Mortgage Finance: Income and Sales Price Limits

 
 

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MPP INCOME AND SALES PRICE LIMITS

   Income Limits and Sales Price Limits 
   

 HOUSEHOLD SIZE      

Maximum
Income Limits
One Person $91,728
Two Persons $131,040              
Three or More Persons $152,880
   

SALES PRICE LIMIT

Maximum Loan Amount

 $596,000
    *****
$424,000
Effective 1/1/17

 

  • Household income cannot exceed the maximum limit for the household size as of settlement.
  • These income limits are separate from the income limits of the MPDU programs.
  • For Montgomery Properties ONLY, sales price cannot exceed the above amount. 
Income
The definition of income for determining eligibility is: the gross annual rate of income of all members of the household that will occupy the property.
The household income does not have to remain below the limits forever. After settlement, there is no limit on household income.
Household size refers to the number of people (adults and minors) who will live in the property as of settlement.