Homebuyer Qualifications

Definition of Home


"Home" is defined as a single-family residence, condo or townhome affixed to a permanent foundation in City limits which does not exceed 95% of the area median purchase price.

Requirements


  • Affordable debt to income ratios
  • Asset limit less than $10K
  • Environmental Review Request approval
  • Existing house must meet minimum housing code requirements
  • Invest a minimum of $500 towards the purchase
  • Pre-purchase homebuyer education (PDF) (minimum of 8 hours required)
  • Qualify for loan through a Participating Lender (PDF)
  • Steady employment or fixed income

2016 Income Limits

Persons in Household
Very Low Income 30%
Median
Low Income 50%
Median
Moderate Income 80%
Median
Area Median
Income
1 11.900 19,850 31,750
40,050
2 16,020 22,700 36,300 45,750
3
20,160 25,550 40,850 51,500
4 24,300 28,350 45,350 57,200
5 28,440 30,650 49,000 61,800
6 32,580 32,900 52,650 66,350
7 35,200 35,200 56,250 70,950
8 37,450 37,450 59,900 75,500
Homebuyers Education Classes
Contact the Housing Consultants Group for further information regarding upcoming homebuyer education classes (PDF). Call (336) 553-0946, ext. 1.