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 least on year prior to the application date and remain owner occupied until the loan is paid in full.
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. CHIP works with local lenders that can assist investors with their portion of the project funding.
Check to see if you are eligible using this form > (Am I eligible for a CHIP loan?)