Do I Qualify?
You may apply to the KulshanCLT program when you meet the criteria below or have a realistic plan for becoming eligible. We encourage you to apply to our program even if you do not yet meet all the following guidelines as we partner with applicants on a first-come, first-served basis with an average waiting list time of about 2 years.
Income & Employment
Your total household income should be at or below 80% of the area median income adjusted for household size. Household size is based on the number of full-time household occupants regardless of age and income. The median income is the midpoint amount where half of Whatcom County-area households earn more and half of households earn less. Check out the table below to see where you fall.
Minimum household income: As a general rule, a household should have an annual gross income of at least $30,000 (or $2,500 a month before taxes)—or significant personal funds (e.g., $30,000+) to use toward a down payment.
People living in your household
at time of purchase:
1
2
3
4
5
6
7
8
*Numbers above become effective June 15th, 2023.
Yearly gross household income
(before taxes) cannot be more than:
$ 53,760
$ 61,440
$ 69,120
$ 76,800
$ 82,960
$ 89,120
$ 95,280
$ 101,440
Monthly gross household income
(before taxes) cannot be more than:
$4,480
$5,120
$5,760
$6,400
$6,913
$7,426
$7,940
$8,453
Ability to Get a Mortgage
You need to meet these requirements:
Credit: You should have a good credit rating with no significant delinquencies in the past year and no recent bankruptcies.
Debt: Your total monthly debt payments (excluding your mortgage) should not exceed 10% of your gross monthly income (before taxes) when you purchase your home. Debt includes your minimum credit card payments as well as any long-term obligations (a repayment period of more than 6 months) such as car payments, child support and student loans. Part of the pre-qualifying process with the lender will be to determine if you can get mortgage.
Employment: You must show proof of steady employment or income for at least three years. Sources of income include 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. Self-employed individuals must demonstrate proof of earnings with tax returns for the past three years.
Assets
If you have net assets exceeding $10,000 in value, they must be used toward housing. Assets include savings, land, mobile homes, recreational vehicles, boats, etc. This doesn’t include household possessions, cars, tools, IRAs, pensions or any investment that would have a penalty for withdrawing the money early. This also means you cannot own any other real estate.
Down Payment Requirement
You must have a down payment of at least $2,500. You will also be required to pay for your closing costs, either with cash at closing or by financing them through your mortgage. Your lender can give you an accurate estimate of closing costs.
Willingness to Own a Home Through our Program
KulshanCLT homeownership is similar to market rate homeownership in many ways but different in very important ways. We will work with you to ensure your understanding of the unique aspects and goals of our program.
“In these times of declining resources and high energy costs, KulshanCLT encourages our homeowners to make wise choices about energy consumption and conservation that will benefit generations of homeowners.”
— Dean Fearing, KulshanCLT Executive Director