This means you haven't owned home in the three years prior to applying for the Soft Second Loan Program. If you owned a home with a former spouse, are a single parent, or owned a home without a foundation can also be considered a first-time homebuyer. Complete an accepted first-time homebuyer education course. For a list of homebuyer training courses in your community click here. Be within the household income eligibility guidelines.
Limits vary by community.
These guidelines are determined by fund source. For example, if a community uses federal HOME funds, then you must fall within federal HOME income guidelines. If a community uses state funds, then you must fall within state income guidelines Agree to use the property you purchase through the Soft Second Loan Program as your primary residence throughout the term of your loan. Purchase a home in a participating community with an established subsidy source. Choose a home within the purchase price limits.