How to qualify to buy an affordable home

In order to qualify to purchase an affordable home you must be:

1. A first time home buyer, or displaced family or over 55 years of age

2. Be in a range of maximum house hold income that is 80% of median income. For example      a  family of  4 in the Lowell area $61,500.

3. Have no more of $75,000 in liquid assets like saving and checking, 401K, stocks, etc.

4. Be qualified for a 30 years fixed mortgage.

5. Complete a first time home buyer class.