Loans will be made to households earning at or below the following annual income levels (same as MHFA startup program - subject to change):
Household Size
Household Income Level
1-2
$103,400
3 or more
$118,900
Asset Eligibility
For borrowers younger than age 50-years, household assets shall not be more than $50,000 after closing, excluding retirement accounts (i.e. 401(k), 503(b), IRA, SEP, etc.).
For borrowers aged 50-years and older, house household assets shall not be more than $100,000 after closing, excluding retirement accounts (i.e. 401(k), 503(b), IRA, SEP, etc.).
For all age groups, aggregate retirement accounts shall not be more that $1-million.
