More House 4 Less: CDA Income Limits November 9, 2007

So I’ve been mentioning some other types of down payment programs on here besides CDA lately, and I just want to take moment and clarify the different income limits for different programs.

The Maryland CDA mortgage program is part of the Community Development Act, and not to get too technical, but the way they get their money for mortgages and down payment assistance is different that most other programs.  Because of that, they are able to have a much higher income limit than most other programs.

The federal and local programs that I work with all have the same *type* of income limits.  That is 80% of the median income level for the area.  This will vary a little from area to area, for instance, Montgomery County is going to have a higher median income than say, a county on the Eastern Shore. 

CDA income limits are not based on this 80% median income model.  It’s a good thing too.  While a one person household has an easier time being under that 80% mark (about $40,000 for the Baltimore area).  It’s really easy to go over the 2 person $45,000 income limit if you are a full time working couple trying to buy a home.

So, the CDA Income Limits, here they are:

For most of Baltimore County, Harford, Carroll, Anne Arundel and Howard Counties with a household of 1-2 people, you can make up to $89,306.   In Baltimore City and targeted areas of the surrounding counties the limit is $94,920.

For any other county, check out all the income limits here: http://morehouse4less.com/incomes.aspx