Here are some other important facts to know about the program:
- There’s a limit on qualifying income. If you are buying on your own (no dependents), your annual income must be less than $84,000. If you are buying as a couple (no dependents), your combined annual income must be less than $94,000. And if you are buying on your own or as a couple with dependents, you must make less than a combined $104,000, annually.
- It’s similar to the First-Time Homebuyer Incentive offered by the federal government in that AHC remains on title as a co-owner and shares in the appreciation of the property, until you sell or repay the money borrowed. AHC’s share in the appreciation of the property diminishes the longer you are in the home, to a minimum of 25% of its value.
- You still need to qualify for a mortgage, and you can do so with a co-signer.
