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HOMEBUYER CRITERIA
HomeStretch has established the following homebuyer criteria that all homebuyers must meet:
- Homebuyers must have an income that does not exceed 80% of the area median income (see charts below.)
- Homebuyers should have less than $10,000 in assets.
- Homebuyers must pay a minimum of a 1% down payment from their own funds.
- Homebuyers must attend Homebuyer Counseling classes
- Homebuyers must qualify for a conventional mortgage.
- Homebuyers must live or work in the counties of Antrim, Benzie, Grand Traverse, Kalkaska, or Leelanau.
These charts were effective February , 2008, and were unchanged from 2007. However, the limits are subject to change without notice. The amounts listed are 80% of the Area Median Income for the county listed and for the number of persons in the home. Your gross income must be at or below the appropriate amount for the county in which the home is located.
Antrim County
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1-Person
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2-Person
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3-Person
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4-Person
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5-Person
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6-Person
|
7-Person
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8-Person
|
|
$28,650
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$32,750
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$36,850
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$40,950
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$44,250
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$47,500
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$50,800
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$54,050
|
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Benzie County
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1-Person
|
2-Person
|
3-Person
|
4-Person
|
5-Person
|
6-Person
|
7-Person
|
8-Person
|
|
$29,300
|
$33,500
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$37,650
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$41,850
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$45,200
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$48,550
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$51,900
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$55,250
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Grand Traverse County
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1-Person
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2-Person
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3-Person
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4-Person
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5-Person
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6-Person
|
7-Person
|
8-Person
|
|
$34,950
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$39,900
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$44,900
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$49,900
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$53,900
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$57,900
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$61,900
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$65,850
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Kalkaska County
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1-Person
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2-Person
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3-Person
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4-Person
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5-Person
|
6-Person
|
7-Person
|
8-Person
|
|
$28,650
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$32,750
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$36,850
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$40,950
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$44,250
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$47,500
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$50,800
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$54,050
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Leelanau County
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1-Person
|
2-Person
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3-Person
|
4-Person
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5-Person
|
6-Person
|
7-Person
|
8-Person
|
|
$35,650
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$40,750
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$45,850
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$50,950
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$55,050
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$59,100
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$63,200
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$67,250
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SPECIAL FINANCING
Families meeting the income guidelines provided may be eligible to purchase homes based on their income, credit, and other underwriting standards. A special mortgage product from National City Bank may be available for participants in our program. HomeStretch holds a Right of First Purchase on homes sold prior to the change to a land trust to ensure long-term affordability of those homes. Beginning with the Ridgewood homes, the Ground Lease was replaced by a Declaration of Affordability which was recorded by HomeStretch prior to any sale of the homes. This Declaration contains the same affordability restrictions on resale, Right of First Purchase, and other restrictions previously covered in the Ground Lease.
HOMEBUYER COUNSELING
Homebuyer counseling is required of all homebuyers prior to the home purchase closing. The counseling includes information on purchasing a home, budgeting, and home maintenance. Classes are offered by Northwest Michigan Human Services Agency and MSU Extension-Grand Traverse County.
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