Applicants must not exceed the current maximum allowable income limits, adjusted for household size. Applicants must not exceed $75,000 in household assets. Net cash value from retirement accounts do apply.
With certain exceptions, applicants must be a first time homebuyer(s). A first time homebuyer is defined as an applicant whom has never owned or not owned a home for a period of three years prior to the time of application.
*The following are exceptions to this rule:
Displaced homemakers, (an adult who has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family), while a homemaker, owned a home with his or her partner or resided in a home owned by the partner.
A single parent, where the individual owned a home with his or her partner or resided in a home owned by the partner and is a single parent (is unmarried or legally separated from a spouse and either has 1 or more children of who the individual has custody or joint custody, or is pregnant).
Households where at least one member is 55 or over.
Households that owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
Households that owned a property that was not in compliance with State, local or model building codes and that cannot be brought into compliance for less than the cost of construction a permanent structure.