For additional information, please contact:
Tracey L. Davis
The City of Columbus American Dream Downpayment
Initiative (ADDI) Program operates jointly with participating lenders by
providing funds to create homeownership opportunities in Columbus for low and
moderate income, first-time homebuyers.
The property must be located in the City of
Columbus, Columbus City School District. This program may be used in conjunction with the Housing
Development Program (HDP). Outlined below are
applicant and property criteria for participation in this program.
The ADDI program offers a deferred,
forgivable loan to be used for downpayment and closing costs. The
buyer(s) must reside in the property for five years after closing or the funds
must be repaid to the City from sale proceeds. The property is unable to
be sold, rented, or transferred during these five years and must remain as the
sole residence of the buyer(s). After the five years, the mortgage and
restrictive covenant are released on the property and the loan is forgiven.
To be eligible, the applicant must be a first time* homebuyer,
meet income guidelines, receive homebuyer education from a Housing Division HUD
Certified Agency, and purchase a single family home or condominium in the City
of Columbus, Columbus City School District. The funds for downpayment
assistance are limited and will be available on a first come, first serve
*A first-time homebuyer is defined
as an individual and their spouse who have not owned a home during the
three-year period (thirty-six months) prior
to the purchase of a home with ADDI assistance. A minimum of six (6) months
residency in the State of Ohio and a permanent resident of the United States
are also required to be considered a first-time homebuyer.
Households whose income is at or below 80% of
the Area Median Income (AMI) as defined by the U.S. Department of Housing and
Urban Development (HUD), may qualify for up to six percent (6%) of
the purchase price of the home, maximum loan of $5,000.
All buyers must contribute $500 of their own
funds toward the purchase of the home. This $500 may not be gifted or come from
any other source other than the buyer themselves. Appraisal and Home
inspection costs will be considered up to $250 ($250.00 from appraisal and
$250.00 from inspection) based on approved criteria. Buyer must fall
within 35% House Debt/Income ratio and 45% Total debt/Income ratio based on
City income and debt calculations in order to qualify.
2019 HUD Income Guidelines
|2019 HUD Income
Guideline - 80% Area Median Income as of June 24, 2019
NOTE:Total Household income is all sources yearly
income of all adults (18 years of age and
older) living in the home.
The City of Columbus maintains a list of lenders
that are certified to utilize the ADDI Program. In order for the application to
be processed the lender must be on this list.
PLEASE CLICK HERE FOR THE ADDI APPROVED LENDER LIST
ADDI Lender List 2019
Lenders not on the list are welcome to contact
the Housing Division to become certified or by completing the attached Lender
Participation Agreement. After completing, signing, and notarizing please
submit the original ADDI Lender
Participation Agreement to the
Housing Division located at 111 N. Front St, 3rd Floor, Columbus, OH 43215
Attn: Tracey Davis.
The City of Columbus recommends that the buyer
first contact a lender to become qualified for a mortgage loan and then locates
a home to purchase through a certified real estate agent. After the mortgage
loan is approved, the lender should submit the completed ADDI package on
the buyer's behalf. Approval generally takes four to six (4 to 6) weeks from
receipt of the completed application
PLEASE CLICK ON THE LINK BELOW TO FOR THE ADDI LENDER TRAININGVIDEO WHICH CAN BE ACCESSED
City of Columbus recommends that the buyer first contact a lender to become
qualified for a mortgage loan and then locates a home to purchase through a
certified real estate agent. After the mortgage loan is approved, the lender
should submit the completed ADDI package on the buyer's behalf. Approval
generally takes four to six (4 to 6) weeks from receipt of the completed
application. Once the application package receives final approval, both the
lender and homebuyer receive the approval letter and the ADDI funds are ordered
at this time. Please allow 8 -10
business days for receipt of funds.
Closing may occur as soon as three (3) business days after receipt of funds. For conventional loans only, closing may occur
as early as 48 hours after approval. For FHA loans, the closing can take
place approximately two (2) weeks after the commitment letter is sent to the
homebuyer and the lender.
Homebuyers may be within the Modcon Living Tool
Library boundaries (formerly Rebuilding
Together Central Ohio). The Modcon Living Tool Library Program
is designed to encourage low-cost home maintenance and improvements by lending
tools and equipment free of charge to residents in designated service areas.
This program provides over 200 different types of hand and power tools for home
repair, maintenance, landscaping, and painting. To see if you are
eligible, please contact Modcon Living at 614-258-6392 or visit
HOUSING CONTACT INFO Housing Division
Office : 614-645-7896
Office : 614-645-8526
County Recorder's Office
U.S. Department of Housing and Urban Development
ECDI IDA Program