MHANY MANAGEMENT, INC. FIRST TIME HOMEBUYER/REFINANCE PROGRAM

Transcription

1 MHANY MANAGEMENT, INC. FIRST TIME HOMEBUYER/REFINANCE PROGRAM MHANY Management, Inc. (MHANY) helps low and moderate income individuals and families so they can obtain and keep affordable, stable, safe, and decent housing in their communities. We accomplish this through homeownership education and counseling, access to finance, housing development, and advocacy. If you want to buy a house, refinance or have problems with your mortgage MHANY counselors can help you with the following: Free and comprehensive education and counseling services. The best loan programs for low- to moderate-income applicants and homeowners. Access to down payment and closing cost assistance. First Time Homebuyer Program 1. Information/Intake At our Intake Sessions, we provide general information about the program. Before the session, you will need to fill out the attached Intake Form and sign the Authorization Form, and then make PHOTOCOPIES of the following documents to bring to the Intake to start the process: Three (3) most recent (consecutive) pay stubs and/or proof of other income such as Social Security or SSI. Three (3) most recent bank statements from checking and/or savings such as 401K, IRAs, etc. Tax Returns and W2 forms for 2009 and If self-employed, last three years of Tax Returns, including Schedule C, and Profit and Loss Statement and bank statements (business and personal) for the last three months. A check or money order for $20 for your credit report. Our services are free of charge, but we have to pay for your credit report. Proof of rental history for the last 12 months, such as cancelled rent checks, money order receipts, land-lord letter, etc. Bankruptcy Discharge Statement and Schedule F, if appropriate. For refinances: loan documents, proof of payment of property taxes and insurance. You should also ask your counselor about additional documents you may need. Identification such as a photo ID (driver s license, employer s ID card, etc.). 2. First Time Homebuyer Class This is a class for prospective buyers to learn the basics of homeownership, financing, working with a real 3. One-on-One Meeting (By Appointment) At this time, you will meet with a trained housing counselor. The counselor reviews your income, debts, savings, and credit report, then determines your readiness to buy and works with you to set on a course of action. When you are ready, your counselor will issue you a lender referral form. 4. Credit, Savings and Budget Workshop During this workshop, you will improve your knowledge about credit and savings requirements to obtain financing. 5. Post-Purchase Counseling and Education If you should have any difficulty adjusting to the new lifestyle, expenses, and responsibility of homeownership, we provide education, information, and/or mediation with lenders to ensure a successful experience. Note that the above stages can be as brief as two sessions or as long as two years. The time involved depends upon your needs, the amount of effort necessary to execute your plan of action, and the diligence with which you work toward completion. MHANY Management, Inc. 2-4 Nevins Street, 2 nd Floor, Brooklyn, N.Y ; Ph: ; Fax:

2 MHANY MANAGEMENT, INC. FIRST TIME HOMEBUYER/REFINANCE PROGRAM Please print clearly, using black or dark blue ink. Complete all fields. I am Interested in: Buying a Home Refinancing Reverse Mortgage Counseling Default Counseling How did you hear about MHANY? Friend/Family My Lender Realtor News Paper Television/Radio Community Agency Government Agency Other (Describe) Loan Officer: Real Estate Agent: Applicant Information: Company: Company: Telephone: Telephone: First Name: Middle Name: Last Name: Social Security Number: Date of Birth: / / Street Address: Previous Address current address less than two years): Gender (M/F): How Long? How Long? Home Phone: ( ) Work Phone: ( ) Cell: ( ) Address: Preferred Contact Method: Do you receive any HUD vouchers or Section 8 for housing? No Yes Race: (Check One) American Indian/Alaska Native American Indian/Alaska Native and White Asian Asian and White Black-African-American Black/African-American and White White American Indian/Alaska Native & Black/African American Native Hawaiian or other Pacific Islander Choose Not to Respond Other Race: Ethnicity: Hispanic No Hispanic Preferred Language: Marital Status: Single Separated Domestic Partner Divorced Married Widowed Highest Educational Level (check only one): No H.S. Diploma Associates Degree H.S. Diploma Bachelor s Degree GED Diploma Master s Degree Vocational Certificate Doctorate Some College Never Graduated Other (Describe) Are you a U.S. Citizen? Yes No Are you a Permanent Resident Alien? Yes No Are you a migrant farm worker? Do you live within 50 miles of US/Mexico Border? Yes No Yes Are You Disabled? Yes No Employment Last Two Years (use back to add additional employment information if necessary) Name of Employer and Address Other Language/s: Job Title No Dates of Employment

3 MHANY First Time Homebuyer / Refinance Intake Form Page 2 Co-Applicant Information First Name: Middle Name: Last Name: Social Security Number: Date of Birth: / / Gender (M/F): Street Address: How Long? City: State: ZIP: Previous Address current address less than two years): How Long? Home Phone: ( ) Work Phone: ( ) Cell: ( ) Address: Co-Applicant s Relationship to Applicant: Race (check only one): Preferred Contact Method: American Indian / Alaskan Native American Indian/Alaska Native and White Asian Asian and White Black or African-American Black/African-American and White Native Hawaiian or other Pacific Islander American Indian/Alaska Native and Black/African Ameri- White Choose Not to Respond Other Race: Ethnicity: Hispanic Non-Hispanic Choose not to Preferred Language: d Other Language: Number of People in Household: Number of Dependents: Age(s) of Dependents: Marital Status: Single Domestic Partner Married Separated Divorced Widowed Highest Educational Level (check only one): No H.S. Diploma Vocational Certificate Bachelor s Degree H.S. Diploma Some College Never Graduated Master s Degree GED Diploma Associates Degree Doctorate Are you a U.S. Citizen? No Yes Are you a Permanent Resident Alien? No Yes Are you a migrant farm worker? No Yes Do you live within 50 miles of US/Mexico Border? No Are You Disabled? No Yes Employment Last Two Years Name of Employer and Address Job Title Dates of Employment Household Information Number of People in Household: Number of Dependents: Age(s) of Dependents: Marital Status: Single Domestic Partner Married Separated Divorced Widowed Household Type (check only one): Single Adult Married without Dependents Female-Headed Single Parent Household Married with Dependents Male-Headed Single Parent Household Two or More Unrelated Adults Other Household Type: Household Head: Borrower Co-Borrower Neither

4 MHANY First Time Homebuyer / Refinance Intake Form Monthly Housing Information Renters: Applicant s Monthly Rent Payment: $ Co-Applicant s Monthly Rent Payment: $ Homeowners: Are you a victim of predatory lending? No Yes First Mortgage Information: Product Type: Fixed Rate ARM Hybrid ARM (3/27) Hybrid ARM (2/28) Option ARM Other (describe) Unknown Current Interest Rate: % Have you received a loan modification in the past 6 months? No Yes If ARM, has rate on ARM reset? No Yes Is this an Interest only loan? No Yes Mortgage Type: FHA VA Conventional Privately-held USDA Name of Originating Lender: Original Loan Amount $ Date Loan Originated (mo/day/yr): / / Current Loan Servicer: Current Servicer Loan Number: Current Balance Owed $ Current Principal and Interest (monthly) $ Annual Property Taxes $ Are Property Taxes Escrowed? No Yes Annual Homeowner s Insurance $ Is Homeowner s Insurance Escrowed? No Yes Monthly HOA/Condo Fees: $ Second Mortgages / Liens / Judgments Current Lender or Servicer: Loan Number: Original Loan Amount: $ Current Balance Owed: $ Interest rate: % Monthly Payment: $ Other Liens or Mortgages: Credit: Do any of the applicants have any credit problems we should know about? No Yes If yes, please describe briefly:

5 MHANY First Time Homebuyer/ Refinance Intake Form Page 4 Household Income and Assets Monthly Income Before Taxes Borrower Job 1 $ $ Job 2 $ $ Job 3 $ $ Other Jobs $ $ Monthly Income After Taxes Borrower Job 1 $ $ Job 2 $ $ Job 3 $ $ Other Jobs $ $ Other Monthly Income Borrower Retirement $ $ Disability Payments $ $ Social Security $ $ Rental Income $ $ Other Income $ $ Other Income Source Co-Borrower Co-Borrower Co-Borrower Assets Borrower Co-Borrower Available Cash $ $ Checking $ $ Savings $ $ CDs $ $ 401(k) $ $ Stocks $ $ Down Payment Gifts $ $ Other Assets $ $ Other Assets Source:

6 MHANY First Time Homebuyer / Refinance Intake Form Page 5 Household Monthly Expenses Current Monthly Amount Home Rent/Mortgage (P&I) $ $ Property Taxes (yearly/12) $ $ Renter/Homeowners Insurance $ $ Association/Condo Dues $ $ Estimated Home Maintenance $ $ Water/Sewer/Trash $ $ Electricity $ $ Natural Gas/Heating Oil $ $ Telephone $ $ Internet $ $ Pay per View/Video Rental $ $ Cell Phone $ $ Cable/Satellite TV $ $ Insurance Car $ $ Health $ $ Life $ $ Medical Medical Expenses $ $ Family Children s Allowances $ $ Day Care/Baby Sitters $ $ Alimony/Child Support $ $ Food Food/Groceries $ $ Monthly Amount After Purchase Current Payment after Total Debt Debt/Obligations Payment Purchase Owed Credit Card #1 $ $ $ Credit Card #2 $ $ $ Credit Card #3 $ $ $ Installment Loan #1 $ $ $ Installment Loan #2 $ $ $ Installment Loan # 3 $ $ $ Car Loans $ $ $ Credit Card/Creditor Other Credit Report Debt $ $ $

7 MHANY First Time Homebuyer / Refinance Intake Form Page 6 Household Monthly Expenses Page 2 Current Monthly Amount Transportation Car Maintenance $ $ Gasoline/Oil Changes $ $ Mass Transit $ $ Monthly Amount After Purchase Education Educational Expenses (including books) $ $ Discretionary Cigarettes/Beverages $ $ Gifts $ $ Hair Salon/Barber $ $ Lunches/Snacks/Coffee $ $ New Clothing/Shoes $ $ Pet Expenses $ $ Restaurants/Fast Food $ $ Donations Charities $ $ Religious $ $ Emergencies Emergency Savings $ $ Travel Travel Expenses $ $ Miscellaneous Miscellaneous Expenses $ $ Description: Total Household Monthly Expenses $ $

8 MHANY First Time Homebuyer / Refinance Intake Form Page 7 To be completed by Housing Counselor Total Gross Monthly Income: $ Annual Gross Income (Monthly x 12) $ % Area Median Income (Annual Gross Income divided by 100% of MSA median income x 100): Date Reverse Mortgage Certificate was issued: = $ Net Income Total Expenses Total Net Income / = $ X 100 = Total Monthly Debt Gross Income Total Total Debt Ratio Counselor Signature: Client Signature: Date completed and reviewed with client:

9 MHANY MANAGEMENT, INC. AUTHORIZATION FORM FOR FIRST TIME HOMEBUYER/REFINANCE COUNSELING The undersigned (the Clients ) are receiving housing counseling from MHANY Management, Inc. (MHANY). The Clients authorize MHANY and each lender to whom they are applying for a loan to share information contained in the Clients file, including financial information, credit history, and any information obtained in the housing counseling process. This information will be used to assist the Clients in applying for a loan or working out an agreement for an existing loan. The Clients authorize MHANY to pull credit reports to evaluate their credit for housing counseling purposes. The Clients authorize the Lender to notify MHANY in the event that their loan payments become delinquent. The Clients also give permission to share financial information for activities under the Fair Housing Act. The Clients acknowledge that the Lender will determine if the Clients qualify for a loan, not MHANY. MHANY Management, Inc. provides homebuyer, delinquency, reverse mortgage, anti-predatory lending, and homeownership counseling and educational services. The Clients hosing counselor may make recommendations about loan products, lenders, or available houses. These are recommendations, but the Clients are free to choose which lender, loan product, or home they are interested in. Not all lenders offer the same program benefits. By signing this authorization, the Clients acknowledge that they have read and understand the Clients understand the provisions of this Authorization. Client Date Client Date Housing Counselor, MHANY Management, Inc. Date MHANY Management, Inc. 2-4 Nevins Street, 2 nd Floor, Brooklyn, N.Y ; Ph: ; Fax: