Do I Qualify?

Do I Qualify? 2019-10-22T22:47:56+00:00

To be eligible to buy a home through Proud Ground, you must:

Be a first-time homebuyer

  • This means you have not owned a home within the last three years.

Be income-qualified

  • Your total household income at the time of purchase (includes every income earner in the home) must be above $30,000 and below the maximum household income for the specific homebuying opportunity. Most of Proud Ground’s homebuying opportunities are for households at or below 80% of the Area Median Income for their county. These numbers are adjusted by the federal government. View the Income Limits for your county below:

Clackamas County Income Limits

Clark County Income Limits

Lincoln County Income Limits

Portland Income Limits

Gresham Income Limits

Washington County Income Limits

Have good credit

  • In order to qualify for a mortgage, you will need a credit rating of 620 or above.
  • Proud Ground counselors can pull your credit and help make a plan to improve it.

Have manageable debt

  • At the time of home purchase, your total monthly payment should not exceed 10% of your gross monthly income (before taxes).
  • Debt includes:
    • Minimum credit card payment(s)
    • Child Support
    • Student Loans
    • Car Payments
    • Any other long-term obligation (a repayment plan over 6 months)

Have steady employment

  • At the time of home purchase, you should have proof of steady employment/income for the past two years.

Have adequate savings

  • At the time of home purchase, you must have $2,000 – $4,000 in savings. Please note that this is the minimum amount needed, but your lender and title company will charge additional loan closing costs, which can often be covered through matched savings programs, gifts, etc. 

Be interested in owning a home through Proud Ground’s Community Land Trust

  • Proud Ground has a mission of providing opportunities for permanently affordable homeownership for generations to come. To accomplish this, Proud Ground utilizes a resale formula that keeps the price of the home affordable for the next buyer. Through Proud Ground’s educational process, you will understand what becoming a Proud Ground homeowner means and will be able to decide for yourself if it is the right fit.

More questions?

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.