Homebuyer Application

Transcription

1 JOSHUA S HAND PURCHASE-CUSTOM REHAB/NEW HOME PROGRAM Homebuyer Application JOSHUA S HAND COMMUNITY HOUSING DEVELOPMENT ORGANIZATION 4202 Hessen Cassel Rd. Fort Wayne, Indiana P a g e

2 General Information 2015 PURCHASE CUSTOM-REHAB PROGRAM GUIDELINES Program Goal Eligible Applicants NSP-Eligible Addresses* HOME-Eligible Addresses* Eligible Rehab Other Information Assistance Available Joshua s Hand will assist the revitalization of communities located within the established areas by working with the City of Fort Wayne to encourage, Community Development, and Economic Stabilization using Creative Housing Strategies that include Rentals, Lease to Purchase, Restoration and Homeowner Rehabilitation, New Constructs and Conventional Mortgages. products. 1. NSP-Eligible Addresses: Prospective homebuyers with household income at or below 120% of area median income (AMI). HOME-Eligible Addresses: Prospective homebuyers with household income at or below 80% of AMI. 2. Homebuyers obtaining fixed rate, fixed term financing, as demonstrated by a lender commitment letter. 3. Only housing units made available through this program are eligible for purchase. 4. Applicants that have defaulted on previous OHNS (HANDS) housing assistance are not eligible until outstanding debt has been repaid , 46816, and ZIP Codes 46806, 46816, and ZIP Codes Refer to the All Trades Master Specifications and Allen County Building Code 1. Applicants must participate in City-approved homebuyer education course prior to mortgage closing. 2. Applicant will work with a Joshua s Hand, which is City-registered, to facilitate the purchase-rehab resale process. 3. JH will purchase the property from the City and or private owner provide sufficient financing and funding to complete rehab. 4. Applicant must maintain the home as their primary residence for a period of five (5) years after purchase. 1. JT will provide up to $1,000 for eligible closing costs. Minimum $1,000 buyer cash contribution. *** 2. Customized mortgage financing through partner lenders 2 P a g e

3 Instructions 1. Contact Joshua s Hand at or to complete a phone interview/prescreening and to schedule an appointment to meet with the Intake Specialist. 2. Present completed application or fill on-line app asap. 3. Generally, applicants will be asked to bring the following information to the application appointment: a. Last six months bank statements for all individuals 18 and older in the household b. Last 6-8 weeks consecutive paystubs for each employed adult 18 and older in the household c. If self-employed or rental income, last two (2) years of tax returns d. Proof of benefit award (Social Security, Disability, Unemployment, Welfare, Retirement, VA Benefits, etc.) and amount for each recipient in the household, as applicable e. Earnings statements for pensions, annuities, insurance policies, stocks, or other assets f. Government-issued photo identification Based on the phone interview additional and/or other information may be requested. 4. Obtain a Lender Financing Commitment Letter. 5. Once the applicant has been income-qualified, they will be sent an Income Qualification Letter along with a Home Selection Packet. 3 P a g e

4 JOSHUA S HAND NEIGHBORHOOD STABILIZATION AND HOME PROGRAM APPLICATION I. APPLICANT INFORMATION Name: Date of Birth: Address: Social Security #: Home Phone: Address: Cell Phone: If Rental: # of years: If Owner: # of years: Landlord Name: Monthly Rent: Landlord Phone: Current Employer: Employer Name: Employer Phone: Address: How long Employed: Yrs Mths Monthly Gross Income: Position/Title: Years in Profession: Previous Employer: Employer Name: Employer Phone: Address: How long Employed: Yrs Mths Monthly Gross Income: Position/Title: Years in Profession: II. CO-APPLICANT INFORMATION Name: Date of Birth: Address: Social Security #: Home Phone: Address: Cell Phone: If Rental: # of years: If Owner: # of years: Landlord Name: Monthly Rent: Landlord Phone: Current Employer: Employer Name: Employer Phone: Address: How long Employed: Yrs Mths Monthly Gross Income: Position/Title: Years in Profession: Previous Employer: Employer Name: Employer Phone: Address: How long Employed: Yrs Mths Monthly Gross Income: Position/Title: Years in Profession: 4 P a g e

5 III. OTHER HOUSEHOLD INCOME Do you have income from other sources? Yes No (Note: This includes self-employment, retirement benefits, social security, welfare, child support, alimony, rental income, interest and dividends, unemployment, or other income generating sources.) If yes, list source(s) and additional gross monthly income below: Source Gross Monthly Income IV. FAMILY INFORMATION (Complete for each non-applicant household member): Name Relationship Age Full-time Student? Household Size: # Adults # Children Total V. PROGRAM ASSISTANCE ELIGIBILITY a. Do you or your co-applicant currently own your home? Yes No i. If yes, will you be putting your house up for sale? Yes No ii. Note: Upon completion of your NSP home, you will be required to maintain that property as your permanent residence for the entire retention period. b. Have you ever filed bankruptcy? Yes No If yes, date: c. How much money will you be providing for: Down Payment: Source of Funds: Closing Costs: Source of Funds: 5 P a g e

6 VI. ASSET INFORMATION (for all adults 18 and over in the household): Source Name on Account Name of Bank Balance Checking Account(s) Savings Account(s) Money Market/CD s IRA/Retirement Accounts Stocks/Bonds Other VII. DEBT INFORMATION (for applicant and co-applicant): Monthly Debt Obligations Name on Account Minimum Pmt. Balance Owed Auto: Year/Make Auto: Year/Make Credit Card: Credit Card: Credit Card: Other: Other: Other: VIII. ACKNOWLEDGEMENT: I (we) certify that the information provided in this application is true, correct and complete to the best of my knowledge and belief. I (we) are aware of, and have reviewed, Purchase- Custom Rehab Program eligibility guidelines and requirements. I (we) further certify that the address for which Purchase-Custom Rehab Program Development Subsidy & Homebuyer Assistance Loan is sought will be my (our) primary residence and that information concerning my (our) assets, income, and debts is factual and there isn t any information pertaining to income, household size, assets, or debts which hasn t been disclosed. I (we) hereby certify that I (we) are: (check one) citizen(s) of the United States o; or, alien(s) lawfully present in the United States o. Permission is granted to check my/our credit and/or verify any and all information in support of this application. Applicant Signature: Co-Applicant Signature: Date: Date: 6 P a g e

7 IX. AUTHORIZATION TO RELEASE INFORMATION I hereby authorize Name of Participating Lender to release to JOSHUA S HAND and the City of Fort Wayne, Office of Housing and Neighborhood Services, any and all information required in connection with my application for City assistance to purchase a home. Verification of information by the City of Fort Wayne is necessary to determine my eligibility for the Purchase-Custom Rehab Program. This form may be reproduced or faxed, with such copy being as effective consent as the original, which I (we) have signed. Applicant Signature: Co-Applicant Signature: Date: Date: X. PURCHASE INFORMATION a. Property Information: Address: Zip Code: Proposed Purchase Price: Appraised Value: b. Lender Information: Lender Name: Phone #: Fax #: Contact: Address: c. Real Estate Agent: Real Estate Agency: Phone #: Fax #: Agent: Address: 7 P a g e

8 XI. AFFIRMATIVE ACTION INFORMATION Applicant(s) is/are considered for assistance under the Purchase-Custom Rehab Program without regard to race, color, religion, sex, or national origin. To comply with Federal record keeping, reporting, and other legal requirements, please provide the information below: Ethnicity of Head of Household: Hispanic? Yes No Race of Head of Household (check one): American Indian/Alaskan Native White Black/African American Asian Hispanic Native Hawaiian/Pacific Islander American Indian/Alaska Native & White Asian & White Black/African American & White American Indian/Alaskan Native & Black Other Gender (Head of Household): Male Female Senior/Disabled: Yes No APPLICANT: I do not wish to furnish this information: (initials) ELIGIBILITY DETERMINATION FOR OFFICE USE ONLY Household Size: Annual Household Income: 80% AMI for HH Size: 120% AMI for HH Size: Pre-qualified based on Income? Household Size 80% AMI 120% AMI 1 $34,650 $51,900 2 $39,600 $59,350 3 $44,550 $66,750 4 $49,450 $74,150 5 $53,450 $80,100 6 $57,400 $86,050 7 $61,350 $91,950 8 $65,300 $97,900 Source: U.S. Department of HUD Last Updated: P a g e