February 17, 2019 at 4:14 pm #47628living20057Member
2018 FFIEC Geocode Census Report
Address: Selected Tract
MSA: 20100 – DOVER, DE
State: 10 –
County: 001 – KENT COUNTY
Tract Code: 0402.02
Summary Census Demographic Information
Tract Income Level Upper
Underserved or Distressed Tract No
2018 FFIEC Estimated MSA/MD/non-MSA/MD Median Family Income $70,400
2018 Estimated Tract Median Family Income $88,605
2010 Tract Median Family Income $80,870
Tract Median Family Income % 125.86
Tract Population 14528
Tract Minority % 37.35
Tract Minority Population 5426
Owner-Occupied Units 4228
1- to 4- Family Units 5393
When looking for priority areas, I need to focus on the $70,400 correct? This is price for the whole county, and my income is $2000 over. I need to find something that is under 100% correct. This is difficult.
Ugh I looked at other areas but the property tax is a few hundred more, and if I go with a traditional loan the PMI will be a few hundred dollars more too.
February 17, 2019 at 4:35 pm #47632naca3girlMember
- This topic was modified 2 years, 1 month ago by living20057.
Price has nothing to do with this. It’s about income. If your household income is over the median ($70,400), then you are non-priority and you restricted to finding a house located in an area where the median income is at or below $70,400. Taxes or the price of the home have nothing to do with this at this point of the process. The determinant is location.February 17, 2019 at 5:09 pm #47633living20057Member
Thank you @naca3girl you answered my question. Since I’m over the $70,400, I wouldn’t qualify for the house that I’m looking at through NACA. Since its 125% tract median. Since I don’t qualify for the NACA, I can’t afford the traditional route of a FHA or USDA loan because the additional PMI fees that are added for this particular home. I needed a NACA loan because it doesn’t add the additional PMI which would be $225 for the house I was looking at. F
Back to the drawing board.February 17, 2019 at 5:49 pm #47635naca3girlMember
You could always look for a location that’s within a priority area. If you want to use NACA, you have to be flexible with your location.
As a general rule, if the $225 PMI is too much for you to handle, you are probably buying too much house anyway. That little amount shouldn’t put you overbudget.February 18, 2019 at 2:02 pm #47639Newlywed HomebuyersMember
There is no PMI with NACA.
You’re looking at 2 numbers. You’re looking at the % and the FFIEC number. If the % is over 100% you have to be less than the FFIEC. If the % is less than 100% it doesn’t matter.February 19, 2019 at 6:08 pm #47651southfloridaMember
Just focus in the Tract Median Family Income %, if it’s less than 100 it’s a priority area and you can purchase there. Also, you can select the check mark in the left of the website where it says “User Select Tract” and you can just click around the map to see the Census information of any Tract area, each little “square” is a different tract area.
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