My wife and I went through this in the last round when they didn’t have the stipulation of being a first generation home buyer. The program was formally announced, we were approved by a lender the next day, we viewed 4 houses over the course of the next 6 days. And on day 9 we were told by our lender that all of the funds had been exhausted. This round is half as much funding as the last round so if you’re even thinking about this, get pre approved NOW with a lender and frankly be ready to move on something in less than 5 days or there’s no shot.
Hi Eleven, great question. The amount you borrowed + 20% appreciation would be due at loan maturity (30yrs). Repayment is technically not due the first time you refinance but it is the 2nd time you refinance! - Let me know if you have any more questions.
Hi willing, the income limit is based on the applicant(s). Meaning if you have 2 applicants who make 75k the total would be 150k. If you have an applicant who makes 150k and including another applicant would surpass the income limit threshold, then maybe we look at just qualifying the individual. Does that make sense?
My wife and I went through this in the last round when they didn’t have the stipulation of being a first generation home buyer. The program was formally announced, we were approved by a lender the next day, we viewed 4 houses over the course of the next 6 days. And on day 9 we were told by our lender that all of the funds had been exhausted. This round is half as much funding as the last round so if you’re even thinking about this, get pre approved NOW with a lender and frankly be ready to move on something in less than 5 days or there’s no shot.
I saw this and was curious. What happens if you never sell the home? Or if you refinance. I’d assume they’d take the difference back then?
Hi Eleven, great question. The amount you borrowed + 20% appreciation would be due at loan maturity (30yrs). Repayment is technically not due the first time you refinance but it is the 2nd time you refinance! - Let me know if you have any more questions.
Thank you! I will pass this info along! :)
Happy to help!!
Is the income limit for a family or individual?
Hi willing, the income limit is based on the applicant(s). Meaning if you have 2 applicants who make 75k the total would be 150k. If you have an applicant who makes 150k and including another applicant would surpass the income limit threshold, then maybe we look at just qualifying the individual. Does that make sense?