Do I qualify?
1 ) Do I earn 80% or less of the Area Median Income (AMI)?
To qualify to purchase an Upper Valley MEND home, your household must earn less than 80% of Chelan County's area median income. Use the chart below to determine if your family financially qualifies. Be sure to combine the incomes of all earners in the household. Income is calculated based on gross (pre-tax) income.
2 ) Do I 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 ) Am I eligible for a mortgage?
The following criteria are required by many lenders. You must have a good credit rating with no significant delinquencies in the past year and no bankruptcy in the past seven years. At the time you apply for a mortgage, your total monthly debt payments should be roughly no more than 5% of your gross monthly income. You must show proof of steady employment or income for al least three years.
4 ) Have I lived or worked in the Upper Valley for at least 1 year in my 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 ) Do I have any assets (cash, trusts, stocks, bonds, etc.) in excess of $15,000?
This helps ensure that low or moderate income does not mask substantial assets that could allow a family to purchase a market-rate home. If you have net assets exceeding $15,000 in value, they must be used toward the purchase of your home. (Qualified retirement accounts are not counted toward the $15,000 total.)
6 ) Will the Community Land Trust (CLT) home be my 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 ) Contact our Housing Manager, Kathia Wan (kathia@uvmend.org) to set up an appointment. Together, you will review the program requirements to ensure purchasing an affordable home is right for you.
2 ) Fill out the Home Buyer Application Form (English) (Spanish).
3 ) Our staff will contact you to review your eligibility and schedule an orientation once the application period is open.
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 waitlist for purchasing upcoming affordable homes.