In addition to the down payment assistance currently offered through Step Up, the HFA Advantage product provides eligible borrowers a grant to help with closing costs. Borrowers with qualifying income at or below 50% of the Area Median Income (AMI) limits (as published by Freddie Mac) are eligible for an Affordable Income Subsidy (AIS) grant in the amount of $2,500. Borrowers with qualifying income between 50.01% - 80% of AMI limits are eligible for a grant of $1,500.
Income limits for these grants are determined by the county location of the home: http://www.freddiemac.com/homepossible/eligibility.html.
Additional Information and Qualifications:
As with Step Up, this assistance can also be combined with a Mortgage Credit Certificate to make buying a home even more affordable.