Eligible borrowers must be first-time homebuyers. Defined as not having had home ownership in the last 3 years.
A credit score of at least 640 is required of eligible borrowers.
An eligible borrower cannot purchase a house with a Sales Price greater than $224,500.
An applicant is expected to have a maximum debt to income of 45%.
FACT: It’s possible to purchase a home with as little as 1% of the sales price.
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