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Ingham County Land Bank Area Median Income (AMI) Income Eligibility Chart Household Size NSP-2 LISA 50% HOME/CDBG 80% 100% 120% 1 2 3 4 5 6 7 8 23,050 26,350 29,650 32,900 35,550 38,200 40,800 43,450 36,900 42,150 47,400 52,650 56,900 61,100 65,300 69,500 46,100 52,700 59,300 65,800 71,100 76,400 81,600 86,900 55,320 63,240 71,160 78,960 85,320 91,680 97,920 104,280 MSHDA & CITY effective 03/02/15 By Program Type Closing Requirements (of Buyer) □ NSP1 Home Purchase Checklist □ HOME 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor 3. City of Lansing Down Payment Assistance Application (*DPA) submitted by CFH 4. Income Limit up to 120% AMI 5. LISA buyers Income Limit up to 50% AMI 6. Minimum borrower contribution 1% of purchase price. 7. DPA available based on documented need of buyer. 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor. 3. City of Lansing Down Payment Assistance Application (*DPA) submitted by CFH 4. Income Limit up to 80% AMI 5. Minimum borrower contribution $500 6. DPA limited to 6% of sales price *DPA terms Zero-interest, deferred-payment loan. Half of loan amount is forgiven after five-years if DPA is less than $15,000. (If DPA is more than $15,000 but less than $40,000, the loan is half forgiven after ten-years.) *DPA terms Zero-interest, deferred-payment loan. Half of loan amount is forgiven after five-years if DPA is less than $15,000. (If DPA is more than $15,000 but less than $40,000, the loan is half forgiven after ten-years.) □ NSP2 □ HUD $$ 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor 3. NSP2-MSHDA Application submitted by CFH 4. Income Limit up to 120% AMI 5. LISA buyers – income limit up to 50% AMI 6. Minimum borrower contribution 1% of purchase price. 7. DPA available based on documented need of buyer. 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor (optional) 3. City of Lansing Down Payment Assistance Application (*DPA) (optional) 4. First time home buyer <or> Income Limit up to 115% AMI 5. Minimum borrower contribution is $500. □ Land Bank Purchase w/ Lender Financing 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor (optional) 3. City of Lansing Down Payment Assistance Application (optional) (See HOME for City DPA requirements) <or MSHDA DPA (optional) □ Land Bank Purchase w/ Land-Contract 1. Home Buyer Education 8 hr. course 2. Meet with CFH Housing Counselor 3. Application Packet Completed w/CFH After Purchase: 4. Continued Counseling 5. Financial Fitness – Money Management 6. Financial Fitness – Credit 101 *DPA terms Zero-interest, deferred-payment loan. Full loan *DPA terms Zero-interest, deferred-payment loan. Half of amount is forgiven after five-years if DPA is less than $15,000. loan amount is forgiven after five-years if DPA is less than (If DPA is more than $15,000 but less than $40,000, the loan is $15,000. (If DPA is more than $15,000 but less than forgiven after ten-years.) $40,000, the loan is half forgiven after ten-years.) CFH = Center for Financial Health DPA=Down Payment Assistance Note: All purchases require Buyer to sign and agree to an Owner Occupancy Covenant/Agreement