Description: This program is designed to help lower income first time homebuyers purchase a home and qualify for long-term financing from a participating lender of their choice.
Eligibility: Applicant must complete a Home Buyer Education Class acceptable to City. Applicant must provide a minimum 1% down payment of the total purchase price of home from their own assets. (3.5% might be required by first mortgage lender for closing costs.) Applicant must be a first time homebuyer (which is a family or person who has not owned a home within the last three years, is a qualified displaced homemaker, is a qualified single parent, or is a single woman and pregnant). Applicant must use the home as their principal place of residence. Applicant must have sufficient income and credit worthiness to qualify for a first loan from a mortgage lender. All combined income must be below 80%* of the median income for household size (household includes all persons over the age of 18 living in the home and earning income)
Get Live Help!