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Eligibility
Criteria for Self-Help Housing
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Eligible
applicants receive a loan from the Federal Government or local lender
The
applicant must meet
lender requirements
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Low-Income Families
Become Home Owners
Applicants must meet the requirements of the lender (in most instances,
"USDA - Rural Development" and Northwest Housing Development).
Lender Requirements
Include (but are not limited to):
- Must have a dependable
source of income.
- Must have a good
credit rating and show that financial obligations are paid responsibly.
- Must not have filed
bankruptcy within the past three years.
- Must not already
own or be buying their own home (unless the living conditions of the
home are inadequate).
- Must be unable
to obtain home ownership financing elsewhere (USDA - Rural Development
requirement).
- Must be able to
prove their income is adequate to repay the loan and cover taxes, insurance
and all other household expenses.
An applicant must
be considered to be in the "very low" or "low"-income
category as specified by federal guidelines.
- Low-income means
adjusted income of 80% or less of median income for your county.
- Very low-income
means adjusted income of 50% or less of median income for your county.
- If your income
is less than 50% of the median amount for your household size you may
be eligible for priority processing.
The eligible adjusted
income is determined by the number of persons living in the household
and certain special circumstances. Discuss special circumstances with
a Northwest Housing Development Group Coordinator.
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Household
Size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| King
County |
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80%
of median |
43,050 |
49,200 |
55,350 |
61,500 |
66,400 |
71,350 |
76,250 |
81,200 |
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50%
of median |
28,500 |
32,550 |
36,650 |
40,700 |
43,950 |
47,200 |
50,450 |
53,700 |
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| Pierce
County |
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80%
of median |
37,050 |
42,350 |
47,650 |
52,950 |
57,200 |
61,400 |
65,650 |
69,900 |
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50%
of median |
23,150 |
26,500 |
29,800 |
33,100 |
35,750 |
38,400 |
41,050 |
43,700 |
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| Thurston
County |
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80%
of median |
37,150 |
42,450 |
47,750 |
53,050 |
57,300 |
61,550 |
65,800 |
70,050 |
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50%
of median |
23,200 |
26,500 |
29,850 |
33,150 |
35,800 |
38,450 |
41,100 |
43,750 |
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| Grays Harbor County |
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80%
of median |
29,450 |
33,700 |
37,900 |
42,100 |
45,450 |
48,850 |
52,200 |
55,550 |
50%
of median |
18,400 |
21,050 |
23,650 |
26,300 |
28,400 |
30,500 |
32,600 |
34,700 |
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| • add 8% of 4-person limit for each person in excess of 8, For which $5500 should be added to the respective Low-income limit for 8+ person families |
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Northwest Housing
Development Requirements Include:
- A commitment by
the applicant that their household works a total minimum of 35 hours
per week on all of the homes in their construction group.
- All applicants
must provide truthful, accurate and timely responses to all information
requested by Northwest Housing Development and USDA - Rural Development.
Financing Information
- USDA - Rural Development
or a private lender will finance 100% of the loan amount necessary to
build your home.
- The loan period
is 30, 33 or 38 years.
- You are not required
to make monthly payments during the course of construction of your house.
- You must begin
making monthly mortgage payments 30 days after the final inspection
of your house.
The rewards of home
ownership are immense. However, self-help housing is not for everyone.
It is a hard and challenging program. It means giving up a good deal of
your free time during the course of construction. The work can be difficult
at times and you will need plenty of stamina and motivation. Once your
house is complete, however, you will have a home you can look at with
pride.
[Online
Application]
[Building Sites] [Construction]
[Qualifying For Your Loan] [Step-by-Step
Process]
For more information
contact us today.
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