Buying a Home with KulshanCLT
How is this different from other ways to buy a home?
KulshanCLT has operated by the ‘pay it forward’ model since our founding in 1999. In exchange for the down payment assistance and low purchase price that KulshanCLT provides, you agree to a fixed rate of equity appreciation (1.5% per year), passing on the good deal to the next eligible buyer.
You are not responsible to repay the down payment assistance. You do pay down the principal of your mortgage while you occupy the home. At the same time, your home appreciates in equity by 1.5% each year. This allows KulshanCLT homeowners to build more equity than they would while renting, without pricing future families out of the home.
It is important to understand this model before applying.
Do I qualify to buy a home through KulshanCLT?
You may apply to the KulshanCLT program when you meet the criteria below:
Maximum household 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.
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.
Ready to apply?
Pre-Purchase Counseling
KulshanCLT is a Housing and Urban Development (HUD)-Approved Housing Counseling Agency.
If you need help, we offer free pre-purchase counseling to anyone in our community.
Have you ever wondered what to do when you:
are tired of renting?
own a home but it’s not going well?
can’t get your finances under control?
are facing loss of income or major life changes?
Our housing counselors may be able to help or refer you to someone who can.
To schedule your pre-purchase counseling, call us at 360-671-5600 or email us. You’ll be asked to fill out an intake form, fill out a budget, and submit additional documentation that will help us help you.
“My goal owning a home wasn’t to flip it and make a bunch of money. This is where I’ve chosen to settle and invest my time and be part of the community. I’m in it for the long haul, and I’m just so grateful that it all came together.”
— KulshanCLT Homeowner