Yea Ive gone through the tool and read all the documents I can find. They don’t answer these two key questions. There’s no way I can make any assumptions on a government program, it’s a good way to get screwed.
Im in NJ and I know what the income limits are and they’re very clear that any adult in the home will count towards the income limits but they are very unclear on occupancy changes. What’s to stop someone from just saying “yup only me moving in.” and then bringing a sibling in a week later?
The second question is much more important. Because your assets are not used to determine the loan amount they’ll qualify you for. There are asset limits (the exact number Im also having a hard time pinning down). If you exceed said limit then you’re required to use anything in excess of the limit towards the purchase of the house. Which kinda defeats one of the benefits of this loan type which is 0% down payment, but whatever.
So if the limit is 15k and you have 17k is assets across various checking/savings accounts. Then you’re required to use that excess 2k.
Now if you have a joint account with someone that can be a problem, because theoretically all of what’s in that account may is not fully yours. If that person were to live with you, all fine and dandy because all their stuff goes into the calculation anyway. But if they don’t then is the whole amount still considered your asset and you would be required to use said funds? Then you could be digging into funds that aren’t “yours.”