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Borrowers must meet three criteria to qualify for a "HomeToOwn" loan.
1) In most counties in Arkansas the borrowers must be first time homebuyers. That means they have not owned a principle residence in the last three years.
2) The borrowers household income can not exceed levels that are set by HUD based on the county where the property is located and the number of people living in the household.
You will find two different attachments depending on the county you live in that detail the requirements you must meet to qualify for the ADDI, Home to Own and Down Payment Assistance Programs. You are able to print out a copy of the requirements depending on the county you live in. You will also find a list of participating lenders in the local community that provide assistance with ADDI, Home to Own and Down Payment Assistance Programs. These programs will be discussed in the 8 hour class as well.