I am going on 2019 data. I don’t know if anything has changed for 2020.
Here’s the criteria:
100% of the grant must be able to be used for down payment
There cannot be a requirement for any part of the grant to be used for closing costs
The grant cannot be considered a forgivable loan (the grant cannot have any repayment stipulations)
The grant cannot be have a minimum length of stay requirement
The grant must allow you to choose bank of America as your lender
The grant cannot list required lenders if bank of America is not listed
The grant must be able to work with HUD certified agencies (naca)
The grant must essentially be a complete gift to be used by you as you see fit for any house with no requirements from the grantor other than being a current resident and possibly a first time homebuyer.