Satisfactory completion of a home buying education program is required. This program is also under the Community Home Buyers umbrella of programs, but it has no income restrictions. Instead, this program is available only if the property is located in an area considered to be a central city. There are no limitations on income, or location of the property, nor does the borrower need to be a first time buyer. Therefore, a buyer can get into a property with none of their own savings for a down payment.
Mortgage insurance is required, but at a reduced cost.
May be convertible if certain conditions are met. The loan must meet mortgage insurance requirements. No MI program not available at this time.