Homeowner Eligibility Guidelines
Applicant(s) - Household applying for HTS home ownership. This includes all adults age 18 or older living in the home. Households are not eligible applicants if any member of the household currently owns a home.
Income - Is calculated using all adults age 18 or older in the household (possible exemptions for students) and includes all wages: overtime and tips, interest and dividends, social security, annuities, pensions, unemployment, disability and severance compensation, alimony and child support, and most forms of public assistance.
Asset - Includes: savings, investments, land, recreational vehicles, or similar items.
Note: household possessions, cars, and Individual Retirement Accounts (IRA's) or Defined Retirement Accounts are not included in asset calculation.
Debt - Includes: any long-term obligations (with a repayment period of more than 6 months) such as automobile payments, child support, student loans and the minimum monthly payment for all credit card accounts.
1. Minimum residency: The applicants must currently live in and have lived in Skagit County Washington for at least one year.
2. Income: Applicants must have enough income to pay the monthly mortgage, taxes, and insurance. However your household income may not exceed 80% of the median income for Skagit County for your household size. In 2009 the maximum gross income by family size is shown in the table below. These figures are gross annual income, before taxes are withheld. Proof of income is required as part of the Home Trust of Skagit application.
Do You Fit HTS Home Ownership?
Any one who lives or works in Skagit County, earning less than 80% of the area median income can apply. The 2012 median income for Skagit County is $65,900.
|Family Size - 80% of the Median Income Maximum
|1 person- up to $36,960
||5 people-up to $56,960
|2 people- up to $42,240
||6 people-up to $61,200
|3 people-up to $47,520
||7 people-up to $65,440
|4 people-up to $52,720
||8 people-up to $69,600
3. Credit Rating: Applicants must have a good credit rating showing no significant delinquencies in the past year and no bankruptcy in the past three years.
4. Debt: At the time of the mortgage application, the Applicant's total Debt (including the costs of the house) should not exceed 40% of their income.
5. Employment or other income: Applicants must provide proof of steady employment or income for at least one year. Self-employed individuals must demonstrate proof of earnings with tax returns for the past two years. Self-employed individuals income is evaluated after business expenses are removed from the gross income.
6. Assets: If the applicants have total assets valued at more than $7,500 ($10,000 for seniors age 65 or older), they may be required to use them towards purchasing the home.
7. Closing Costs: Applicants must have access to sufficient funds to cover the initial closing costs of buying the home.
8. Membership: Applicants must be members of the Home Trust of Skagit.
9. Education: Heads of Households must attend a HTS Homeownership Orientation and complete a Homebuyer Class approved by HTS.
10. Background Check: All applicants must give authorization for a complete background review including a criminal background check.