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Buying Single Family Residential Properties

WHO QUALIFIES TO BUY?

To purchase a Single Family Residential Property, Purchasers can be:

1. An individual or family whose income does not exceed 115 percent of area median income and who will for at least one year occupy the home as the principal place of residence. If the buyer sells the home before residing there one full year, the FDIC recaptures 75 percent of the profit on the resale price.

2. A nonprofit organization or public agency which agrees to rent or resell the property to lower-income families whose adjusted incomes are less than 115 percent of area median income.

Purchasers are required to provide verification of income such as tax returns and pay stubs. Falsifying income and other program-qualifying data could lead to criminal prosecution.

ELIGIBLE SINGLE FAMILY RESIDENTIAL PROPERTIES

Single family residential properties in FDIC's inventory that are appraised under the following limits are sold exclusively to low- and moderate-income buyers, and to nonprofit and public agencies during a 90-day marketing period:

  • Single (one-family unit):$101,250
  • Duplex (two-family unit):$114,000
  • Triplex (three-family unit):$138,000
  • Fourplex (four-family unit):$160,000

FDIC AFFORDABLE HOUSING PROGRAM CONTACTS

Please call or e-mail one of the Affordable Housing Program Account Officers if you have a question regarding the program. If you have a question regarding a particular property, please call the contact person listed on the property list when there is property for sale.

Federal Housing Equal Opportunity

Last Updated 06/28/2006 assetmarketing@fdic.gov

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