Mortgage Qualification with FTHBI
The program is designed to help reduce the monthly mortgage payment for the homebuyer and to make it easier for them to qualify for a mortgage.
The incentive is not considered a loan and does not require ongoing payments or interest.
Instead, the incentive is repaid when the property is sold or after 25 years, whichever comes first.
To be eligible for the program, the homebuyer must have a minimum down payment of 5%, and their total annual income must be $120,000 or less. Additionally, the purchase price of the home must be less than $505,000 for a resale home or less than $565,000 for a newly constructed home.