Vacants to Value Booster
The Vacants to Value Booster program is for properties that were subject to a vacant building notice for at least one year prior to (a) rehabilitation of the property by a developer, or (b) sale of the property to a homebuyer who intends to renovate the property using a rehabilitation loan.
This program reduces the amount of money you’ll need up-front to buy your home.
ELIGIBILITY & LIMITATIONS
- You must earn a homeownership counseling certificate before making an offer on your home.
- You must live in this home as your primary residence.
- You must contribute at least $1,000 of your own money to your home purchase.
- Your mortgage amount cannot exceed the current FHA mortgage limit of $632,500 for a single-family home.
- You must apply and be approved prior to closing on your home. Program funds are not retroactive.
- No household income restriction
- Not limited to first-time homebuyers
- Fixed-rate mortgages only. Co-signers, cash sales, and owner-financing are not permitted.
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