Do I Qualify?

Buying a Maggie Walker CLT home is different from traditional homebuying in several key ways. Most importantly, we do not sell our homes on the market; our homes are targeted and reserved for those with lower incomes and assets. This means that in order to apply for a home with us, you must first make sure you meet our requirements.

Income Limits

The most important requirement for you to meet is our maximum income limit. If the annual gross income (before taxes) of your household exceeds the amount listed below for your household size, you are not eligible for MWCLT homeownership.

Household Size 80% AMI Income Limit 2024
1 person $61,800
2 people $70,600
3 people $79,450
4 people $88,250
5 people $95,350


Household Size 115% AMI Income Limit 2024
1 person $88,800
2 people $101,500
3 people $114,200
4 people $126,850
5 people $137,000

For our purposes, your “household size” includes all adults and children who you plan to move into your MWCLT home with. Your annual gross income should include retirement income, social security or other government benefits, child support or alimony, and any other income your household would receive over the course of an average year. You should not include income earned by children under 18 or those over 18 who are full-time students.

If you are self-employed, we average profit and loss reported on your schedule C for the most recent two years. If you’re otherwise unsure about your current annual gross income, contact us and we will help you figure it out.

These limits are calculated based on the median household income of the Richmond, VA Metropolitan Statistical Area. The Area Median Income (AMI) is re-calculated annually by the U.S. Department of Housing and Urban Development (HUD).

Next Step: Attend an Information Session

Minimum Mortgage

Before you apply to MWCLT, you must get a pre-qualification letter from one of our approved mortgage lenders. This pre-qualification, plus any savings you plan to use for a down payment and any down payment assistance you have secured, must total at least $150,000 in order to qualify for MWCLT. Before you apply to a lender, make sure that you are income-qualified and that you have attended an information session.

While MWCLT does not provide down payment assistance or credit counseling directly, many of our lenders do, and we also partner with several other organizations who do as well.

Asset Limit

While this will not apply to most people, we do place a limit on the value of assets that you may own in order to qualify for a specific MWCLT home. The value of your assets may not exceed 25% of the market-appraised value of the home you want to buy. We will help you determine the value of your assets during your application process.
Special Conditions of MWCLT Homeownership

Our program uses a legal mechanism called a Ground Lease to keep our homes permanently affordable, even after they are sold and re-sold. This means there are certain restrictions and conditions you must agree to when you buy your home.

Most importantly, you must agree to a restriction on the resale price of your home. Your resale price can be calculated at your request by MWCLT staff at any time. The formula we use to calculate your resale price (the “resale formula”) is based on the increase in the Richmond Area Median Income over your period of ownership. The more wages increase, the more you can sell your home for.

seller contract with keys laying on top of the paperwork
terms and conditions written out on wooden blocks

Additionally, you must not own another home at the time of purchase, you must use your MWCLT home as your primary residence, and you cannot rent your home out to tenants.

There are a few other conditions contained in the ground lease which we will go over during the information sessions as well as at the time of sale.