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The eligibility quiz is the first step in the process of applying to purchase a home through Upper Valley MEND’s Homeownership Program.
Eligibility Requirements
1 ) Do you earn 115% or less of the Area Median Income (AMI)?
To qualify to purchase an Upper Valley MEND home, your household must earn less than 115% of Chelan County's area median income (AMI). For some homes, your household must earn less than 80% AMI. The chart below shows the income limits for each category by household size. Income is calculated based on gross (pre-tax) income.
2 ) Do you have enough income to cover the costs of owning a home?
Costs may include mortgage payments, taxes, insurance, the ground lease fee, and maintenance of the home. Sometimes condominium or homeowner’s association dues are required. Once you purchase your home, your total housing payment should not exceed 35% of your monthly gross income.
3 ) Are you eligible for a mortgage?
To buy a house, you will need to qualify for a mortgage from a bank. The following criteria are required by many lenders.
1) You must have a good credit rating with no significant delinquencies in the past year and no bankruptcy in the past seven years.
2) You must show proof of steady employment or income for at least two years.
3) The mortgage lender checks to see if you can afford to pay back your mortgage using a debt-to-income ratio. Most lenders require your total monthly debt payments, including your mortgage, to be no more than 45% of your monthly income. Your mortgage can be up to 35% of your income. Therefore, your total monthly debt payments should be no more than 10% of your monthly income.
4 ) Have you lived or worked in the Upper Valley for at least one year of your life?
Applicants on the waitlist will be prioritized for open homes if they have lived or worked in the Upper Valley for at least one year at any point in their life. The Upper Valley is defined as the same boundaries as the Cascade School District: Leavenworth, Peshastin, Dryden, Plain, Lake Wenatchee, Blewett Pass, and Stevens Pass.
5 ) Are your personal assets (cash, trusts, stocks, bonds, boats, jewelry, etc.) valued at less than $150,000, and your retirement assets (401ks or IRAs) valued at less than $300,000?
This helps ensure that low or moderate income does not mask substantial assets that could allow a family to purchase a market-rate home. MEND's program requires that you do not have personal assets valued at more than 50% of the value of the home, or retirement assets valued at more than 100% of the value of the home. Current home purchase prices are in the low $300,000s.
6 ) Will the Community Land Trust (CLT) home be your only home?
We require that the Community Land Trust Home be your only home at the start of the purchasing process and during your ownership.
1 ) Take the Eligibility Quiz in English or Spanish. This screening will help you determine whether you are eligible to purchase an Upper Valley MEND home.
2) After you submit the eligibility form, Housing Program Manager Kathia Wan will contact you to join a homeownership orientation meeting. Together, you will review the program requirements to ensure that purchasing a home is right for you. Kathia is fluent in English and Spanish.
2 ) Kathia will provide you with the Homeownership Application Form.
4 ) Attend a WSHFC-sponsored homebuyer education class to learn about the homebuying process from start to finish.
5 ) Get pre-approved for mortgage financing with an approved lender. MEND can provide a list of recommended lenders who regularly work with CLT buyers.
6 ) At this point, we’ll add you to the applicant pool for purchasing upcoming affordable homes.