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Applicant
Pre-qualification Checklist
ü
Is your income less than 80% of the area median
income for Van Buren County?
Family Size
|
Van Buren County |
|
|
80% |
|
1 |
$33,950 |
|
2 |
$38,800 |
|
3 |
$43,650 |
|
4 |
$48,500 |
|
5 |
$52,400 |
|
6 |
$56,250 |
|
7 |
$60,150 |
|
8 |
$64,000 |
ü Are you able to spend between 25 & 33% of your
monthly income for housing expenses? What is left after your
other monthly expenses i.e. (car, credit cards, student loans,
other personal loans, etc)? Total debt/income ratio should be
no more than 43%
ü
Do you have relatively good credit?
ü
Are you able to obtain a conventional mortgage (MSHDA
will not accept
mortgages that are adjustable rate or from predatory
lenders)?
ü
Are you willing to attend 6 to 8 hours of
Homeownership training classes?
ü
Are you able to contribute at least 1% of the
purchase prices towards the
purchase
of your home?
IF YOU CAN ANSWER YES TO THESE
QUESTIONS, THEN YOU MAY QUALIFY
FOR OUR HOMEOWNERSHIP
DOWN PAYMENT ASSISTANCE PROGRAM!
CALL
269-637-2000 To setup an appointment with
one of our staff.
 
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