Checklist for First Time Home Buyers
- MUST be able to contribute a minimum of 1% of the home price towards the purchase (cannot be borrowed or be a gift).
- Secure a first mortgage. All loans MUST be a 30 year fixed loan.
- Preference given to those who reside in Douglas County 12 months prior to closing or work in Douglas County at least 20 hours per week
- Be a “First-Time Homebuyer” (No ownership in a home in the past three years, single parent that has owned prior with a spouse, or a displaced homemaker.)
- Maximum debt-to-income (back-end) ratio at 55%
- Borrowers must show an acceptable credit history. A letter of explanation for all adverse accounts (bankruptcy, collections, late payments, etc.) is required.
- The home MUST be used as a “primary residence” and be located in Douglas County (the home cannot be “renter occupied” at the time of purchase).
- $100 application fee
