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Documentation Required for Purchasing a Homestead Home

This is the list of documents that you must submit in order to enter into a purchase and sale agreement or to reserve an available Homestead home.

Once you have identified a home offered through Homestead that you're interest in and can afford, you'll be asked to submit various documentation regarding your household size, income, tax returns, assets, ability to borrow and other items that allow Homestead staff to assess your eligibility for our program. Along with these documents, homestead charges a $75.00 application fee when you are applying for a specific home. You can make a check out to Homestead CLT and submit it with the following.

Our program requires that we document the income and employment status for all household members over the age of 18, regardless of if they are on the loan or not. For each person who will be living in the household after closing, please provide:

    All W2 and/or 1099 forms for the tax years: 2017, 2016, 2015, - If you do not have all your records you can request transcripts from the IRS at 800-829-1040 or go in person to their local office in downtown Seattle. You can request transcripts of your 1040 tax returns as well as your W2/1099 forms if necessary.

    Any applicant or member of the household over the age of 18 that has not worked for the past three years must get a statement of non-filing from the IRS for the last three tax years. You can also get this online at http://www.irs.gov/Individuals/Get-Transcript.

  • Most recent paycheck stubs for all jobs, covering two months (60 days) of earnings for ALL household earners.
  • Your most recent bank issued bank statements, all pages, for all accounts for applicants only. These statements must be bank issued, electronic and printed .pdf copies are acceptable. All asset accounts MUST be disclosed, even if the account is shared with a parent or child.
  • A full credit report that lists all debts and your credit score.
  • A completed & signed Homestead Application. There are additional questions on this application that are not included in the on-line pre-application.Please fill out completely.
  • Your Homebuyer Education Certificate. Haven't taken Homebuyer Education yet? All borrower's must submit a current certificate (within the last two years) prior to signing a contract. Here's the calendar of classes. Class must be sponsored by the Washington State Housing Finance Commission.
  • Send us or ask your lender to send us confirmation that you've been approved for enough of a mortgage to afford the home in question.
  • All Authorization and disclosure forms below:
  1. 4506 T Authorization (This is an authorization related to your filing with the IRS)
  2. Homestead Authorization
  3. City of Seattle Authorization (for homes in the City of Seattle)
  4. City of Seattle's Office of Housing Household Disclosure Form
  5. King County Authorization

 

It is likely that we will or your lender will request additional documentation. Your timely responses to these requests will make the process go more smoothly.

 

You may need to also provide the following if applicable:

  • If you are receiving Social Security or Disability income, a copy of the most recent award letter and proof of receipt of income (check stub, bank statement).
  • If you are paying or receiving child support, a copy of the child support order.
  • If you have a child in the household who you do not claim as a dependent on your 1040 tax returns, a copy of the child’s birth certificate or other documentation showing that you have guardianship or custody. Also for new babies that came after the last tax year filing deadline.
  • If you are self-employed, a current business license.