Steadworth's Home Wealth Share program is designed to help creditworthy individuals and families achieve homeownership with a lower down payment and lower monthly payments. To ensure the program's success and sustainability, certain eligibility requirements are in place for both homebuyers and properties.
Homebuyer Eligibility
To qualify for the Home Wealth Share program, homebuyers must meet the following criteria:
Credit Score: The highest wage earner on the application must have a minimum credit score of 720.
Income Stability: Applicants must have a stable and reliable source of income. Steadworth will evaluate employment history, income sources, and employment type to assess income stability.
Debt-to-Income Ratio: The applicant's debt-to-income ratio must be below the program's threshold of 45%. Steadworth will calculate the debt-to-income ratio based on the information provided in the application.
Citizenship or Permanent Residency: Applicants must be either U.S. citizens or permanent resident aliens.
No Recent Short Sales, Foreclosures, or Bankruptcies: Applicants must not have had a short sale, foreclosure, deed in lieu, or bankruptcy within the past seven years. This demonstrates financial stability and reduces the risk of default.
Primary Residence: The home being purchased must be the applicant's primary residence. Steadworth's program is not available for investment properties or second homes.
Additional Considerations
Down Payment Contribution: Applicants must be able to contribute at least 5% of the home's purchase price towards the down payment. Subject to eligibility, Steadworth will contribute the remaining 10% or 15%, depending on the chosen plan.
Long-Term Ownership: While applicants can sell or refinance their home before the contract term ends, Steadworth encourages participants to stay in the home for at least five years to maximize the benefits of the program.
Shared Appreciation: Applicants must be comfortable sharing a portion of their home's future appreciation with Steadworth in exchange for additional down payment funds.
Property Evaluation: Steadworth will verify that the subject property meets its investment criteria.
Meeting these eligibility requirements ensures that the Home Wealth Share program remains sustainable and provides a mutually beneficial opportunity for both homebuyers and Steadworth.
If you believe you meet these criteria and are interested in learning more, we encourage you to explore our resources and connect with our team to discuss your individual situation.