HOMEBUYER QUALIFICATIONS

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) annual income less than the maximum income listed on the right for your household size?

  • Income from all household members over 18 years old should be included.​

  • Household members are the people who would live in the home if you were to buy through Homestead's program. ​

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.)

​

• Does your household make more than $50,000 per year OR have more than $20,000 to spend on the purchase of a home?

  • The minimum annual income that can afford the monthly housing costs of an average Homestead home is $50,000, unless you have a significant savings available for a downpayment (e.g. $20,000 or more).

If "no", you are NOT eligible. If "yes", keep reading.​

• Are you able to Contribute at least 1% of the Home's 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.

​​

​If "no", you are NOT eligible. If "yes", keep reading.

​

• Lastly, you must understand our program’s mission and efforts to create permanently affordable homes in King County.

​

If you are still reading than you should be eligible for our program. To start receiving notifications of homes for sale submit the Eligibility Form. 

​

When you apply for a specific home you must also be able to Qualify for a 30-year fixed rate mortgage or ITIN mortgage or Halal home financing through a participating lender. Homestead provides our participating lender list to top applicants when they are selected for a specific home. See the steps to apply for a home in the Finding Your Home section.