How to Qualify for an OPAL Home

1. Income eligible.

Most OPAL houses must be sold to buyers who have a gross household income that is less than 80% of Area Median Income (AMI) for San Juan County. A limited number of OPAL houses are available to people earning more than this, but who still cannot afford to buy a market-rate home. If you are self-employed, qualifying income is calculated after deducting any business-related expenses (the bottom of Schedule C on your tax return).

Currently 80% of Area Median Income (AMI) is:

Household Size	1	2	3	4	5
Income	$48,850	$55,800	$62,800	$69,750	$75,350

HUD 2022

2. A San Juan County resident.

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. Asset eligible.

At the time you purchase your OPAL home, personal assets may not exceed 80% of Area Median Income (see table above), plus the cost of your OPAL home. If you are of retirement age or have assets in excess of OPAL’s asset limit, you may still be eligible for a limited number of OPAL homes. See the OPAL Asset and Retirement Asset Policy for more detail.

4. Able to qualify for an approved mortgage.

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:

• Adequate income – You must be able to document adequate, steady income so that your house payment does not exceed approximately one-third of your gross monthly income.
• Adequate credit – Generally you will be able to get a loan to purchase your home if your credit score is at least 640. If your credit score is lower than 640 or you do not have a score, it is still possible to purchase a home if you can document at least forms of non-reported credit, such as utility bills, landlord references, etc.
• Minimum debt – Your total debt payments, including your future house payment, may not exceed 41% to 44% of your gross monthly income, depending on your mortgage. OPAL’s housing manager can help you calculate this. Generally speaking, monthly debt obligations of more than $200 to $250 per month, in addition to your house payment, make it difficult to qualify.