Home Buyer Details.
Working Homes use the U.S. Department of Housing and Urban Development’s (HUD) area median income (AMI) income limits as a criterion for selecting prospective buyers. Our objective is to provide affordable housing options to the residents of Wallowa County, who are active participants in our county’s economic success and stability. We consider applicants whose household income does not exceed 100% of the AMI for Wallowa County. In 2024, 100% AMI for a 4-person household is $80,900.
Income Requirements
Determine your income based on your combined household income and the AMI limit for the house you are considering.
Selected homebuyers must provide verification that their household income is below 100% of the average median income (AMI) for Wallowa County
Selected homebuyers must show 1-year of consistent household income or 2-years of income for self-employed households.
Cannot own any other real estate at the time of purchase.
Finance Requirements
If your income falls within the AMI selected, you may then want to reach out to one of the recommended lenders listed below to see if you qualify for a “home ready mortgage”. Mortgage readiness can be a long process, so it is never to early.
Our Recommended Lenders
All home buyers must be pre-qualified for a mortgage through a lender for the affordable sales price of the home listed.
No bankruptcy in the past 4-years.
No foreclosure in the past 5-years.
Meet Income Minimums and Maximums (see below)
Last Step!
The last step in the process is to submit your “offer” containing all documentation to your broker.
Be sure to include these three things:
Signed agreement of the Restricted Convenance.
Your pre-approval letter shows you are pre-approved for the affordable sales price of the home.
Your gross annual income for the entire household, assets, and debts plus two years of personal tax returns.
Annual Area Median Income Maximum for 2025
1-Person Household
2-Person Household
3-Person Household
4-Person Household
60% AMI Cap
$35,520
$40,560
$45,660
$50,700
80% AMI Cap
$47,360
$54,080
$60,880
$67,600
100% AMI Cap
$59,200
$67,600
$76,100
$84,500
Frequently Asked Questions
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We recommend that you preview the listed or upcoming properties to see if you are interested and if your income meets the requirements for the listed property. We recommend you get acquainted with the home buyers’ qualifications from there. The most time-consuming part of applying to purchase a home is becoming mortgage-ready. We recommend starting the process with a lender sooner rather than later. See our recommended list of local lenders.
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A mortgage is a type of loan to purchase real estate. Mortgage ready means you fit the qualifications determined by the bank to pre-approve you so that you may start shopping. Lenders will pre-approve you for a certain amount based on your income. Factors they consider in determining your pre-approval amount are your income, your credit score, how much debt you have, and your savings.
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Working Homes selects buyers for a home on a first come first serve basis. During the application period, you must submit an “offer” plus three essential things:
1.Your preapproval letter that shows you are pre-approved for the affordable sales price of the home.
2. Your gross annual income for the entire household, assets, and debts plus two years of personal tax returns.
3.Signed agreement of the Restricted Convenance.
For additional mortgage information and coaching visit https://www.neighborimpact.org/housing-help/home-buyer-coaching/