How to Qualify for an OPAL Home

1. Ingreso elegible.

To be eligible to purchase an OPAL home your gross household income is $165,000 or less annually.

Each OPAL home uses different funding sources to make it affordable, therefore there are different income requirements depending on which home you purchase. The majority of our homes are limited to those earning 80% of Area Median Income (AMI) or less for San Juan County. A limited number of homes are also available to those earning up to 115% AMI, and to those earning up to $165,000. (See charts below for AMI amounts.)

80% of Area Median Income (AMI) is:

Tamaño del hogar	1	2	3	4	5
Ingreso	$56,850	$65,000	$73,100	$81,200	$87,700

115% of Area Median Income (AMI) is:

Tamaño del hogar	1	2	3	4	5
Ingreso	$81,765	$93,380	$105,110	$116,725	$126,040

HUD 2024

2. Un residente del condado de San Juan.

You must be a resident and you must have lived in San Juan County for at least one year preceding the date of application or be employed by or have an employment contract with a San Juan County employer. In order to qualify for a mortgage, you will need to demonstrate that you can earn a living on island.

3. Activo elegible.

You must have a minimum of $1,000 in personal assets to qualify to purchase an OPAL home. This includes all checking, savings and investment accounts. Retirement assets include any funds in an IRS designated retirement account such as a 401(K), 403(b) or IRA. Additionally, please note that you cannot buy an OPAL home if you already own a house property.

Your total assets may not exceed the following amounts:

2024 Asset Limits (under 62 years of age):

Personal Net Assets – $306,000

Retirement Assets – $459,000

2024 Asset Limits (62+ years of age):

Total Personal and Retirement Assets – $765,000

4. Capaz de calificar para una hipoteca aprobada.

You need to be able to qualify for an approved mortgage to purchase your home or have adequate assets to purchase it outright. This includes:

• Ingresos adecuados – Debe poder documentar un ingreso adecuado y constante para que el pago de su casa no exceda aproximadamente un tercio de su ingreso bruto mensual.
• crédito adecuado – En general, podrá obtener un préstamo para comprar su casa si su puntaje de crédito es de al menos 640. Si su puntaje de crédito es inferior a 640 o no tiene un puntaje, aún es posible comprar una casa si puede. documentar al menos formas de crédito no declarado, como facturas de servicios públicos, referencias de propietarios, etc.
• Deuda mínima – Los pagos totales de su deuda, incluido el pago futuro de su casa, no pueden exceder 41% a 44% de su ingreso bruto mensual, según su hipoteca. El administrador de vivienda de OPAL puede ayudarlo a calcular esto. En términos generales, las obligaciones de deuda mensuales de más de $200 a $250 por mes, además del pago de su casa, dificultan la calificación.