The 2023 Covenant Program Maximum Sales Price Cap is $767,511. To qualify for the program, the purchaser’s household income must be at or below $204,150 per year with unrestricted assets less than $383,756. The standard transaction fee paid by the seller is $3,838.

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 $136,100. Therefore, the target monthly mortgage payment is $4,253. A rate of 6.25% services a loan of $690,759. Adding a 10% down-payment makes the Max Sales Price cap $767,511 (or less). Click here to learn more about the Covenant Program.