The Home Buying Process

Transcription

1 Speak or meet with local Habitat representative for information & prequalification Complete initial application Finalize loan application & receive approval The Home Buying Process Please provide: Paystubs Two year s W2s If self-employed, two years of tax returns Two months bank/investment account statements Complete full application Provide references Home Visit from Family Selection Committee Provide additional financial documentation, including debt obligations Credit, criminal and sexual offender checks done by Habitat Once selected: Assist in home building & complete sweat equity Sign Acceptance Letter $500 deposit due within 90 days Discuss loan payment & budgeting Habitat will assist with attorney choice Preliminary appraisal of house Review application, update if necessary Review appraisal results Complete required sweat equity Complete required Homebuyer Counseling Pre-Closing & Closing Final Appraisal of house Obtain home insurance Conduct title search (by your attorney) Attend closing to sign loan and legal documents Enjoy your new home!

2 P. O. Box 1217 Middlebury, VT New Home Initial Application New homes are built on land owned by the Addison County Habitat for Humanity. Applicants must have lived or worked in Addison County for at least one year immediately prior to application and must be interested in living in the community of the site. Families are selected based on need for better housing, ability to pay, and willingness to work with us to build their home. When the home is completed, the property is deeded to the new homeowner with a zero interest loan that is paid back in a mutually agreed upon payment schedule. [Please print clearly] Applicant: SS# D.O.B. Mailing Address: Town: Zip Physical Address: Town: Zip Years at this Address: Phone: Cell phone: address: Co-Applicant: SS# D.O.B. Mailing Address: Town: Zip Physical Address: Town: Zip Years at this Address: Phone: Cell phone: address: List all others to be living in house and their ages:

3 Current Housing: Describe problems with your current living space. Why do you need a Habitat house? How did you hear about Habitat for Humanity? Employment Information Applicant Name and Address of Current Employer Co-Applicant Name and Address of Current Employer Type of Business Business Phone Type of Business Business Phone Monthly (Gross) Wages Years on the job Monthly (Gross) Wages Years on the job Name and Address of Previous Employer Name and Address of Previous Employer Type of Business Business Phone Type of Business Monthly (Gross) Wages Years on the job Monthly (Gross) Wages Years on the job Any other sources of income : Any other sources of income :

4 For a year mortgage a homeowner's monthly housing expenses would be approximately $800 per month (includes mortgage payment, homeowner's insurance and property tax). We will help you to determine if this payment will jeopardize your ability to meet all other family financial obligations and expenses. Sweat Equity: Sweat Equity is designed to meet three important goals: partnership, pride in home ownership, and development of skills and knowledge. All adult members of the household (18 years and older) are required to complete 200 hours of work with Habitat before moving into the house and becoming a Habitat homeowner. The maximum number of hours for a family is 400. None of our homeowners ever thought they would qualify or that they would be selected, but they were. PLEASE SIGN THE AUTHORIZATION AND RELEASE ON THE NEXT PAGE AND RETURN IT WITH YOUR APPLICATION Please provide with this application: 2 most recent pay stubs for applicant and co-applicant last 2 month s bank statements If self-employed, past 2 years s income tax return Two year s W 2 s Return application and supplementary documentation to: Habitat for Humanity of Addison County, VT P.O. Box 1217 For office use: Date application form sent: Date application received

5 Habitat for Humanity of Addison County, VT Post Office Box 1217 Middlebury, Vermont Phone AUTHORIZATION AND RELEASE I understand and agree that by filing this application, I am authorizing Habitat for Humanity to evaluate my actual need for a Habitat home, my ability to repay the no-interest loan and other expenses of homeownership and my willingness to be a partner family. I understand and agree that the evaluation will include personal visits, a credit check, and employment verification. In addition, I am authorizing Habitat for Humanity to obtain bank balance verification on my checking and savings accounts, landlord references and credit references. I have answered all the questions on this application truthfully. I understand and agree that if I have not answered the questions truthfully, my application may be denied. I understand and agree that, even if I have already been selected to receive a Habitat home, Habitat for Humanity in the exercise of its sole discretion, may revoke its approval of my application for reasons which include, without limitation, a material change of circumstances or a failure to partner with Habitat for Humanity as required. I also understand that Habitat for Humanity screens all potential staff (whether paid or unpaid), board members and applicant families on the sex offender registry, and that by completing this application, I am submitting myself and all persons listed on the first page of the application to a criminal background check. Applicant Signature Date Co-applicant Signature Date X X