About Home Buyer Advantage

Program Features

  • Foreclosed properties only
  • One-time down payment assistance grant

Who is Eligible:

  • The program is for anyone buying an eligible home to live in as their primary residence. This is not a program for investors or those wanting to buy foreclosed homes to rent to others.
  • Current homeowners are eligible to buy a home under the program. It is not just for first time homebuyers; however, the buyer must occupy the home as their primary residence.
  • The household gross income must not exceed 120% of the area median income for the eligible community.
  • The homebuyer must complete an eight hour pre-purchase homebuyer education class with a HUD approved housing counseling agency.
  • The homebuyer must be qualified for a mortgage through an approved Home Buyer Advantage lender.

Property Requirements:

  • The home must have a physical mailing address containing both city and zip code in an eligible community.
  • The home must be foreclosed and for sale by a bank, bank holding company, government agency, or authorized real estate owned designated entity.
  • Only site-built, single family homes, condos, and town homes qualify. This program can not be used for manufactured homes.
  • Homes needing structural repairs or deferred maintenance, per the home inspection, may be eligible through the use of purchase and repair mortgage like the HUD 203K.
  • The home must have the mortgage or tax foreclosure complete.
  • The purchase price of the home must be 1% below the current appraised market value.
  • The purchase price of the home must not exceed $238,000.