Generally, participation in the Homeownership program is limited to households with total household income between 30% and 80% of the area median income (AMI)
Minimum Income – The minimum income required is 30% of the AMI for the appropriate household size.
Maximum Income – The maximum income allowed is 80% of the AMI for the appropriate household size. While Habitat Detroit’s programmatic requirements allow for the eligibility of households with income up to 80%, some of the home buyer assistance programs and other funders with whom we partner have lower income limits (typically 60% AMI). In such cases, certain home buyer assistance funds or properties may not be available to households between 60% and 80% AMI. See the chart below for specific details per household size.
Homeownership Program Financial Criteria*
Income: Maintain annual gross income within our income guidelines (see chart)
| Household Size | Minimum Income 30% AMI | Maximum Income 80% AMI |
| 1 | $16,800 | $44,800 |
| 2 | $19,200 | $51,200 |
| 3 | $21,600 | $57,600 |
| 4 | $24,000 | $64,000 |
| 5 | $25,950 | $69,150 |
| 6 | $27,850 | $74,250 |
*Note: Income guidelines are subject to change.
- Credit score: 620+ preferred
- Options available for those with nontraditional credit/no credit applicants
- Savings: $2,000.00
- Debt-to-income is below 43%
- 0.5% of student loans in deferment or forbearance will be counted in the monthly debt payments. Ex: if you owe $40,000 in student loans, $200 will be counted in monthly debt payments
- Liens or Judgement: None outstanding
- Employment: Minimum of one year at current job, two years if self-employed
- Bankruptcy: Minimum of two years since the bankruptcy, with 24 months of re-established credit
- Foreclosure/Short Sale History: Minimum of three years since a foreclosure or short sale
- Collections: Less than $1,000 in outstanding collections ($3,000 maximum if medical collections)