You may be eligible to apply for a loan through the program if:
Your household income is no higher than the following limits, based on the size of your household:
- You qualify for a conventional fixed-rate 30 year first mortgage from a lender compliant with the FDIC Statement on Subprime Mortgage Lending.
- You have completed an approved homebuyer education class.
- You would not have more than $15,000 in liquid assets (not including retirement accounts) after loan closing.
Before receiving a loan through the program, you will need to complete a HUD-approved homebuyer education class. Three local organizations that offer homebuyer education classes include: