do I qualify?

You may apply to the KulshanCLT program when you meet the following criteria 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.

  • Income: 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.
People living in your household at time of purchase:
Yearly gross household income (before taxes, etc.) cannot be more than:
Monthly gross household income (before taxes, etc.) cannot be more than:
  • 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.
  • Ability to get a mortgage:  This means you need to meet these requirements:

Credit: You should have a good credit rating, with no recent bankruptcies. We can help you find out your rating and ways to improve it.

Debt: Your total monthly debt payments (excluding your mortgage) should not exceed 10% of your gross monthly income (before taxes) when you purchase your house. 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. KulshanCLT staff can help you calculate this percentage during your initial meeting. Generally, monthly debt of more than $200-$300 in addition to housing costs may make qualification more difficult.

Employment: You should have proof of steady employment or income for the past year.

  • Assets: If you have net assets exceeding $20,000 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.  For more information on this, see our Homebuyer Manual.