Area Median Household Income Limit Calculator for Program #2

 

This "Household Income Limits Calculator" is brought to you courtesy of Federal Home Loan Bank Atlanta (FHLBA)


NOTE:

As stated in the Home-Page, Program # 2 provides up to $48,000.00 in Down Payment Assistance for families earning 80% or less than their Area Median Household Income (AMI), at an affordable maximum Housing Debt to Income Ratio of 30%


Example of Program # 2:

A Mortgage Qualified Homebuyer closes the purchase of a $200k home as follows:

  1. $1,875.00 out of Pocket
  2. NO Credit Score
  3. Receives 20% in Down Pmt Assist
  4. Signs a $160,000.00 Mortgage
  5. Realizes 20% in Equity 
  6. Requires No Mortgage Insurance
  7. Affordable 30% Debt to Income Ratio
  8. Makes Affordable monthly Housing Payment of approximate $1,200.00
  9. These are estimated figures and are NOT guaranteed


Alternatively for Household Incomes in Excess of 80% of AMI, Homebuyers may qualify for PROGRAM # 1 as it is offered without Income limits, and at a max Housing Debt to Income Ratio of 48%