It's a function of the borrower's down payment on the insured mortgage as well as of his or her income. Because there's a $120,000 income limit as part of the incentive, for a borrower at that income limit, the maximum house price range would be from about $505,000 to about $565,000, approximately. It increases, then, with the higher borrower down payment.
Of course, the first mortgage has to be insured, and insured borrowers occupy a different market segment from others in the overall market. Insured buyers tend to be first-time homebuyers who purchase lower-priced properties as they get into the housing market.