Most of the MVI’s homes come with either an 80% or 100% AMI (Area Median Income) limitations which requires buyers to not exceed certain income limits, based upon household size, shown in chart below. In some case the buyer may be able to purchase for less than the listed price based on their income. Completion of the income verification form will be required shortly after an agreement on the home is signed and the buyer will be contacted by MVI to complete the income verification documents and submit to the county for approval. The county may choose to lower the listed price / buyer responsibility amount of the purchase and increase the second mortgage amount if they deem that the buyer is using too much of their available income on housing costs. The county will review income documents within 10 days and notify parties if there is a change.
Any lender can be used when purchasing MVI homes but we suggest you consider contacting one that has experience working with second mortgages to avoid problems. Your agent can help advise you of the best options.
We hope you have found the information above helpful. Please don’t hesitate to contact us for more information. We think you will find that for the price MVI homes are a wonderful option and we will do everything possible to make the transaction a smooth and positive experience.
This information is for explanation purposes only and is not a substitute for a proper review of the soft second mortgage documents or other details of the MVI homes. Soft second mortgage documents are available upon request. This information is not guaranteed to be accurate or account for all scenarios, terms of the MVI homes can change at any time, without notice.