Program Quick Look

Eligible Primary/First Mortgage Loan Products: Prime, Fixed Rate (FHA, VA, Conventional)
Maximum Borrower Income: 80% of Hud Median Income (AMI)
Maximum Housing Ratio: 30%
Minimum Borrower Investment: Greater of 1/2 of required downpayment or $1000.00
Elgible Property: Non-Forclosed home in target area that is not a current rental property
Loan Rate and Term: 0% Deferred, Forgivable Assistance up to $14,999.00 has a 5 year term, Assistance of $15,000 to $30,000.00 has a ten year term
Minimum Loan Amount: $1000.00
Maximum Assistance: $10,000.00
Maximum Homebuyer Gap assistance for household at or below 80% AMI: Up to a additional $20,000.00 to ensure housing ratio of 30%
Borrower Occupancy Requirement: Borrowers must owner occupy the assisted property as their principal residence.
Borrower Homebuyer Education Requirement: Borrower must attend Home Stretch Classes
First Time Home Buyer Requirement: No, cannot have ownership interest in another property at the time of signing the purchase agreement.

More information can be found at

Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.


No Comments on Oct 27th 2011

Leave a Reply