Buying Power Worksheet
Your steps to participation
1. See if your household income qualifies you to participate. By HUD rules, prospective buyer households must earn between 50% (Very Low Income) and 80% (Low Income) of the Area Median Income. For Latah County the qualifying income data can be found in this table.
2. If your income qualifies, then you must also qualify for a mortgage from a bank, credit union or mortgage company that works with Idaho Housing and Finance Association. The bank can help you "pre-qualify" for a loan, which will help you understand how much you can borrow, what down payment may be needed, and any other factors influencing your loan. Your lender will give you a "pre-qualification" letter and can supply a letter stating that your gross income meets the program limits.
3. Check your buying power using this simplified worksheet:
These values are approximate and not guaranteed, they will provide a preliminary budget to help you plan.