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

2017 Income Limits

Persons in Household
Very Low Income 30%
Median
Low Income 50%
Median
Moderate Income 80%
Median
Area Median
Income
1 12,050 20,050 32,050
40,100
2 13,750 22,900 36,600 45,800
3
15,450 25,750 41,200 51,500
4 17,150 28,600 45,750 57,200
5 18,550 30,900 49,450 61,800
6 19,900 33,200 53,100 66,400
7 21,300 35,500 56,750 71,000
8 22,650 37,800 60,400 75,600
Homebuyers Education Classes
Contact the Housing Consultants Group for further information regarding upcoming homebuyer education classes (PDF). Call (336) 553-0946, ext. 1.