| Median Income |
|---|
| $80,000 |
| 1-person | 2-person | 3-person | 4-person | 5-person | 6-person | 7-person | 8-person | |
|---|---|---|---|---|---|---|---|---|
| 30% (Extremely Low) | $17,150 | $19,600 | $22,050 | $26,500 | $31,020 | $35,580 | $40,100 | $44,620 |
| 50% (Very Low) | $28,550 | $32,600 | $36,700 | $40,750 | $44,050 | $47,350 | $51,510 | $52,890 |
| 80% (Low) | $45,650 | $52,200 | $58,700 | $65,200 | $70,450 | $75,650 | $81,850 | $85,100 |
Gross income is compared to the HUD guidelines for 30 to 60% of AMI, not to exceed 80% of AMI.
LHFH does not cost burden a family for a mortgage payment over 30%.
As a basis for determining the debt to income ratio, which is a maximum of 43% total debt ratio to qualify.
Any adult that will be living in the house and whose income will be used to qualify for a house must be an applicant or co-applicant(s). Each applicant or co-applicant(s) must sign and be obligated for the LHFH mortgage. Possible Exception: should an adult be deemed disabled or incapacitated and cannot legally execute a contract, the legal caregiver to whom any benefits are paid directly to on behalf of the disabled/ incapacitated adult, to provide shelter, food, medical and basic needs, may use income as a qualifier. Appropriate documentation is required to prove that it will be received at least 2 years moving forward.
A LHFH Homeowner(s) must have sufficient monthly income to pay the LHFH mortgage, property taxes, homeowner’s insurance and in some cases homeowner association (HOA) dues without becoming debt- burdened.
