QUALIFICATIONS
Buyer qualifications:
- You
must live or work in Orange County.
- You
must be a first time homebuyer OR have not owned a home in the past
three years OR are a divorced single parent whose spouse kept the
house OR a displaced homemaker. Other exceptions may apply.
- You
must owner occupy. You may not use the home as rental property. (No Investors, please)
- You
must meet income guidelines. More precisely, you must earn enough
to qualify for a mortgage, but not too much that you earn above the
area median income. See chart below; you may earn LESS than 80 percent of median (or, in some cases, 100 percent) but NOT more.
FY 2007 Income Limits
Department of Housing and Urban Development (HUD) |
Durham Metropolitan Statistical Area (MSA)
(Chatham, Durham, and Orange Counties) |
Household Size
|
80%
of Median Income
|
50%
of Median Income
|
30%
of Median Income
|
1
|
$39,950
|
$24,950
|
$15,000
|
2
|
$45,650
|
$28,500
|
$17,100
|
3
|
$51,350
|
$32,100
|
$19,250
|
4
|
$57,050
|
$35,650
|
$21,400
|
5
|
$61,600
|
$38,500
|
$23,100
|
6
|
$66,200
|
$41,350
|
$24,800
|
7
|
$66,200
|
$44,200
|
$26,550
|
8
|
$75,300
|
$47,050
|
$28,250
|
Source:
U.S. Department of Housing and Urban Development (HUD)
Website: http://www.huduser.org/datasets/il/il07/index.html
|
Certain qualifications may apply if subsidy or other funding is involved.
If you meet the basic program qualifications please submit an application or call our office at 967-1545 extn. 301 or 302.
With your permission, we can share your application with other housing programs that may be able to aid you in your homebuying efforts. Please note on your application if you would like us to share your application information.
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|