- $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
- Not required to be at maximum LTV first mortgage amount.
- No less than 81 percent LTV with conventional loans.
- Property (new or existing) must be located in one of four counties:
- Funding Source (Secondary or MRB) Purchase Price and Income Limits apply.
- Can be used in conjunction with MRB Special Funding Program.
- Borrower must be a first-time home buyer (no ownership interest in the last three years.)
- Most recent three year federal tax returns or tax transcripts required.
- Pre-purchase home buyer education required for all borrowers.
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