Home Buyer FAQ: What are the Income Requirements?
Home Buyer FAQ: What are the Income Requirements?
You must meet certain income restrictions to qualify for TSAHC’s Homeownership Programs. Take the Eligibility Quiz to see if you meet the income limits, which can vary by county.
If you meet the qualifications, the quiz will provide you with the next steps, which include contact an approved lender.
Income used to qualify:
For Non-Bond DPA (No MCC): Only the income of the mortgagor(s) will be considered. The income of a non-purchasing spouse (NPS) will not be included in the calculation. For example, only the income used to qualify the mortgagor for repayment of the mortgage loan (from the 1003 loan application and/or the applicable underwriting worksheet) will be compared against the program limits.
For Non-Bond DPA (with MCC), Bond DPA or MCC Only: Income from all family members living in the home with an ownership interest is considered. Family income is calculated by taking the borrower’s current gross monthly income from all sources, as well as that of anyone else who is expected to live in the residence and become liable on the deed of trust (including a non-purchasing spouse) and multiplying that amount by 12.