INCOME ELIGIBILITY FOR AFFORDABLE UNITS: Buyer household income (from all sources) cannot exceed 80% of area median income (AMI), which is described as follows (for 2018):
- 1 person household: $50,350
- 2 person household: $57,550
- 3 person household: $64,750
- 4 person household: $71,900
- 5 person household: $77,700
- 6 person household: $83,450
ASSETS: Buyers of affordable units cannot have more than twelve (12) months of PITI (principal, interest, taxes and insurance) in liquid assets at the time your home is purchased. There is no limit on the amount of money that can be applied toward a down payment.
DEBT-TO-INCOME RATIOS: Under the City of Madison’s guidelines, the follow debt-to-income ratio restrictions apply:
- Your PITI (total housing payment) cannot be less than 25% of your household income.
- Your total debt payments (housing and other debt) cannot exceed 45% of your household income.
PRIMARY RESIDENCE: To be eligible to buy an income-restricted home at CohoMadison, it must be your primary residence. Under City of Madison guidelines, you will not be allowed to own other real estate property at the time of purchase.