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:
| Family
Size |
Minimum
Income |
Maximum
Income |
| 1-3 | $16,000 | $32,00 |
| 4 | $17,900 | $35,700 |
| 5 | $19,300 | $38,500 |
| 6 | $20,700 | $41,500 |
| 7 | $22,000 | $47,000 |
Habitat for Humanity 