Be without decent, safe and sanitary housing.
Agree to occupy the property as your primary residence and have the legal capacity to incur a loan obligation
Meet citizenship or eligible non-citizen requirements. Not be suspended or debarred from participation in federal programs
Properties financed with direct loan funds must:
Generally be 2,000 square feet or less
Not have market value in excess of the applicable area loan limit.
Not have in-ground swimming pools.
Not be designed for income producing activities.
Borrowers are required to repay all or a portion of the payment subsidy received over the life of the loan when the title to the property transfers or the borrower is no longer living in the dwelling.
Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites.
Regardless of repayment ability, applicants may never borrow more than the Area's Loan Limits
Fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower. Interest rate when modified by payment assistance, can be as low as 1%
Up to 33 year payback period - 38 year payback period for very low income applicants who can’t afford the 33 year loan term