Home For Good - Details

DETAILS

How do I qualify?

Your household income cannot exceed 120% of the area median income in King, Snohomish or Pierce counties, currently approximately $85,000/year (certain neighborhoods are exempted from this restriction)
Prior home ownership is allowed
The qualifying home must be a single family structure, town home, or condominium; no manufactured or mobile homes are eligible
Your credit and rental history will need to meet our basic requirements
You must occupy the home during the contract period

Linda Jones, a nurse and mother of two school age children, developed credit problems due to a divorce and the sale of the family's home in Lake Stevens. Linda wanted to keep the children in the same school district following the divorce but was unable to qualify to purchase on her own. Linda entered the Home For Good Equity First program and was able to lease and ultimately own her new home on five acres in Lake Stevens enabling the children to stay in the same school and community they had always known.

EQUITY FIRST EXAMPLES:
Initial Home Purchase	Monthly Lease Payment Estimate As Low As ¹	Projected Savings on Home Purchase ²	Approximate Minimum Household Income ³
150,000	1,080	18,580	2,680
200,000	1,410	24,760	3,495
250,000	1,745	30,950	4,315
300,000	2,080	37,130	5,130
350,000	2,415	43,300	5,950

¹ Monthly payments are estimates only, not guaranteed. Each individual situation will vary based on circumstances. Property taxes and homeowner insurance and/or association dues are not included.

² Projected savings estimates assume a two year lease contract period and are based on past appreciation rates and provided for illustration purposes only. Savings are equivalent to program participant's equity gained at assumption of conventional mortgage.

³ Assumes no other required monthly debt payments. Existing required debt payments will require a higher income or reduce home price and monthly payment amounts for which the household can qualify.