Am I Eligible?

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.

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 Qualify for a Conventional Mortgage through a participating lender. Typically, this requires a steady income, satisfactory credit (typically 620 credit scores, 680 preferred) and a modest amount of consumer debt. Want some help with your credit score, debt or savings?

• 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.

• Lastly, you must be on board with our program’s mission and efforts to create permanently affordable homes in Seattle. Everyone deserves the chance to own a home.

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