An applicant is eligible to enter into a homestead agreement to acquire single-family housing property as a qualified buyer under ss. 420.630-420.635 if:
(1) The applicant or his or her spouse is employed and has been employed for the immediately preceding 12 months;
(2) The applicant or his or her spouse has not been convicted of a drug-related felony within the immediately preceding 3 years;
(3) All school-age children of the applicant or his or her spouse who will reside in the single-family housing property attend school regularly; and
(4) The applicant and his or her spouse have incomes below the median for the state, as determined by the United States Department of Housing and Urban Development, for families with the same number of family members as the applicant and his or her spouse.