HomeBase’s Affordable Homes are available for families and individuals who make up to 80% of the Median Family Income (MFI) and who are priced out of the rising housing market. If you are interested in a HomeBase Affordable Home, please review the eligibility requirements below to determine whether or not you qualify.
- At least one applicant must work 25-hours/week (not applicable if disabled or retired).
- Must obtain Income Eligibility Certification from Lender stating that household income and assets meet the Income & Asset Guidelines and is at or below 80% of the Median Family Income as published annually by HUD.
- Please be advised that if down payment is less than 5% of the purchasing price, buyer may be required to attend a homebuyer education class by the lender.
- Must qualify for a first lien mortgage.
- Must occupy the property as primary residence.
- Must agree to all affordable housing guidelines and participate in the HomeBase Affordable Homes Program.
- Must comply with the City of Austin’s SMART Housing Program.
- Must provide accurate and complete information. False or misleading statements concerning household status, income, and/or assets will disqualify applicants from participation in the program and may subject the applicant to other sanctions.
- Other requirements may apply.
Household size is composed of all individuals who will be occupying the home. If two people are a “couple”, regardless of marital status, then both people must be included on the application. A couple in the process of a divorce or separation must submit proof of filing in order to apply separately. Co-signers are allowed, provided they do not appear on the warranty deed.
Persons not counted as family members for the purpose of determining income include:
- A child who is subject to a shared-custody agreement in which the child resides with the household for less than 50 percent of the time;
- Unborn children; and
- Children being pursued for legal custody or adoption who are not currently living with the household.
The HomeBase Affordable Homes Program has adopted Income & Asset Guidelines, in order to assist buyers who could not otherwise afford to purchase a home. Income Eligibility Certification is contingent on the City of Austin’s SMART Housing approval. Buyers must meet both the HomeBase Affordable Homes Program Income & Asset requirements and the City of Austin’s SMART Housing Income requirements, in order to purchase a HomeBase Affordable Home. Income Eligibility Certification is valid for six months, or until a contract is entered into for a home on which the buyer closes, whichever is earlier. Income Eligibility Certification does not guarantee that an applicant will qualify for a home mortgage. Other requirements may apply.
Click to view the 2015 HUD MFI Limits
Income Inclusions & Asset Guidelines
- The full amount, before any payroll deductions, of wages and salaries, tips, commissions, bonuses and other compensation;
- Self-employment Net Income as shown in the Federal Tax Returns from the operation of own business including proprietorships and partnerships and incorporated businesses;
- Social security or railroad retirement;
- Profit (or loss) from royalties or rental of land, buildings or real estate or roomers or boarders. Income from any estate and/or trust fund;
- Gift amount that is above 20% of the purchase price;
- Supplemental Security Income (SSI), or any public assistance or welfare payments such as TANF;
- Regularly received retirement payments, survivor or disability pensions, including IRA/Keogh distributions;
- Child support or alimony;
- Any other sources of income received regularly, including but not limited to, VA payments, unemployment, interest, dividends, or investment fund or trust distributions;
- Income from assets calculated at the published HUD Passbook Rate (currently 2%, but subject to change);
- Rental/investment property is limited to no more than 2 housing units;
- Asset limit is $150,000. Assets include, for example, cash, checking, money market and savings account balances, certificates of deposit, investment portfolios such as stocks and bonds, and the equity in any real estate owned.
- INCOME & ASSET GUIDELINES ARE SUBJECT TO CHANGE.
- Other requirements may apply.
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