For an owner occupied loan, the household income must be less than 80% of median income (view Income Eligibility Guidelines). The home must have sufficient equity available to apply. The property must be owner occupied for at six (6) months prior to the application date and remain owner occupied until the loan is paid in full. Clients must also have a consistent source of income to maintain their home, pay property taxes & insurance, and necessary living expenses.
Applicants with poor credit are still encouraged to apply. A credit report will be pulled as part of the application process, however it is only to identify major concerns that could lead to defaulting on the loan.
For a non-owner occupied loan, the investor is required to fund 50% of project expenses and make housing available to low and moderate income families.
Check to see if you are eligible using this form > (Am I eligible for a CHIP loan?)