Download (AMI) chart - Ingham County Land Bank

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