2020 Maximum Income Eligibility
Lubbock County, Texas
| Median Income |
|---|
| $69,200 |
| 1-person | 2-person | 3-person | 4-person | 5-person | 6-person | 7-person | 8-person | 9-person | 10-person | |
|---|---|---|---|---|---|---|---|---|---|---|
| 80% | $38,752 | $44,288 | $49,824 | $55,360 | $59,789 | $64,218 | $68,646 | $73,075 | $83,704 | $95,042 |
| 60% | $29,064 | $33,216 | $37,368 | $41,520 | $44,842 | $48,163 | $51,485 | $54,806 | $62,778 | $71,282 |
| 50% | $24,220 | $27,680 | $31,140 | $34,600 | $37,368 | $40,136 | $42,904 | $45,672 | $52,315 | $59,401 |
| 40% | $19,376 | $22,144 | $24,912 | $27,680 | $29,894 | $32,109 | $34,323 | $36,538 | $41,852 | $47,521 |
| 35% | $16,954 | $19,376 | $21,798 | $24,220 | $26,158 | $28,095 | $30,033 | $31,970 | $36,621 | $41,581 |
These income guidelines are in effect until revised by HUD.
Gross income is important and we use it to determine the following:
1.Income Qualifications
Gross income is compared to the HUD guidelines for 30 to 60% of AMI, not to exceed 80% of AMI.
2.Housing Burden
LHFH does not cost burden a family for a mortgage payment over 30%.
3.Debt-to-income Ratio
As a basis for determining the debt to income ratio, which is a maximum of 43% total debt ratio to qualify.
Applicant/Co-Applicant(s)
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.
