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To qualify, your annual household income has to
be classified as low or moderate. Look at the chart below. First, determine how
many people are in your household. These are all persons who will occupy the new
home with you. Then determine what your household's gross (before taxes) income
is per year.
|
Household Size |
Very Low Income |
Low Income |
Moderate Income |
|
1 |
$17,750 |
$28,400 |
$42,600 |
|
2 |
$20,300 |
$32,450 |
$48,720 |
|
3 |
$22,800 |
$36,500 |
$54,720 |
|
4 |
$25,350 |
$40,550 |
$60,840 |
|
5 |
$27,400 |
$43,800 |
$65,760 |
|
6 |
$29,400 |
$47,050 |
$70,560 |
For example, if you are a family of
4 and you earn less than $40,550 per year, you are low income. But, if you are a family of 4
earning less than $25,350 per year, you are very low income. If you are a family of 4 and you
earn more than $40,550 but not more than $60,840 per year, you are moderate
income. If you are a family of 4 and you earn more than $60,840
per year, you are not eligible.
You will be required to disclose all income
of all adult household members from employment and other sources. You
must also disclose all income for the benefit of minor children (such as
child support, social security, etc.). You do not have to disclose income
earned by minor children, such as that from an after school or summer job.
There is no minimum income for the program, but
all clients must be able to qualify for first mortgage financing and meet other
requirements to receive assistance.
As long as the income for your household does
not exceed the amount shown in the moderate category above, we may have a
program to help you buy a home.
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Does It Matter if I am Low or Moderate Income?
Depending on the
local assistance
programs, the amount of assistance available for you may
vary depending on whether you are very low, low, or moderate income. |
View and Print our
Down Payment Assistance Programs Brochure
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