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Home for sale:
Eligibility Requirements:
Please note the policies in effect to enter any weighted drawing: Housing Department Rules & Regulations
Weighted Drawing Entry Eligibility Highlights:
The Housing Department Online Intake Form must be filled out and submitted to enter this or any drawing. If you have not submitted an Intake form prior to the beginning of this drawing (July 24th) you will not be eligible to apply.
At least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1560 hours per year (30 hours/week average)
Must have a completed Lenders Qualification Worksheet with an up to date Credit Report (provided by a local lender, AnnualCreditReport.com, or CreditKarma.com), and a completed Home Buyer Education Class Certificate all must be attached to the Weighted Drawing Entry Sheet or on file with the Housing Department. The Housing Department will keep your Lender's Qualification on file for one year. The Home Buyer Education Certificate is good indefinitely.
The loan amount on your Lender's Qualification worksheet is for at least the purchase price minus your down payment of the home for which you are applying. You must be able to prove your ability to secure financing.
To be eligible to enter the drawing for these homes, your household’s gross income (before taxes) must fit into the range listed below, and your households net assets must not exceed the asset limit below:
Two Person Household | $65,408 to $98,112 |
Three Person Household | $73,584 to $110,376 |
Four Person Household | $81,760 to $122,640 |
Five Person Household | $88,301 to $132,451 |
Six Person Household | $94,842 to $142,262 |
Net Asset Limit | $245,280 |
Calculation of income:
Household income is based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis. Households must use their current income and may not make changes or adjustments during a drawing period.
Business income of a qualifying Household is calculated using an average of the last three (3) years of income on the business’ tax returns. A year to date profit and loss determination will also be used to calculate business income. If the business has not been operating for three (3) years, the Housing Department will average income over the time the business has been operating.
Deadline to Apply: Tuesday August 6th by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions.
We understand that our applications to enter into the weighted drawing take time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.
Example cost break down for a purchase price of $227,847:
3.5% down payment (required) | $7,975 |
Loan Amount | $216,872 |
Principal & Interest Payment (estimated 5%) | $1,181 |
Property Tax (estimate) | $108 |
Insurance (estimate) | $100 |
HOA dues + Ground Lease fee (estimate) | $35 |
Total Estimated Monthly Payment | $1,424 |
Please talk to a local lender about closing costs, interest rates, and available loan programs to suit your financing needs. We recommend you choose a local lender.