Policy on Ability to Pay
- The applicant must have a steady monthly household income, sufficient to cover mortgage payment, insurance, taxes, and other living expenses.
- Applicant needs to have a satisfactory credit report.
- All judgments must be paid in full and marked that way on the credit report.
- 2 years since discharge date on either borrower or spouse with bankruptcy.
- 5 years since foreclosure or deed-in-lieu of foreclosure.
- Income of all household members must be listed.
- Total gross household yearly income should be between those indicated in a table developed annually from HUD recommendations. The following table is an example and represents the income range for Mercer County in 2016: