• SALE PRICE LIMITS (approximate calculations – see notes below)
Family of 1…..$190000
Family of 2…..$217000
Family of 3…..$244000
Family of 4…..$270000
Family of 1…..$168000
Family of 2…..$192000
Family of 3…..$216000
Family of 4…..$240000
These are the maximum likely sale prices that will keep qualifying ratios at 45 percent while still staying under FHLB income limits based on estimated payments using current FHA rates for buyers with monthly debt payments about 10% of monthly gross pay. These numbers are a general guide to determine if a property price could be eligible for the program. Property taxes and insurance have been estimated. Buyers with lower debts may qualify for more house and buyers with higher debt payments will qualify for less house. Income limits are higher for larger family sizes over four. The largest source of error stems from assessed value differing from list price.
• Annual Income Limits:
$44,750(single person) – $51,100(family of 2) – $57,500(family of 3) – $63,900(family of 4)
(call for bigger family sizes)
• FHLB max grant= $5000. Max of $7500 for teachers, nurses, police, firefighters
• FHLB minimum buyer cash requirement: Under $2000.
• Buyer status: First-time-buyers only, except teachers, nurses, firefighters, police
• Funds: Forgivable grant after 5 years of occupancy.
• Funds per property: $5,000 and can be combined with other incentives.
• Required location: Maryland properties
• Counseling: Phone call (approx 1hr) / internet counseling class is required.
Additional details & availability: email firstname.lastname@example.org or call 443-829-2210.