Whats Affordable Homeownership Requirements?
Homebuyer education may be required for first-time homebuyers from a HUD-approved counseling agency
Income and loan amount limits apply and vary by location.
One-unit properties: up to 97% loan-to-value/105% combined loan-to-value.
Additional restrictions apply for 2-unit properties.
(CLTV > 95% requires secondary financing to be an affordable down payment assistance program.)
Loan amounts up to $647,200 with 3% down payment and up to $970,800 with 5% down payment in high-cost areas.
Mortgage insurance is required; however, it’s at a reduced cost compared to most conventional loans.