WHAT ARE THE REQUIREMENTS TO PURCHASE AN AFFORDABLE HOME?

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1. INCOME ELIGIBLE

You must be income eligible. Different programs have different rules related to income and asset requirements. 



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.