Program Requirements

All applicants must meet the following requirements to receive any financial assistance:

* You must occupy the purchased home as your principal residence.
* You must have a debt ratio not greater than 42%; and a credit score of 620 at time of closing.
* You must meet the income guidelines set forth by the U.S. Dept. of HUD.
* You must have $3,000 saved for Earnest Money and a maximum $5,000 at time of closing.
* You must pay a $50.00 processing fee to enter into the Financial Literacy Program.
* You must pre-qualify for a $75,000 mortgage.
* You must pay a $50.00 to attend Home Buyer Education Class.
* You must maintain the home for 10 years. Home cannot become rental property during the 10 years.

2008 Annual Household Income Limits
Area Median Income: $51,400

Family Size	50%	80%

1	$18,000	$28,750
2	$20,550	$32,900
3	$23,150	$37,000
4	$25,700	$41,000
5	$25,750	$44,400
6	$29,800	$47,700
7	$31,850	$50,950
8	$33,900	$54,250