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
$16,250
$27,100
$43,300

2
$18,600
$30,950
$49,500

3
$20,900
$34,800
$55,700

4
$23,200
$38,650
$61,850
$83,600
5
$25,100
$41,750
$66,800

6
$36,950
$44,950
$71,750

7
$28,800
$47,950
$76,700

8
$30,650
$51,050
$81,650

Homebuyers Education Classes


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

Participating Realtors