- Be First-Time Homebuyers: Defined as a household in which no member has owned a home as their principal residence within the past three years. An exception is made for displaced homemakers and single parents.
- Meet Income Limits: Have combined gross annual income that does not exceed the HUD Low Income Limits adjusted for household size. (see income limits table below)
- Homebuyer Education Requirement: Complete an approved homebuyer education course.
- Minimum Downpayment: Homebuyer must contribute a minimum of $500.00 towards the purchase of the property.
- Owner Occupancy Requirement: Homeowner must occupy the property as their principal residence for the life of the loan.
- Financing: Buyer must qualify for and obtain loan commitment for a first mortgage using a conventional loan. No private loans and no all cash transactions are allowed.
Income Limits for ADDI eligibility:
Persons in Household/Household Income
- Homes must be located in Washington County
- Homes can be single family home, condominium, or a manufactured home on a permanent foundation.
- The home sales price can not exceed 80% of FHA mortgage limits for Portland Metro Area. $194,560 as of February 2005.
- The property must meet HUD's housing quality standards and the home must not have lead paint hazards.
www.co.washington.or.us/deptmts/comm_dev/addi.htmPLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE www.TonyandLibby.com