The 2024 Covenant Program Maximum Sales Price Cap is $702,465. To qualify for the program, the purchaser’s household income must be at or below $204,450 per year with unrestricted assets less than $351,233. The standard transaction fee paid by the seller is $3,512.
Maximum Sales Price Cap Calculation
The Max Sales Price formula takes 30% of the gross annual income of a household earning 125% of Nantucket’s Median Family income to determine an affordable monthly housing payment. This monthly payment is used to back into a mortgage with 90% financing.
Nantucket’s Median Family Income is currently $136,300. Therefore, the target monthly mortgage payment is $4,259. A rate of 7.125% services a loan of $632,219. Adding a 10% down-payment makes the Max Sales Price cap $702,465 (or less). Click here to learn more about the Covenant Program.
