To qualify for this financing, the buyer must meet the income limits of the particular housing development. The income limit depends on the type of home and the requirements of the funding source for the development, which is based on the percentage of area median income.
For instance, a qualified buyer may not be able to earn more than 100% (or 80% or 115% or 140%) of the area median income in order to get the second mortgage financing.
If the home is in a new construction development using the Neighborhood Housing Program, the maximum income list is as follows:
| Maximum % of Area Median Income | |||
|---|---|---|---|
| Household Size | 80% | 100% | 115% |
| 1 person | $33,600 | $42,000 | $69,000 |
| 2 person | $38,400 | $48,000 | $69,000 |
| 3 person | $43,200 | $54,000 | $69,000 |
| 4 person | $48,000 | $60,000 | $69,000 |
| 5 person | $51,850 | $64,800 | $69,000 |
| 6 person | $55,700 | $69,600 | $69,000 |
If the home is in a new construction development using the Housing Recovery Developer Program, the maximum income list is as follows:
| Maximum % of Area Median Income | ||||
|---|---|---|---|---|
| Household Size | 80% | 100% | 115% | 140% |
| 1 person | $33,600 | $42,000 | $69,000 | $58,800 |
| 2 person | $38,400 | $48,000 | $69,000 | $67,200 |
| 3 person | $43,200 | $54,000 | $69,000 | $75,600 |
| 4 person | $48,000 | $60,000 | $69,000 | $84,000 |
| 5 person | $51,850 | $64,800 | $69,000 | $90,700 |
| 6 person | $55,700 | $69,600 | $69,000 | $97,450 |