A duplex must be at least 5 years old and occupied as a multi-family residence for at least the last five years.Eligible properties are limited to single-family homes, condominiums, Common Interest Community units, duplexes and Type I manufactured homes.First Home Limited income limits (Targeted areas).First Home Limited income limits (Non-targeted area).Acquisition cost is the total cost of acquiring the property from the seller. Income is determined by multiplying the borrower's gross monthly income by 12. No previous use of the First Home Limited or Veterans Mortgage program is allowed under the veterans' exception.įederal regulations establish maximum income limits and acquisition costs for this program. Acceptable evidence of eligibility includes a copy of the veteran's Certificate of Eligibility or Title 38 letter and a DD214 or Statement of Service. Qualified veterans must have been retired, discharged or released from duty under conditions other than dishonorable, and active duty military borrowers must have completed their initial military obligation.To find out if a property is located in a targeted area census tract, go to fact finder and perform a street address search.
Targeted areas (HUD designated census tracts) have higher income and acquisition cost limits.To be eligible first-time homebuyers, borrowers may not have owned a primary residence in the last three years unless the house is within a targeted area (as defined below) or if they are qualified veterans. First Home Limited offers lower interest rates to eligible first-time homebuyers who meet maximum income limits and acquisition cost limits.
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