Chance Gates' Blog

Qualification Guidelines

• A first-time homebuyer is someone who has not owned or co-owned their own residence within the past three years. If purchasing in a Targeted Area there are no restrictions on former home ownership.

• Total gross household income must fall within the Maximum Income Limits set by NHD.

• The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it’s located.

• Assets, including without limitation, may not exceed 50 percent of the purchase price of the residence being purchased, unless disabled or elderly and such assets are the primary source of income. There is a lower asset test for down-payment loans — maximum $5,000.

• Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.

• Credit must meet the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
  
• Successfully completes a HUD approved in-person 6 to 8 hour Homebuyer Counseling Course.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com