Applicant does not have any past due debts owed to the Housing Authority
Applicant(s) have participated in a Housing Authority approved or sponsored Homebuyer Education Program to obtain information about the loan process and Homeownership responsibilities.
Applicant’s debt to Income Ratio is not more than 41%.
Proof of Income
Current copy of Credit Report (within last 30 days)
Property Lease had an initial term of 50 years to assure that the term of the Lease is longer that the term of the loan and is assignable if there is need for a foreclosure and reselling to another qualified Homebuyer.
Applicant is maintaining the dwelling as their primary place of residence for the period of the loan.
Applicant has submitted in writing the specific proposed us of loan funds.
If repair work is needed, it will be done by a Licensed Contractor that is responsible for Insurance and Liability during and once the repairs/addition are completed.
Additions - A written proposal with the following need to be submitted:
- Floor Plan of existing home
- Drawing of proposed addition
- Estimated cost for material and labor
- Licensed Contractor who will do the work
- Estimated schedule outlining beginning to completion
Repayment agreement signed before funds are paid out
Insurance requirements: Applicant(s) know that they are required to pay for additional coverage for the additional square footage and must have current Insurance for existing home. Proof of Insurance must be submitted to the Housing Insurance from the Insurance Company.