To qualify for bond money there are multiple
criteria you must meet. BondMoney.com streamlines
the qualification process by allowing you to create a
home buyer profile. Your profile is then matched
to bond program criteria. The criteria are based
on a combination of information.
Household size - the number of people that will
occupy the home as their primary residence. This
includes adults and children.
Household income - before
tax income limits based on the household size
and location of property.
Property location - non target and target
areas. This designation can be based on state,
county, census tract and other criteria.
Previous home
ownership - if you have not owned a
home in three years you are considered a first time
buyer. You do not have to be a first time buyer to
use bond money if you purchase a home in a target
area.
Based
on your previous home ownership, household size
and income a specific address may or may not
qualify for the bond program.
In addition to the criteria for
the bond program, the home buyer must also meet standard
loan guidelines such as credit, income and debt
analysis, job stability specific to Conventional, FHA,
VA or Rural Development depending on the type of loan
being combined the bond
money.
