1.
Income Qualifications
All household
incomes must be between 40% and 80% of area median income. The incomes
for Ingham County at this time are:
|
Household
size
|
40%
AMI
|
80%
AMI
|
|
1
|
$18,160
|
$36,350
|
|
2
|
$20,760
|
$41,500
|
|
3
|
$23,360
|
$46,700
|
|
4
|
$25,960
|
$51,900
|
|
5
|
$28,040
|
$56,050
|
|
6
|
$30,120
|
$60,200
|
|
7
|
$32,200
|
$64,350
|
|
8
|
$34,280
|
$68,560
|
2. All
home buyers served will receive mortgages with interest rates and
closing costs at the best available to borrowers with good credit
in local market.
3.
All buyers receiving a home buyer subsidy will be qualified by local
lenders to spend at least 25% of their income for housing. A minimum
of 1% of the sale price is required from the buyer in the payment
of down payment or closing costs at the time of purchase.
4.
All home buyers are required to receive pre-purchase homeownership
counseling. The local agencies offering counseling are Ferris Development
485-9100, Franklin Street Community Housing Cooperative 482-8708,
& Lansing Affordable Homes 394-2737.
5.
Greater Lansing Housing Coalition provides down payment assistance,
in a minimum amount of $1,000.
A soft second mortgage, signed at closing, requires repayment upon
the sale of the home.
6.
All home buyers are required to live in the home (as their primary
residence) for a minimum of five (5) years. If the home is sold,
rented, or otherwise vacated by the buyer, repayment of grant subsidies
are required. The amount of grant subsidies vary, but are disclosed
in the “Condition of Sale” form signed at the time
GLHC sells the home.
Other
Restrictions
All
home buyers must have $5,000 or less in liquid assets OR must be
using liquid assets in excess of $5,000 as down payment and/or closing
costs for purchase of home. This does not include retirement accounts.
Income from all assets is used in computing income.
All
occupants of the household over the age of 18 are required to complete
income verification documentation. Incomes from these household
members are included when determining income eligibility.
Variations
of standard guidelines will be made as required by program funding
sources - MSHDA/City of Lansing.
WebMaster