With the resources of the HomeOwnership Center, we hope  buyers will be able to take advantage of this new opportunity to assist  financing their forever home in the City of Rome,” said Mayor Jacqueline  Izzo.  

Eligible properties include existing one- and two-family homes located  anywhere within the City of Rome’s Corporation Tax District (inside district).  The program will not provide grants on cash purchase homes, fixer uppers,  construction conversion mortgages, FHA mortgages or any new build  projects.  

For more information regarding the program, please contact the  HomeOwnershipCenter at (315) 724-4197 or visit buyer/ 

2022 Rome HUD 80% Area Median Income Guidelines (Based on financial  circumstances at time of application.) See chart below: