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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—You have not owned a home in the past three years.

  • Have a gross annual income under the maximum income listed below.

This calculation is based on your total household income before taxes. If you are close to the limits or not sure, call us and we will review your income together. We will help you figure it out.

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

$44,750

$3,730

2

$51,150

$4,260

3

$57,550

$4,800

4

$63,900

$5,330

5

$69,050

$5,760

6

$74,150

$6,180

7

$79,250

$6,600

8

$84,350

$7,030

Your household size counts every individual who either lives or will live in your home, regardless of whether they will be on the mortgage.

  • Have more than the required minimum income: Due to the high cost of homes in Seattle, 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). Call us!
  • 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

Get started today! Fill out our online application or give us a call at 206.323.1227 x. 116

Program Eligibility

 

Maya and daughter ladybug

What is Home To Us Video

Watch the short video that Homeowners Casey and Suzanne put together for the Community Frameworks "What is Home" video contest in the spring of 2013.