You're exactly right. The guidelines are to qualify you to get into the property, because of the low prices on places like The Buxton. It is so that people who don't make a lot of money are still able to become home owners. If anyone was able to purchase them, then they would be snatched up by people who could easily afford a much higher priced home. It's a way to rebuild communities that have high rental percentages as, stereotypically, renters do not take care of the property they live in as owners do because they don't have anything invested in the neighborhood.
I am not sure if you are speaking about Lease Option properties? If you could give a reference property it might help to clarify. However in dealing with the scenario you used no one can control future events. The same can be said of government programs or state bond programs that give certain income guidelines as qualifiers. There are not any restrictions/contingencies that after you have purchased the property and you accept a new position or another job you have to "give the house back" because you now exceed the guidelines that were used to purchase the property.
The likelihood of individuals exceeding the guidelines within a month to three months after purchase is highly unlikely unless a person may not be completely honest at the initial time of contract signing. Which now that might be termed as fraud and that is a bigger issue.
To be certain that there are no problems the first step in purchasing is getting with an awesome loan officer who knows the programs available and can help you get qualified. They take all of the necessary docs upfront (W-2/Verification of Employment/Tax Returns/Pay Stubs/Verification of Rental History) and you are really qualified to purchase a home. Then income qualifiers are not a problem because we are only looking at homes that a person can afford and it takes the stress out of the home buying process.
Best Wishes on your home purchase!
If you qualify under the guidelines, and purchase, the home is yours!!! If you get a raise or a new job, then because you legally own, you will be fine. One common restriction with these types of properties, however deals with the length of time that you have to reside in the property, and/or how long you have to own the property. They place these restrictions to prevent people from buying at a discounted price, then selling it for market value soon after. If circumstances change and you want to rent the property out, you may be able to do that but you may have to own the property for a minimum of 5 years.
Hope this is helpful!
Hillary Nash McAuley
Nash Holdings Co.
Exit Elite Realty