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

2021 Income Limits

Persons in
Household
Extremely Low Income
(30% Median)
Very Low Income
(50% Median)
Low Income
(80% Median)
Area Median
Income
1
14,000
23,350
37,350
46,700
2
16,000
26,700
42,700
53,400
3
18,000
30,050
48,050
60,100
4
20,000
33,350
53,350
66,700
5
21,600
36,050
57,650
72,100
6
23,200
38,700
61,900
77,400
7
24,800
41,400
66,200
82,800
8
26,400
44,050
70,450
88,100

Homebuyers Education Classes


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

Participating Realtors