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 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 while you live in and own your home. You do pay the principal and interest of your mortgage while you own the home. At the same time, your home’s value appreciates by 1.5% each year, as long as you maintain the home. 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 be eligible to purchase a home through KulshanCLT’s 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. Children who reside in the home at least 50% of the time are considered household members. 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: You must have sufficient income to support your estimated home payments and other monthly debt obligations. Kulshan CLT staff will review your monthly income and your monthly debts, including credit cards, student loans, car loans, personal loans and other revolving loan payments. We then project what your monthly home payments will be on a Kulshan CLT home, and add those to your total monthly debts. Your resulting total monthly debts, including housing payments, cannot be more than 45% of your gross monthly income.
Your housing payment (principal, interest, property taxes, homeowner’s insurance, any HOA/condo dues, and KulshanCLT’s Ground Lease Fee) alone, without your other debts, cannot be more than 35% of your gross monthly income.
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