• Household income cannot exceed 80% of the median income of Northampton County.  The income limits are calculated for Fiscal Year 2005 by the US Department of Housing and Urban Development (HUD).  The program's income limits will adjust accordingly to HUD's standards.

Family Size   1 2 3 4 5 6 7 8

Maximum Annual Income   $34,000 $38,850 $43,700 $48,550 $52,450 $56,350 $60,200 $64,100

• For the purpose of the program, first-time homebuyer status is reserved for those who have not owned a home in the last three (3) years and for low to moderate income individuals/families who are relocating to low to moderate income census tract.
• Applicants of any family size are eligible
• The house to be purchased must be located within Northampton County.  The applicant need not currently reside within Northampton County.  the house to be purchased can be either a single unit or range up to four (4) units, but the homeowner must occupy the single residence or in the case of a multi-unit house, the homeowner must occupy one of the units.
• The applicant must contribute 1.5% of the purchase price from their liquid assets toward the purchase of the home.
• The applicant must show a minimum of 3% of the purchase price.  These funds must come from the applicant's liquid assets which must be verified in a deposit account by an institution of depository, or constituted by cash on hand, for a minimum of three (3) months prior to the settlement date.  Documentation verifying the required 3% must be sent to NCDCED.
• At the time of the settlement, the buyer's liquid assets must not exceed 3% of the purchase price.  Any amount above the 3% must be applied to the purchase of the home. (e.g. A person can have a total of 4.5% of the sale price in liquid assets, use 1.5% as a down payment and keep the remaining 3%.)
• At completion of settlement, if the amount of the committed subordinated mortgage is $100 or more than actually required to achieve the purchase of the home and closing costs, then the entire excess amount will be paid to the County of Northampton and returned to the pool.
• Applicants must need the subordinated mortgage in order to afford the house but their need must not exceed the maximum subordinated mortgage amount of $5,000.
• Eligible applicants may be assisted by this Program to purchase homes of any price.
• Note: Each lender may require that the applicant meet additional underwriting guidelines in order to qualify for a commitment of its First Mortgage.