General Eligibility Guidelines
Eligibility Criteria
These are intended to be the minimum requirements for any potential homebuyer at the Ann Avenue properties. As an Applicant, you must:
1. Be a first time home buyer
- A person who has not owned a home or held title on a home in the last three years, or,
- A mobile home owner whose mobile home is not on a permanent foundation.
2. RBCLT tries to maximize the potential of RBCLT-developed homes to assist the families most in need: We prioritize our marketing to families that best utilize the capacity (ie number of bedrooms or universal design/handicapped accessibility) of the home. Therefore we aim marketing through Homebuyer Programs and others that focus on low-income families.
3. Be income eligible (your income must fall within the HUD income guidelines below)
4. Be mortgage eligible (be able to obtain a mortgage loan from a lender)
5. Have good or repairable credit
6. Have stable or continuous employment for at least 2 years
7. Have or be saving cash for downpayment and/or closing costs
8. Asset Limits: Maximum permissible levels of financial assets are as follows:
- 29 years of age or younger - $30,000
- 30-34 years of age - $35,000
- 35-39 years of age - $45,000
- Over 40 years of age - No asset limit
Buyers who meet all the eligibility criteria in the above sections will be prioritized chronologically based on the date of their bank mortgage approval.
Determining Your Income Eligibility
To purchase a home through the Red Brick Community Land Trust you must first determine if you meet the income guidelines for your household. Please look at the US Department of Housing and Urban Development chart below and find your household size (the number of people that live in your home), then look to the left column labeled 80% of median income. Your household income must not exceed the amount in this column (for example, a family of 4 must not exceed $52,700 to be eligible). For those with incomes under 80% of median, subsidies are available to make the house affordable. Red Brick Community Land Trust makes an extra effort to help those under 50% of the median income. Note: For 708 Ann, the income eligibility is at or below 60% Area median income or $27,675 (1), $31,650 (family of 2), $35,588 (3), $39,540 (4).
HUD Income Guidelines
| Household Size | 80% of Median Income | 50% of Median Income |
| 1 | $36,900 | $23,050 |
| 2 | $42,200 | $26,350 |
| 3 | $47,450 | $29,650 |
| 4 | $52,700 | $32,950 |
| 5 | $56,950 | $35,600 |
| 6 | $61,150 | $38,200 |
| 7 | $65,350 | $40,850 |
| 8 | $69,600 | $43,500 |
Source: United States Department of Housing and Urban Development, February, 2004
HUD Income Guidelines
The final step is to determine if you are mortgage eligible. The mortgage eligibility process will determine if a lender will lend you the money to buy a Red Brick Community Land Trust home. The RBCLT will assist all applicants with the mortgage lending process; however, it is your responsibility to provide RBCLT staff and the lender with accurate information. It is also your responsibility to promptly provide all information requested by the loan officer.