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
  • Steady employment or fixed income

2018 Income Limits

Persons in
Household
Extremely Low Income
(30% Median)
Very Low Income
(50% Median)
Low Income
(80% Median)
Area Median
Income
1
12,750
21,200
33,900
42,400
2
14,550
24,200
38,750
48,400
3
16,350
27,250
43,600
54,500
4
18,150
30,250
48,400
60,500
5
19,650
32,700
52,300
65,300
6
21,100
35,100
56,150
70,200
7
22,550
37,550
60,050
75,000
8
24,000
39,950
63,900
79,900

Homebuyers Education Classes


Contact the Housing Consultants Group for further information regarding upcoming homebuyer education classes.
Call (336) 553-0946, ext. 1.