Homebuyer Qualifications

Definition of Home


"Home" is defined as a single-family residence, condo, or townhome affixed to a permanent foundation in City limits that does not exceed 95% of the area median purchase price.


Requirements


  • Affordable debt-to-income ratios
  • Asset limit less than $20K
  • Environmental Review Request approval
  • The existing house must meet minimum housing code requirements
  • Invest a minimum of $500 toward the purchase
  • Pre-purchase homebuyer education (minimum of 8 hours required)
  • Qualify for a loan through a participating lender
  • Steady employment or fixed income

2023 Income Limits

Persons in
Household
Extremely Low Income
(30% Median)
Very Low Income
(50% Median)
Low Income
(80% Median)
Area Median
Income
1
$15,350
$25,550
$40,900
$51,100
2
$18,310
$29,200
$46,750
$58,400
3
$23,030
$32,850
$52,600
$65,700
4
$27,750
$36,500
$58,400
$73,000
5
$32,470
$39,450
$63,100
$78,900
6
$37,190
$42,350
$67,750
$84,600
7
$41,910
$45,300
$72,450
$90,600
8
$46,630
$48,200
$77,100
$96,400

Homebuyers Education Classes


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

Participating Realtors