We are selecting six more applicants to buy a permanently affordable home in Anacortes, located off 29th Street across from John Storvik Park. These homes will be two-story duplexes with two bedrooms and one and a half baths. Individuals, families without children, and families with children are encouraged to apply.
Before attending Affordable Housing Orientation in March, here are some key details to know, specific to our construction project in Anacortes:
1. Income & Employment Requirements:
Your household’s gross annual income must fall between 70% and 80% of the Area Median Income (AMI). Additionally, you must have a documented work history of at least two years in the same job or career field.
Income includes any money reportable to the IRS, regardless of whether it is taxable. Examples include wages, self-employment or freelance income, Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), VA benefits, and retirement income.
2. Occupancy Standards
To prevent overcrowding, the following guidelines apply:
- No more than two children of the same sex may share a bedroom.
- Children of the opposite sex are not permitted to share a bedroom.
- Three people cannot share a bedroom.
- Only couples and children of the same sex may share a bedroom.
These standards comply with federal housing regulations to ensure a safe and comfortable living environment.
3. Credit Score and Debt-to-Income Ratio
In order to qualify for this specific construction project and home in Anacortes, you should have a credit score that is at or above 620. Learn more about credit scores here.
We also assess your calculated debt-to-income (DTI) ratio based on your current financial obligations and estimated future mortgage payments. To ensure financial stability, applicants with a calculated DTI ratio exceeding 43% will not qualify for the program. Learn what DTI is here.
4. You’ll Have a Permanently Affordable Mortgage
Once selected to be in the Homebuyer Program and after completing required training and volunteer hours, you will close on a mortgage that is no more than 33% of your gross monthly income. The mortgage will be fixed and will not change even as your income may go up over time.
5. Sweat Equity Requirements
Applicants must complete 150 hours of sweat equity labor before moving into their new home. These hours can be fulfilled through various volunteer opportunities, including work at construction sites and the Skagit Habitat Store. All sweat equity must be completed before closing on your mortgage.
6. Residency Requirements
You must be a resident or legal permanent resident in Skagit County for at least one year prior to the time of your application. Additionally, applicants who have owned a home within the past three years may not be eligible.
7. You’ll get a Homebuyer Support Partner
Navigating the home buying process can be complex. To provide guidance and encouragement, each selected homebuyer is paired with a Homebuyer Support Partner. These partners act as trusted allies, helping you through every stage of the program.
8. You’ll Achieve the Dream of Permanently Affordable Homeownership!
Owning a home provides long-term stability and security. With a permanently affordable mortgage, you won’t have to worry about unexpected rent increases. Instead, you can establish roots in the community, build lasting relationships, and enjoy the peace of mind that comes with having a stable and affordable place to call home.
If you meet the eligibility requirements and are ready to take the next step toward homeownership, we encourage you to attend the Affordable Housing Orientation in March to learn more about the application process. At the orientation, you’ll be able to pick up your application packet, ask questions, and learn more about the Homebuyer Program. Orientation will be held on March 1st at 11 am at the Anacortes Senior Activity Center.
