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.