To be able to apply for a home loan through the Variant Lending Group Program, homebuyers need to meet certain eligibility criteria, although total household income requirements (see below) are based on all adults who will be living in the property.
Basic Applicant Eligibility
In all cases, applicants must be at least 18 years of age and have a valid social security number. Note that U.S. citizenship is not required to be eligible.
First-Time Homebuyer Eligibility
Someone who has not owned residential property for three years or more is considered a “First-Time Homebuyer.” First-Time Homebuyers who meet household income limits (see next section) can use the Variant Lending Group Program to purchase a home anywhere in United States.
Homebuyers who are not First-Time Homebuyers, and who meet household income limits, may use the Variant Lending Group Program, but can only purchase properties that are located within Targeted Areas.
Household Income Eligibility
To use the Variant Lending Group Program, the total “Household Income” of homebuyers needs to be at or below certain limits, and those limits vary by location and household size.
Household Income is the combined incomes of all people 18 years of age or over who live in a household. It includes every form of income, including salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains.
Household Income Limits Vary by Location
Each states has defined Household Income limits. In counties that have Targeted Areas covering part of the jurisdiction, Household Income limits differ inside and outside those areas.
Household Income Limits Vary by Household Size
Household Income limits vary based on the number of people that make up the household (regardless of age). Households with 1 or 2 people have one set of income limits and households with 3 or more people have slightly higher income limits. Note that pregnancy, certified by a doctor, counts as having an additional person for purposes of determining household size.
Household Income limits in states range from $92,500 up to $154,420, depending on property location and household size.
Ownership and Occupancy Eligibility
The Variant Lending Group can only be used to finance the purchase of a home that will be occupied by the homebuyer(s) as their primary residence, and homebuyers may not own other residential property.
“Liquid Assets” Eligibility
Homebuyers who have “liquid assets” of at least 20% of the purchase price of the property MAY not be eligible to use the Variant Lending Group. Gifts in the form of cash or equity are generally considered liquid assets.
A “liquid asset” is cash on hand or an asset that can be readily converted to cash. An asset that can readily be converted into cash is similar to cash itself because the asset can be sold with little impact on its value.
Homebuyers should talk to one the Variant Lending Group Program’s approved lenders to determine if their liquid assets affect their eligibility.
Additional Notes about Eligibility
- Being eligible for the Variant Lending Group doesn’t automatically mean that a homebuyer will be approved for a home loan.
- Eligibility details described on this page apply to most available programs. For any programs with different requirements, precise eligibility guidelines will be identified in program information.