Tagged: Tract Median Family Income %
February 22, 2020 at 9:57 pm #65741copperwheat1Participant
I’m a Non-Priority Member, I’ve seen a house that I love in an area where the Tract Median Family Income % is 103.23, Is there a way of buying here even though its just over 100?
Thank youFebruary 22, 2020 at 10:36 pm #65742NelsontMember
99.99% is the absolute max for non priority members. There are no exceptions 😕
My advice is if you can instead of looking for houses you like first and then figuring out if they are in the right tracts find the “low income” tracts first and then search for houses in those areas.
February 23, 2020 at 1:08 am #65744AlikayMember
- This reply was modified 4 months, 3 weeks ago by Nelsont.
Nope. I was hoping the same as you. Emailed my MC he said it’s very strict.February 23, 2020 at 9:31 am #65748vrundmcParticipant
I went through this process. I downloaded all the data and then found zip code data that referenced the tracts. Slowly I put together a huge spreadsheet.February 23, 2020 at 10:19 am #65749copperwheat1Participant
Thank you, it’s a real bummer to be this close to 100. I’ll keep looking!May 28, 2020 at 4:59 am #68536futurebuyer1Participant
Naca needs to modify or change this rule, or eliminate people from high cost of living areas. I live in Northern California. Where I currently live, my income is well beneath the median and I am a priority member. The problem is, I can’t afford a home in this MSA area. There are a handful in my price range, but they don’t have what I want, which is a large yard and relatively safe neighborhood. Additionally, the market is still very tight and many sellers are probably not going to want to deal with Naca qualification, with homes still receiving multiple offers.
Where I would like to buy a home, the Stockton (San Joaquin county MSA), I am just over the median income and a non-priority member. There is a much large population of houses I can afford, but most are over the 100 tract median family income.
So, when I do meet a home that meets my criteria, almost all of them are over the 100% tract median income. Many of the ones under the 100 tract median income need substantial repair, which is not something I necessarily want to do. I don’t mind a rehab, but the prices people are asking for rehab are still way to high. This is a very frustrating predicament, and I may have to leave the program for these reasons.May 28, 2020 at 7:16 am #68538NelsontMember
If you leave the program will you be able to afford a house in Stockton with the down payment and closing costs and PITI with 4-5% interest (if you don’t have a 760 credit score) and potentially PMI which is maybe $200/month added to your PITI?
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