Homebuyers must meet all eligibility requirements:
- Qualify as a first-time Homebuyer as defined by HUD as one of the following:
- Have never owned a home before; or
- Have not held primary ownership in a principal residence within the most recent three-year period
- Successfully complete a certified Homebuyer Education Course.
- Must have a credit score of 640 or higher.
- Possess a signed purchase offer for a property (turnkey at the time of settlement)
- Provide 1% of the sales price of the home from their personal funds towards the purchase of the home for client at 50% or higher of the area median income. Provide a minimum of $500.00 from their personal funds towards the purchase of the home for client at or below 50% or higher of the area median income.
- The total household income must be between 30%-80% of the Area Median Income.