ARCH Homeownership Program Eligibility
To purchase an ARCH home you should meet the following requirements:
Income
Your gross household income must fall below the maximum income limit set for that home. ARCH uses a method of calculating income that is based on projected income for the current year. See the chart below for the income limits based on your household size. You will be asked to submit income and asset verification documents to ARCH once you have signed a purchase and sale agreement. Please note, ARCH counts income for all adult earners in the household regardless or marital status or who will hold title.
Liquid Assets
To establish your income, ARCH also evaluates a household's liquid assets. For any liquid assets in excess of $75,000, 10% of the balance will applied towards your annual income, unless these funds are being used towards the purchase of your ARCH home. Liquid assets include, checking, savings, CD’s stocks, bonds and annuities. Retirement accounts and college savings accounts will generally not be counted.
Household Size
Household at the time of purchase must contain a minimum number of persons established for that unit size, one person for a studio, 1-bedroom or 2-bedroom unit; a minimum of two members for a 3-bedroom unit; and a minimum of three members for a 4-bedroom unit.
ARCH counts established members as being part of a household, i.e., having had shared occupancy immediately prior to application, or providing other verifiable documentation of status as an established household, such as being listed on the householder’s tax return.
No Ownership of Another Home
You cannot own a home (vacation, primary residence, rental etc.) at the time of purchasing your ARCH home, including international ownership. If you want to make an offer on an ARCH home and you currently own a home, you must sell that home prior to the ARCH home closing. ARCH will not release final closing documents until this sale is verified. Please note that the net proceeds from the home sale will be counted as a liquid asset when verifying income eligibility.
No All Cash Offers
You cannot pay for an ARCH home wholly in cash. You must obtain financing from a lender. ARCH requires buyers to submit their loan application for verification purposes.
Homebuyer Education
Completion
All buyers will be required to complete a homebuyer education course prior to the home closing. Visit the Washington State Housing Finance Commission’s Homebuyer Education page for information on courses. There is an online option available if you follow the link and scroll to the bottom of the page.
Co-signer
ARCH permits the use of a co-signer in instances where buyers would not otherwise be able to obtain needed financing. The co-signer doesn’t own the collateral (home) that is associated with the loan and is only liable to the lender in the case of default on the mortgage. Co-signers may not be added to the title of the home or use the home as their principal residence.