Community Home Buyers Program
The Community Home Buyer's Program
TM lets you use a greater amount of your monthly income toward housing
costs compared to other standard mortgage products. This mortgage requires a
down payment of only 5 percent. To qualify for this loan, you must earn no more
than the area median income (exceptions are made in specified high-cost areas).
- No cash reserves are required (i.e. you do not need one month's mortgage payment in your savings account) when you go to closing. This mortgage provides expanded debt-to-income ratios, which means you may use up to 33 percent of your gross monthly income for housing expenses each month (instead of the standard 28 percent) and 38 percent for your total monthly debt expenses (instead of the standard 36 percent).
- Home buyer education is required (it may be offered by your lender or your lender may be able to recommend a resource).
2006 Conforming Loan Limits
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500 2 $533,850 $800,775 3 $645,300 $967,950 4 $801,950 $1,202,925