Program Details

If you determined that you meet the initial requirements for a RootedHomes housing lottery please review the more detailed qualifications below.

Income Requirements

• Selected homebuyers must provide verification that their household income is below 80% of the area median income (AMI) for Deschutes County. RootedHomes has select opportunities for homebuyers who make 80%-120% of the area median income for Deschutes County. Please pay attention to the AMI of the home you are applying for.
• 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.
• Applicants must be a first-time homebuyer.

Education Requirements

• Selected homebuyers must complete Homeownership and Financial Fitness before occupancy.

Finance Requirements

• Applicants must be pre-qualified from an approved lender for the affordable sales price of the home.
• Applicants must submit documentation of cash available for 1% of the affordable purchase price available for earnest money, closing costs and home inspections. Please note closing costs may exceed this amount and selected homebuyers will be responsible for those costs by using savings, a matched savings program, or a gift. A lender will provide you with an estimate of closing costs during pre-approval.
• No bankruptcy in the past 4-years.
• No foreclosure in the past 5-years.
• Meet Criminal Record Policy requirements.

Income Minimums and Maximums

Recommendations

RootedHomes recommends these lenders who have experience with lease-hold lending. The following criteria are required by many lenders:

• Minimum credit score 620.
• Show past 1-2 years of income.
• 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.

RootedHomes reserves the right to examine cases on an individual basis and, if needed, to waive requirements in extenuating circumstances.