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You are here: Home Become A Homeowner Am I Eligible?

Am I Eligible?

Homestead CLT eligibility. AMI. First time Homebuyer. Affordable homes Seattle.

In order to be eligible for homeownership through Homestead’s program, you must:

  • Be A First Time Homebuyer—Do you now or have you owned a home anytime in the past three years?

 

If "yes", you are NOT eligible. If "no", keep reading.

 

  • Be Income Eligible—Is your gross (before taxes) income less than the maximum income listed below for your household size?

 

This calculation is based on your total household income (income earned by all individuals from all income sources), before taxes.

Individuals in your household

Yearly Gross Household Income (before taxes) cannot be more than

Monthly Gross Household Income (before taxes) cannot be more than:

1

$46,100

$3,841

2

$52,650

$4,388

3

$59,250

$4,938

4

$65,800

$5,483

5

$71,100

$5,925

6

$76,350

$6,360

7

$81,600

$6,800

8

$86,900

$7,242

 

If "no", you are NOT eligible. If "yes", keep reading. (If you are close to the limits or are not sure AND meet all the other requirements, keep reading.)


  • Make more than the required minimum income: The minimum income we can typically serve is $30,000 per year and up, unless you have a significant downpayment (e.g.$20,000 or more). Do you make more than $30,000 income per year OR have more than $20,000 to spend on the purchase of a home?

 

If "no", you are NOT eligible. If "yes", keep reading.



  • Be able to Contribute at least 1% of the Home Purchase Price or $2,500 (whichever is greater) to the down payment. You must also spend all but $5,000 of your liquid assets (checking and savings), if you have that much, on the home purchase. For example: homebuyers with $10,000 in their checking account will be required to make a $5,000 downpayment.

green bench and sun at Blacketts

 

If you are eligible, take the next step. Fill out our online pre-application.

Program Eligibility

Maya and daughter ladybug