Qualifications

Qualifications


Applying for a Self-Help Home is easy, but you must be eligible. Please review the following requirements to ensure that you meet the qualifications for the program:

1. Your income must be at or below 80% of the area median income (AMI) on the table below AND you must earn a minimum income of around $35,000.00/per year in Washington County, $37,000.00/per year in Utah County and $39,000.00/per year in Wasatch County. *NOTE: If you don't think you meet these minimum income requirements, please give us a call we'll be happy to review your income!

2019 Mutual Self-Help Housing Income Guidelines

 

Counties                         and                              Cities

Income Limits by Family Size

1 Person

2 Person

3 Person

4 Person

5 Person

6 Person

7 Person

8 Person

Utah County            Payson / Salem

$63,700

$63,700

$63,700

$63,700

$84,100

$84,100

$84,100

$84,100

Wasatch County Heber

$67,050

$67,050

$67,050

$67,050

$88,500

$88,500

$88,500

$88,500

Washington/Beaver County Toquerville/Beaver

$56,900

$56,900

$56,900

$56,900

$75,100

$75,100

$75,100

$75,100


Please be aware that the income guidelines change periodically. Please verify with Self-Help Homes what the current income guidelines are.

2. You need to have a credit score of 640 or higher and at least two open lines of credit for a consecutive 12 month period (within in the last 24 months). You cannot have any collections or judgements within the last six months, or more than one 30-day late payment within the last year. When you apply for the program, we will run a credit report (for a $5.50 fee per individual or $11.00 fee per couple) so we can see where your score is and help you get things fixed, if needed.

3. Your debt-to-income ratio cannot exceed 41% including a potential house payment.  Depending on your income, we have discovered that along with the house payment, you usually can't have more than approximately $300-$400 of other monthly debt payments. Debt to income ratio is dependent on household income. Those payments include: credit cards, student loans (1% of the balance if they are in deferment or monthly payment amount if they are on an income based repayment plan), car payments, child support, alimony or any other installment loans.  We have a USDA-RD approved mortgage calculator that we use when you apply for the program that will let you know specifically how much debt your family can have along with a house payment.

4. You cannot own another house or property while doing this program.  If you do own a house or any other kind of real estate, it needs to be sold before you can apply.

5. You must be willing to work at least 35 hours per week on all the houses within your group until they are finished (an average of 8-10 months should be expected). The individuals on the mortgage are required to work at least half of the 35 hours per week, if you have friends or family to help with the other half. If you do not have other volunteers to help you with the hours, all 35 hours will need to be completed by the mortgage holders. Please note that there are mandatory work-hours required from each family. Each family must work on Saturdays from 8:00 a.m. to 2:00 p.m. Along with that, families are also required to work at least two other days during the work-week.

 6. You cannot have a payment shock exceeding 100%. For example, if your current rent is $600.00 per month and your potential mortgage payment is $1,100.00 per month, you're payment shock would exceed the limit. We do have ways to work around this, please contact our office for more information.