Am I Eligible?
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 |
$66,720 |
$5,560 |
|
2 |
$76,250 |
$6,354 |
|
3 |
$85,800 |
$7,150 |
|
4 |
$95,300 |
$7,942 |
|
5 |
$102,950 |
$8,579 |
|
6 |
$110,550 |
$9,213 |
|
7 |
$118,200 |
$9,850 |
|
8 |
$125,800 |
$10,483 |
The table above was updated 4.21.22 to reflect the 2022 income limits published by HUD.
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 $50,000 per year and up, unless you have a significant downpayment (e.g.$20,000 or more). Do you make more than $50,000 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 Qualify for a Conventional Mortgage through a participating lender. Typically, this requires a steady income-usually a two year history, satisfactory credit (typically 680 credit scores, 700 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 $10,000 of your liquid assets (checking and savings), if you have that much, on the home purchase. For example: homebuyers with $15,000 in their checking account will be required to make a $5,000 downpayment.
- Lastly, you must understand our program’s mission and efforts to create permanently affordable homes in Seattle.
If you are believe you are eligible, take the next step. Fill out our Eligibility Form to get notification of homes for sale.
Questions? email apply@homesteadclt.org
