· Funds awarded on a 5:1 match – borrower must contribute a minimum
of $500
· Subject to the following maximum income limits based on number in
household:
· To be eligible to apply, you must not have owned a home during the
three years prior to the date you apply for the program.
· Primary residents only. No investor or vacation homes allowed
· Eligible for use with all FHA loans, including the purchase & repair loan
· Program participants must complete prescribed Home Buyer Counseling
· All borrowers must occupy the home for a minimum of five years or
award money goes back to the bank
· Program ends on December 31st, 2011, or when funds run out
