2. Apply for and be approved for financing under the Guidance Residential Declining Balance Co-ownership Program.
3. Meet all program requirements (See Below)
4. Take the New Homeowner education program
5. Close on your home by Dec 31, 2021
1. The amount you qualify for is based on your total income divided by the median income of the county your property is located in. The total income is based on the income from all applicants.
i. For customers whose total income is 50% or less of the county median income, the credit equals $1,500.
ii. For customers whose total income is 50.01 to 80% of the county median income, the credit equals $1,000.
2. Property must be in one of 28 participating states: Alabama, Arkansas, California, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia & Wisconsin.
3. Minimum qualifying credit score for all applicants of 620.
4. Minimum contract to value ratio of 70%.
6. The buyer must have a minimum of $1,000 or 1% of the purchase price whichever is greater of their own funds toward the down payment of the property being purchased.
7. No non-occupant co-borrower or co-signer.
8. Participants must take a Home Owner Counseling Course at a reduced fee of $99.
9. Customer must close with Guidance Residential .
10. Home must close prior to Dec 31, 2021.
11. Funds can be used for either down payment or closing cost. This credit can be combined with other down payment assistance programs.
*Subject to availability. All conditions listed on program disclosure.