Time Homebuyers. For purposes of the DPA Program, a First-Time Homebuyer is someone who has not had an ownership interest in their primary residence in the past three years, unless qualifying under a Veteran’s Exception or purchasing a home in a Federally Designated Targeted Area as specified in the DPA Program Guide. • Must complete a pre-purchase homebuyer education course. • Must be legal U.S. citizens or lawful permanent residents or otherwise meet the applicable Agency (FHA, VA, USDA-RD) or GSE (Xxxxxx Mae or Xxxxxxx Mac) requirements. • Borrowers must be able to provide a Xxxx-Xxxxx affidavit as specified in the DPA Program Guide. • Borrowers must be credit-worthy and meet minimum FICO scores, and have a maximum debt-to-income (DTI) ratio no greater than 45%, as specified in the DPA Program Guide.
Appears in 6 contracts
Samples: Hfa Participation Agreement, Hfa Participation Agreement, Hfa Participation Agreement
