| 1. Must be considered a "First-time Homebuyer" |
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a. An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers). |
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b. A single parent who has only owned with a former spouse while married. |
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c. An individual who is a displaced homemaker and has only owned with a spouse. |
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d. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. |
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e. An individual who has only owned a property that was not in compliance with state, local, or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. |
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| 2. The home must be located in Tyler city limits. |
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| 3. Buyer must be able to get an acceptable loan from a lender within 15 days after being accepted into the program. |
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| 4. Buyer must have a FICO score of at least a minimum of 600. |
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a. No recent (within the preceding 24 months) bankruptcies, foreclosures, student loan delinquencies, or repossessions. This provision does not apply to purchasers of homes developed by Habitat for Humanity or other non-profit developers. |
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| 5. Buyer's household cannot exceed 80% below the median income according to family size and cannot make less than 50% below the median income. Exceptions are made for Housing Choice Voucher clients. |