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Information for Single-Family Lending and Real Estate Professionals
Program Announcement
May 2, 2025
Coming in July: Covenant Homeownership Program Expansion
Dear Partners,
As many of you know, the state legislature has passed H.B. 1696, with two important amendments expanding the Covenant Homeownership Program.
Starting July 28, 2025, the income limit is increasing to 120% of area median income.
Loan forgiveness will be offered to homebuyers who were earning under 80% of area median income at the time of purchase, and who own their homes for at least five years.
Learn more in our newly updated FAQ!
Please Be Patient – and Don’t Make Promises
These are exciting changes, but it will take us some time to revise our eligibility criteria and work out the logistics.
Until then – please don’t make any assumptions or promises about eligibility, beyond our current policies.
In particular, please don’t include loan forgiveness in your marketing or social media until specific income limits are posted. And please continue to run your marketing materials and social media posts past the Commission. No one wants to risk unintentionally misleading or disappointing homebuyers!
Thank you for your patience! We’re working hard on the new income limits and eligibility criteria and will share them as soon as possible.
And thanks for your partnership in the historic Covenant Homeownership Program. We appreciate you!
If you have any questions, please email Corinna Obar