SONYMA income limits?

[lotust]

http://www.nyhomes.org/sony/incLim09.htm

Im not sure I understand the Non-Target/Target thing.


we make a total combined income of $85,000 gross yearly. Can some one explain what the target and non target thing is about.




thanks

 

[lotust]

can any1 break it down for me

 

[Whoozyerdaddy]

According to the website...

Target Area: An entire census tract or portion thereof which has been designated by the federal government as economically distressed. For borrowers who purchase in these areas, in accordance with federal law, SONYMA waives the First-Time Home Buyer requirement, applies higher income and purchase price limits, and will finance two-family homes that are less than 5 years old.

So apparently if you choose to live in a "fixer upper" area there are fewer restrictions on income for the loan program you are looking at.