Norwalk Housing (NH) Homeownership Program Guidelines (Qualifications for Homeownership)
Head of household must be a NH Federal Section 8 Voucher holder or a Federal Public Housing resident for at least one year.
Head of Household must be employed 30 hours or more per week for the past 12 months, making at least the current CT minimum wage per hour; (not applicable for disabled or senior age 62 or older head of household).
Participant must meet Income Requirements limits.
Applicant (and co-applicant) must have a credit score of 650 or better on all three credit reporting agencies: Equifax, Experian and TransUnion (www.annualcreditreport.com).
Must have savings of $6,000 or more in a non-retirement bank account in addition to the required down payment based on property price.
Applicant or co-applicant cannot own property or held ownership interest in a property for the three years prior.
Head of Household must purchase in Norwalk
Head of Household (and co-applicant) must attend a HUD-approved First-Time Homebuyer's Certification Program within one year of purchase.
Head of Household (and co-applicant) must be able to qualify for a mortgage with a NH-approved mortgage lender.
Head of Household must work with a HUD-certified homeownership counseling agency.