Be a first-time homebuyer. This means that you have not owned a home at any point in the last three years.
Take a homebuyer class.This class will help you get ready for the home buying process.
Meet our down payment requirements. We require a 3% down payment to buy a condo, single-family home, or two-family home. We require a 5% down payment to buy a three-family property. You may use a down payment program or gifted money from a family member as part of this down payment.
Have a total household income under our limits. Our income limits vary by community and the number of people in your household.
Have less than $75,000 in total household assets. This includes any checking accounts, savings accounts, stocks, or bonds. But it does not include most retirement and college savings accounts.
Meet our credit score limits. Your credit score must be at least 640 to buy a single family or condo and at least 660 to buy a two/three family home. We also have options for people who don’t have any credit history.
Agree to live in the property as your primary residence. If you stop living in the property, you must refinance out of your ONE Mortgage.