The borrower can purchase a 1-4 unit property that was completed at least 1 year ago. The number of units, if the property is multi-family, must be acceptable to local zoning provisions. Properties that have been demolished or that will be razed as part of the rehabilitation work are eligible, provided the existing foundation is not affected and will still be used. The complete foundation system must remain in place. Borrowers are able to finance closing costs and the up front mortgage insurance premium into the mortgage.
Eligible properties are detached or semi-detached units, row houses or multi family dwellings.
The purpose of this program is for low to moderate income borrowers or a borrower displaced by natural disaster or urban renewal to purchase or refinance a low cost principal residence. Borrowers are able to finance closing costs and the up front mortgage insurance premium into the mortgage. All 1-4 family properties are eligible. The purpose of this program is for a borrower to purchase or refinance a primary residence in a condominium project. Borrowers are able to finance closing costs and the up front mortgage insurance premium into the mortgage.