1. INCOME ELIGIBLE
2. HOMEBUYER EDUCATION
Attend a HUD-certified homebuyer education course and have a completion certificate.
3. MORTGAGE PRE-QUALIFICATION
Have a Mortgage Prequalification Letter from your lender for the affordable purchase price. Ask your lender to provide a prequalification for the maximum amount of your mortgage loan.
NOTE: Some builders and programs may require you to prequalify with their lender.
You should discuss your home mortgage options with a HUD certified housing counselor before you seek a pre-qualification letter from a lender.
4. AGREE TO RESALE RESTRICTIONS
Understand and agree to the resale restrictions that limit your appreciation (the amount of money you can make when you sell) and require you to owner-occupy the home as your primary residence. Other restrictions apply and may vary by program. Please see Sample City of Austin's Long-Term Affordability Restrictions.