Qualified homebuyers

(a) Requirements Assistance from grant amounts under this Act may be provided only on behalf of a homebuyer who meets all of the following requirements: (1) Income The household of the homebuyer has an income that does not exceed— (A) 120 percent of median income for the area (as determined by the Secretary) within which— (i) the eligible home to be acquired using such assistance is located; or (ii) the place of residence of the homebuyer is located; or (B) in the case of a homebuyer acquiring an eligible home that is located in a high-cost area, as determined by the Secretary, 140 percent of the median income for the area within which the eligible home to be acquired using such assistance is located. (2) First-time homebuyer The homebuyer, as self-attested by the homebuyer, is a first-time homebuyer, as such term is defined in section 104 of the Cranston Gonzalez National Affordable Housing Act (42 U.S.C. 12704), except that for the purposes of this Act the reference in such section 104 to title II shall be considered to refer to this Act, and except that ownership of heir property shall not be treated as owning a home for purposes of determining whether a borrower qualifies as a first-time homebuyer. (3) First-generation homebuyer The term first-generation homebuyer means a homebuyer that is, as self-attested by the homebuyer— (A) an individual— (i) whose parents or legal guardians do not, or did not at the time of their death, to the best of the individual’s knowledge, have any present ownership interest in a residence in any State, excluding ownership of heir property or ownership of chattel; and (ii) whose spouse or domestic partner has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in a residence in any State, excluding ownership of heir property or ownership of chattel, whether the individual is a co-borrower on the loan or not; or (B) an individual who has at any time been placed in foster care or institutional care whose spouse or domestic partner has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any ownership interest in a residence in any State, excluding ownership of heir property or ownership of chattel, whether such individuals are co-borrowers on the loan or not. (b) Reliance on borrower attestations No additional documentation beyond the borrower’s attestation shall be required to demonstrate eligibility under paragraph (3) of subsection (a), and no creditor shall be subject to liability, including monetary penalties or requirements to indemnify a Federal agency or repurchase a loan that has been sold or securitized, for the provision of downpayment assistance under this Act to a borrower who does not meet the eligibility requirements if the creditor does so in good faith reliance on borrower attestations of eligibility required by this Act or regulation.