Final answer:
Eligibility requirements for down-payment assistance programs can include factors such as income level, credit history, occupancy, property type, and participation in educational programs.
Step-by-step explanation:
Eligibility requirements for down-payment assistance programs can vary depending on the specific program, but they often include factors such as:
- Income level: Many down-payment assistance programs are intended for low- and moderate-income individuals and families.
- Credit history: Some programs may require a minimum credit score or a certain number of years of credit history.
- Occupancy: Some programs may require that the property being purchased is the borrower's primary residence.
- Property type: Certain programs may have restrictions on the type of property that qualifies, such as single-family homes or condominiums.
- Participation in educational programs: Some programs may require borrowers to complete homebuyer education courses or counseling.
It's important to research and understand the specific eligibility requirements for the down-payment assistance program you are interested in, as they can vary.