What are the asset requirements/limits?
The asset limits for High Rock Homes is $50,000, with the exception noted below for an applicant who has a household member over the age of 55. This means that the total current value of all assets that you have including but not limited to bank accounts, stocks, bonds, mutual funds, trust accounts, etc. does not exceed $50,000. Restricted accounts, such as IRAs, 401Ks, SEPs and pension funds will not be used to calculate the total amount of assets, but will be used to calculate gross income, if a household is currently drawing down from the account(s). Applicants will be required to demonstrate that at the time of purchase they have unencumbered assets in an amount sufficient to cover the required down payment and closing costs. If one household member is over the age of 55 and the household currently owns property (to be sold for eligibility for this program), the total amount of allowable equity in the property is $150,000. Therefore, the combined asset limitation for households ove
