Per year, we are able to help a limited number of households purchase their first homes, so we recommend that the first be to reach out to our community partners who will help you get started on becoming ready for homeownership. Our partners can also help you explore homebuying options through other programs.
Attending a free Proud Ground Information Session is the next step toward buying a home with Proud Ground. We’ll cover all the information below during the Information Session and answer all your questions.
To qualify to buy a home through Proud Ground, there are a few things to know:
First-time homebuyer: You’re a first time buyer if you haven’t owned a home in the last three years.
Maximum Household Income: Your total household income at the time of purchase (everyone in your home regardless of if they will be on the mortgage) must be at or below 80% of the area median income adjusted for household size. These numbers are adjusted annually by the federal government.
Clackamas County Income Limits
Clark County Income Limits
Lincoln County Income Limits
Multnomah County Income Limits
Washington County Income Limits
Minimum Household Income: To join Proud Ground’s program, a household must have an annual gross income of at least $35,000 — or significant amount of your own funds (e.g., $20,000+) to use toward a down payment.
Credit: You should have a good credit rating (620 or above), 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. Proud Ground 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 two years.
Savings: At closing, we suggest that you have $2,000-$4,000 in the bank, so that you have a cushion for needed future repairs. It can take time to build your savings. There are matched savings programs (IDA) available to help you save, learn more here.
Willingness to own a home through our program: Proud Ground 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.
You’ll have many of your questions answered at our information sessions. But you can click here for our answers to the most common questions about the qualifications.