Good idea Michael, the loan and income limits, and max sale price change on a regular basis with many of these loan programs

So its like a lottery for those who qualify?

Rodney Downs not a lottery at all but sometimes that mortgage plan only has so much money in it (say 6M or so).  We had a town program which they stopped last year because not enough people were using it!  It was 'income max say of 52K'. Buyer put down say $5k & the village thru in $10K.  The buyer had to stay in that house for 10 years & then the 10K was no longer owed. I always thought it was a deal.

Yes, Rodney Downs and Lyn Sims, it was a lottery.

The program is called Below Market Rate and it involves the sale of a home at a price that is far below the full resale price. It is targeted to lower income residents or workers in the city and provides an opportunity to be a homeowner here in our community. The price is fixed, Qualifications are: being below the income limits based on family size and qualification by one of several city-approved lenders. Every offer is at the same, city-set price. Eighty applicants qualified. Winner and three back-ups were chosen by lottery.

My buyer did not win. 

Maybe...not necessarily... Often for Down Payment Assistance programs it's the past two years IRS returns averaged plus number of people in the family on those returns. If the borrower got a raise in the past 60 and was denied by the lender I blame the Loan Officer  for being poor. All things have a fix

That's a totally different thing. In Annette's example the person changed jobs. Sales rings the bell commission and if he/she was pouring plaster into molds before in coveralls and now he/she jumped to the hot sales job with no history of that type of income... This LUCY would have some 'splainin to do. I'de tell them to return to old job yesterday.

Already fielded this question my friend.  Please see above.

Thanks Jeff!

Appreciate the shout-out, Jeff Dowler, CRS ... thank you!  I provided a very simplified answer based upon the limited info available here.  Hopefully, the assisting lender can work with the client and figure something out that helps them move forward quickly or at least soon.

Gene

Thanks for the shout John Meussner (your answer is definitely on point as well).