Greater Lansing Housing Coalition
2008 Program Guidelines
MSHDA Guidelines
1. Income QualificationsAll household incomes must be between 40% and 80% of area median income. The incomes for Ingham County as of 3/15/08 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 $68,500
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; Franklin Street Community Housing Cooperative 517-482-8708, & Center for Financial Health 517-319-1309.
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.
