Below is some quick points on what the First-time buyer program is;
- To qualify you have to be a First-time Home buyer or recently divorced clients may apply
- Buyer must have a down payment of at least 5% of the total purchase price (Up to 20%)
- Household qualified income must be under $120,000
- The mortgage & incentive amount together can’t be more than four times the household income
- Maximum mortgage amount for this program is $480,000
- It’s a Shared Equity Mortgage (SEM)
- Loan is to be paid at end of 25 year term or at time of sale
- The loan amount is NOT interest bearing
- New Construction is eligible for 5-10%
- Existing Construction is eligible for 5%
- Must be Owner occupied
- Closing must be on November 1st or after for this program to be applied.
Have any questions or concerns? Feel free to contact me!