The interest rate is always 1-4% below the prime rate.
The loan term is 10 years.
|The home must be the homebuyer’s primary residence.|
|The home may have up to 4 zoned residential units.|
|Homebuyer may not own any other properties, including investment properties, at time of settlement.|
|Incentive appears as a second lien on property until the balance is forgiven or repaid.|
|Homebuyer must use an approved lender.|
|Homebuyer must use program-approved contractor for all work.|