Frequently Asked Questions

About Qualifying for and Purchasing an Affordable Home:

How do I know if I qualify for an affordable home?

Affordable homes are classified under categories. The Housing Authority has category 1 through 6 homes. Each category has a different income and asset limit. In order to qualify for a home in a specific category, you are not allowed to make more per year than the income limit for that category. You are also not allowed to have more in net assets than the category asset limit. Please see the Affordable Housing Income Chart to see the income and asset limits for each category.

We also have Attainable homes. These homes are category 2, 3, and 4. You can refer to the Affordable Housing Income Chart to see the income and asset limits on Attainable homes. We do not facilitate the sale of Attainable homes. Owners either list them with a real estate company or sale them ‘by owner’. There is no lottery process and we do not set the prices. They are negotiable.

The Housing Authority also has Employment Based homes in the program. To qualify for these homes, you must have been working in Teton County full time for at least 2 years. There are no categories, and therefore no income or asset limits on employment based homes.

How do I calculate my income?

Your income is the amount you earn before taxes are taken out. The amount you are currently making will be used for qualification purposes. If you are self employed, an average of the past three years will be used including year to date earnings. If you have not been self employed for 3 years, the length of time you have been self employed will be used to calculate your income.

How do I calculate my net assets?

Anything you own that is valued above $500 is considered an asset. All bank accounts, stocks, bonds, vehicles, etc. should be counted. Once you add them all together, subtract any debt you have and the result is your net assets.

Do I count my retirement accounts as assets?

We count 60% of any retirement account that you have access to. We count 60% because we recognize that if you pulled the money out, you would receive a penalty. If you have a retirement account that you absolutely do not have access to until you are of retirement age, we will not count it as an asset. There may be some cases where retirement accounts can be counted differently, such as future income. Please call our office to discuss this further.

How do I find out about homes that are available?

Complete an Information Contact Sheet and submit it to our office. We will add you to our e-mail list. We send e-mails out to everyone on our list every time a home is available. Keep in mind that we cannot guarantee that you will receive e-mails. In the past, some e-mails have been filtered out or returned to us. We recommend that you check our website every couple of weeks to be sure you are informed about available homes www.tetonwyo.org/housing .

You can also, call our office, or check the Valley Section of the Jackson Hole News and Guide’s Wednesday paper.

How do I apply for an affordable home?

You can apply for a home in one easy step. When you see a home available on our website, in the newspaper, or by e-mail, complete and submit a Lottery Entry Sheet. You can download the Lottery Entry Sheet from our website or pick one up at our office. You can fax it, mail it, or drop it off at our office. Just make sure you get it in by the deadline! No other documentation is required to be submitted unless you are chosen in the lottery. Click here for our fax number and mailing address.

How does the lottery work?

There are different levels of preference groups in the lottery. In order to get in the top preference group (those in this group will have the best chance of being chosen), the following criteria must be met:

1. You must either be an Emergency Services Worker or have worked in Teton County for at least the last four consecutive years. If you left Teton County to attend school or join the military, you can still count those years as part of the four.

2. You must meet the minimum occupancy requirement for the home. This means that for homes with 3 or more bedrooms, your family must have at least one person per bedroom in order to meet the minimum occupancy requirement. If you are a single person, you will be given the same preference for a 2 bedroom home the same as if you were a two person household (this is a recent policy change).

If you meet both of the above criteria, then you will be placed in the top preference category in the lottery. If you do not meet the above criteria, you can still apply for the home, however, you will be placed in a lower preference group and there is a smaller chance that you will get the home.

Once all lottery entrants have been listed on the lottery sheet according to their preference group, the lottery sheet is sent to outside counsel who then assigns each person a number. The numbers assigned to the top preference group are placed in a pool and drawn out one by one and are marked down in order on the lottery sheet. Next, the second preference group numbers are placed in a pool, drawn out, and marked down. This goes on until everyone’s number has been drawn out of the pool. The first person drawn will get the first option to purchase the unit. If they decide to decline the unit, then the unit will be offered to the second person drawn and so forth until someone decides to purchase the unit. Click here for a sample lottery sheet with explanations.

What happens if I am selected in the lottery to purchase a home?

If you are chosen, we will call to notify you. You will have five business days from the day we notify you to submit a complete application (see next question), view the home, and sign a contract to purchase the home. Once you sign a contract to purchase the home, you will have a minimum of 30 days to close on the home. During this time, your lender will order an appraisal and title work done as well as process your loan. We and your lender will be in contact with you if we need you to do anything. You will also have a chance to do a final walk through of the home before closing. Closing day is the day you will sign the paperwork, the home will become yours, and you can move in.

What does a complete application consist of?

The application is the same one that you complete for the bank to get your loan. Just have them give you a copy of it. You can get the Application from the bank, from our office, or on our website.

You need to have your lender complete a Lender’s Qualification Worksheet to submit to us.
Your lender can also give you a copy of your credit report to include with your application.
We also need you to submit the last two years’ tax returns along with W-2s. If you are self employed, please submit 3 years of tax returns and a year to date profit and loss statement.
In addition, you will need an Employment Affidavit. This form is to be completed by your employer, and his/her signature needs to be notarized. You may have your employer fax the form directly to us instead of having their signature notarized. Please do not complete the Employment Affidavit yourself. It is only to be completed by your employer or their representative (such as a bookkeeper).
Also include copies of statements for any retirement accounts, stocks, bonds, or any other type of account you may have.
If you have other types of income such as retirement income, social security income, or child support, we will need copies of those statements or check stubs.
If you were recently divorced, a copy of your divorce decree should be included.
If you were away at school, a copy of your transcript should be included (this does not need to be an official copy – we just need to verify that you were in school).

What should I do to get prepared in case I am chosen?

It is a good idea to visit with a lender to find out how much you would qualify to borrow, how much the payments would be, closing costs, etc. The lender can also help you clean up your credit report if needed.

It is also a good idea to start getting paperwork together. You can get the items in one place so that when you are chosen, you will be ready.
In order to close on the purchase of a home, you are required to have completed the Homebuyer Education Class. It is a good idea for you to take it now so that you can make use of the information while you are in the process of buying the home. Some lenders will give you a discount on closing costs if you have taken the course. Call our office to sign up for the course. 732-0867