ECLT homeownership is available only to those who are income-qualified. The income levels below are determined yearly by the Federal Department of Housing and Urban Development and are used by ECLT to determine eligibility, typically at 80% AMI. However, under certain circumstances, eligibility can extend up to 120% AMI. Additionally, the monthly cost of the home should not exceed 39% of your gross monthly income. To estimate the monthly cost of the home, please use the mortgage calculator, and to calculate 39% of your income, use the percentage calculator below.
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FY 2024 HUD Income Limits
Essex County
Newark, NJ HUD Metro FMR Area
HUD Metro AMI=$130,300
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Based on 80% AMI
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# People in House Max Income Max Income
1 $68,500
2 $78,250
3 $88,050
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4 $97,800
5 $105,650
6 $113,450
7 $121,300
8 $129,100
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*some properties go up to 120% AMI, however it is rare*
Use the mortgage calculator to calculate the monthly cost of each home. We suggest using 7% as the interest rate and $2.000 for the annual insurance just to provide cushion. These two numbers vary and depend upon your mortgage company, your credit, the market, the federal interest rates, and the insurance company. Calculator may not be exact.
What is 39% of Your Monthly Income Before Taxes?
The Monthly Cost of "Home" is what percent of Your Monthly Income Before Taxes?