Is there a debt-to-income requirement?
  • Yes, the program requires a 45% back-end ratio. 
    • The back-end ratio is calculated by adding together all of a borrower’s monthly debt payments and dividing the sum by the borrower’s monthly gross income. For example, if a borrower has a monthly gross income of $5,000 and monthly debt payments of $2,000, their back-end ratio is 40% ($2000/$5000). The Homebuyer Assistance Program requires that an applicant has a back-end ratio of less than 45%.
  • Housing and Community Development Department

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1. How long does the process take?
2. Are there any fees associated with the program?
3. Is this program only available in certain areas?
4. Are credit reports required for all household adults?
5. Is there a debt-to-income requirement?
6. Is there a credit score requirement?
7. Is there a maximum home price?
8. What can the assistance be used for?
9. What is the five or ten-year second lien?
10. What if I have to sell my home or move out before the five or ten years are over?
11. What if I need to refinance my home?