Guidelines |
HomeBuyer — HOME Program |
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ELIGIBLE PROPERTIES |
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ELIGIBLE BORROWERS |
Borrower must be first-time homebuyer. (i.e., must not have owned a home during the three-year period prior to purchase of a home with HOME assistance.) Property must be borrower’s principal residence during the affordability period. Borrower must be income eligible, (See HOME income limits), must not owe any outstanding property taxes or service fees to the City of Fall River, must complete a homebuyers counseling course prior to closing, must be creditworthy, have a minimum credit score of 650 and meet the intent and objectives of the Program, Borrower’s total debt-to-income ratios (front/back) must not exceed 45%. Borrower must obtain a first mortgage from a qualified lender. Borrower must have post-closing cash of $3,000 but cannot have more than $25,000 in assets. 5 year operating pro-forma must have a positive cash flow. Gap analysis should be neutral (negative gap analysis indicates project is over subsidized) (positive gap analysis indicates inadequate financing). Loan to value (first position and second position) should be no more than 100% for affordable home ownership. | ||||
ELIGIBLE ACTIVITIESINTEREST RATES |
Acquisition: Down payment and closing cost assistance
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LOAN LIMITS & TERMS |
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