What sources are allowed for the down payment?
The sale of the existing home, gift money, home buyer’s savings and other assets are all sufficient ways to source the required funds for closing.Read More
What sources CANNOT be used for the cash required to close?
Seller’s financing and concessions, credit card cash advances, bridge loans and subordinate financing cannot be used for closing.Read More
What property types are eligible?
Primary single-family residences, FHA-approved condos, FHA-approved manufactured homes built in 1990 or later, and Planned Unit Developments (PUDs).Read More
What property types are NOT eligible?
Co-ops, second homes (investment properties), boarding houses, bed and breakfast establishments, and manufactured homes not approved by FHA or built before 1990.Read More
What are the Eligibility Requirements?
Home must become and remain the buyer’s primary residence and be occupied by the buyer within 60 days from the closing date. Construction must be complete, and the property must be habitable.Read More