Effective August 16, 2022, eligible borrowers will be able to receive forgivable grants for up to 4% of the purchase price, up to $12,500.

 

Requirements for borrowers:

 

*620 Minimum Credit Score

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*First Time Buyer (An individual is to be considered a first-time homebuyer who (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or single parent also will be considered a first-time homebuyer if he or she had no ownership interest in a principal residence )

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*Borrowers must have $500 of their own funds in the transaction.

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*Income will be based on 80% median area income to qualify.

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*Only .25% PMI Factor