- Limitations for the qualifying Customers need certainly to meet with the program’s earnings guidelines and you also have to will always be home for 10 years to eliminate being forced to pay the support amount. If they promote before 10 years, obtained to repay a prorated number in line with the date he has got remained in the home. If they rent our home aside otherwise sell it in first two many years, obtained to repay the mortgage and spend an extra $5,000 punishment. Buyers need to lead $step 1,000 of one’s own loans to your the purchase and cannot have more $15,000 inside liquid assets immediately following closing. Buyers need sit in a good homeownership group and you can fill out the newest certificate having their application material otherwise a receipt indicating the class has begun.
- Tips implement Buyers fulfilling the fresh city’s money guidelines toward system is also download the applying throughout the city’s site and you can printing it.
Read moreMoney are supplied because the a zero-appeal, deferred financing
