Owen Hart Home Owners Program Information Package

Transcription

1 Page 1 of 5 16, 2936 Radcliffe Drive SE Main Calgary, Alberta T2A 6M8 Fax Owen Hart Home Owners Program Information Package A program for Calgarians: living on a low income, who have a realistic goal of home ownership. Home ownership is a reality with: money management skills, monthly matched savings, home ownership education, and a growth mindset. THE 2018 OHHO PROGRAM: Start: October 2018 End: September 2019 Education: o 8-10 workshops Wednesday nights at 6:30pm to 8:30pm o 1 or more meetings with Margaret Savings: o You save $100 - $250 per month o Momentum matches your savings by 2 o For example: OHHO Maximum Savings: You: $250 x 12 months = $3000 Momentum: $3000 x 2 matching = $6000 Total $9,000 Home Purchase: o You (and your family) must live in the home in Alberta o You (and your family) may buy the home before September 2020 Application: o Please apply as soon as possible o One homeownership group per year Round 1 application deadline: April 11, Noon Round 2 application deadline: August 22, Noon o 15 participants are accepted into home ownership each year O:\Programs\OHHO\OHHO Intake\OHHO Information Package - March 27, 2018.docx

2 Page 2 of 5 WHO? YOU: Have graduated from a Calgary matched-savings program in the last 5 years (you have finished a program in one of these years: 2013 / 2014 / 2015 / 2016 / 2017 / 2018) Can get a mortgage before September 2020 Are not in bankruptcy, a consumer proposal, judgements, garnishments or other debt repayment programs. Are not going to school full-time, except language or upgrading classes Do not have a mortgage and/or own a property in Canada May complete and give the application with all required documents on time And your family will need a bedroom Your gross yearly whole family income is between the amounts on the chart below # of bedrooms needed* Lowest Yearly Income (before taxes) Highest Yearly Income (before taxes) $33,200 $41,500 $40,800 $51,000 $46,800 $58,500 $55,200 $69,000 $57,200 $71,500 *Bedrooms Needed: Momentum uses the National Occupancy Standards of Canada. One bedroom for: single person a couple family member 18 years or older 2 boys OR 2 girls under age 18 1 boy and 1 girl under 5 years old. O:\Programs\OHHO\OHHO Intake\OHHO Information Package - March 27, 2018.docx

3 Page 3 of 5 OVERVIEW The application has 9 parts to complete: 1. Basic Information 2. Employment 3. Education 4. Income 5. Assets & Savings 6. Debts & Liabilities 7. Monthly Household Budget 8. Your story of why home ownership is for you 9. Required Attachments (see below) ~~~~~~~~~Please give copies of required attachments~~~~~~~~~ You: Your current Credit Report and Credit Score Proof of income: 2 current statements of income Bank statements for savings and investments 2 current pay stubs from each of your job(s) 2017 Notice of Assessment Current T4 slip(s) Your Partner/Husband/Wife (if applicable): Current Credit Report and Credit Score Proof of income: 2 current statements of income Bank statements for savings and investments 2 current pay stubs from each of your job(s) 2017 Notice of Assessment Current T4 slip(s) O:\Programs\OHHO\OHHO Intake\OHHO Information Package - March 27, 2018.docx

4 Page 4 of 5 Credit Report & Credit Score Choose your option: 1. Give Momentum access to your credit report & credit score o Fill in the application form 2. Get your own credit report & credit score A or B A. Internet o Very quick o Go to o Make one-time payment for a credit score and credit report $23.95 o Print a copy o Attach with your application OR B. Fax/mail o 4 to 6 weeks (plan ahead) to get this o Use the form at the end of this document o Give credit card information $11.95 o Send by fax or Canada Post o Attach this to your application WHEN? BEFORE NOON, WEDNESDAY, AUGUST 22, 2018 Please submit application and with all required attachments to: Margaret Yu Financial Literacy Facilitator, Owen Hart Home Owners Program ohho@momentum.org office: Momentum Radcliffe Dr. SE Calgary, AB T2A 6M8 main: fax: O:\Programs\OHHO\OHHO Intake\OHHO Information Package - March 27, 2018.docx

5 Page 5 of 5 Page O:\Programs\OHHO\OHHO Intake\OHHO Information Package - March 27, 2018.docx

6 SECTION 1 ABOUT YOU Owen Hart Home Owners Program Application NAME: FIRST LAST Date of birth is: Year Month Day ADDRESS: POSTAL CODE: PHONE: HOME CELL WORK Social Insurance Number: - - Single person (divorced/separated/widowed) Two parent Family with children Single parent family Other: Two parent Family - no children Your family members: First Name Last Name Date of Birth (day/month/year) Gender Relationship 16, 2936 Radcliffe Drive SE Main Calgary, Alberta T2A 6M8 Fax

7 Your Housing Renting Staying with friends or family no rent paid Own my home Shelter or Transitional Housing Other Who would buy the home? I would buy the home myself I would buy the home with my partner/wife/husband I would buy with someone else; who? How many bedrooms would you need? Is your yearly family income between the minimum and maximum amounts? Yes ( ) No ( ) If you answered no to the above question. Stop filling in the application. Please contact Margaret, MargaretY@Momentum.org or , to talk about your income levels. # of bedrooms needed* Lowest Yearly Income (before taxes) Highest Yearly Income (before taxes) $33,200 $41,500 $40,800 $51,000 $46,800 $58,500 $55,200 $69,000 $57,200 $71,500 Bedrooms Needed: Momentum uses the National Occupancy Standards of Canada. One bedroom for: single person a couple family member 18 years or older 2 boys OR 2 girls under age 18 1 boy and 1 girl under 5 years old.

8 Page 3 of 12 SECTION 2 YOUR FAMILY INCOME Yourself: Job #1 Company Name: Job title: Start date: Hours per week: Hourly pay: Monthly pay before taxes: Job #2 Company Name: Job title: Start date: Hours per week: Hourly pay: Monthly pay before taxes: Previous Job - Company name: Job title: How long did you work at this job? Your Partner/Wife/Husband: Job #1 Company Name: Job title: Start date: Hours per week: Hourly wages: Monthly pay before taxes: Job #2 Company Name: Position/job title: Start date: Hours per week: Hourly wages: Monthly pay before taxes: Previous Job - Company name: Position/job title: How long did s/he work at this job?

9 Page 4 of 12 SECTION 3 YOUR EDUCATION You What is your education? Are you currently going to school? No ( ) Yes, full-time ( ) Yes, part-time ( ) If yes, please tell us more: Do you have plans to go back to school in 2 years? No ( ) Yes, full-time ( ) Yes, part-time ( ) If yes, please tell me more: Your Partner/Wife/Husband What is their educational? Are you currently going to school? No ( ) Yes, full-time ( ) Yes, part-time ( ) If yes, please tell me more: Do you have plans to go back to school in 2 years? No ( ) Yes, full-time ( ) Yes, part-time ( ) If yes, please tell me more:

10 Page 5 of 12 SECTION 4 YOUR FAMILY INCOME Type of Income Gross amount per month (before deductions) My Job 1 $ My Job 2 (if applicable) $ Partner s Job 1 $ Partner s Job 2 (if applicable) $ Employment Insurance $ Income Support $ AISH $ Student Loans $ Student Grant $ Workers Compensation (WCB) $ Other - Please specify: $ Other - Please specify: $ Total: $ What is your current annual household income? $ Do you receive Child Tax Benefit? Yes ( ) No ( ) If yes, how much per month? This is for information only. Please note that this amount is not calculated into your gross income. $

11 Page 6 of 12 SECTION 5 YOUR ASSETS & SAVINGS Do you currently, or have you ever, owned a home before? Yes ( ) No ( ) If yes, please tell me more: Assets inside Canada (include my wife/husband, if applicable) Type of Asset Cash Value Chequing Accounts $ Savings Accounts $ TFSA Accounts $ RRSP funds $ RESP funds $ Investments, stocks, bonds, mutual funds $ Vehicle: $ Other: $ Other: $ Total: $ Foreign assets outside Canada (include your wife/husband if applicable) Type of Asset Cash Value (in Canadian $) Savings accounts $ Investments, stocks, bonds, mutual funds $ Car $ Property $ Other: $ Total: $

12 Page 7 of 12 Savings for Down Payment How much money do you regularly save each month? $ Will you be using your assets to help you with your down payment? Yes ( ) Maybe ( ) No ( ) If yes or maybe, please explain: Will family and friends give or borrow money to help with your down payment? If yes or maybe, please explain: Yes ( ) Maybe ( ) No ( ) Do you have other money to help with your down payment? If yes or maybe, please explain: Yes ( ) Maybe ( ) No ( ) SECTION 6 YOUR DEBTS If you currently have any debt, what is your plan to pay down your debt? Do you pay off your monthly debts in full each month? Yes ( ) No ( ) Have you ever had any debts in collections? been part of a Debt Repayment Plan? been part of a Consumer Proposal? filed for bankruptcy? had a mortgage? Yourself Partner Yes No Yes No If you answered yes to any of the above questions, please give details of what and when they occurred and what their current status is.

13 Page 8 of 12 Please list all of your different forms of credit for yourself and your wife/husband: Type of Credit Yourself: Bank/Name Total Amount Owed Minimum Monthly Payment Credit Card 1: $ $ $ Credit Card 2: $ $ $ Credit Card 3: $ $ $ Credit Card 4: $ $ $ Credit Card 5: $ $ $ Credit Card 6: $ $ $ Line of Credit $ $ $ Loan (car) $ $ $ Loan (student) $ $ $ Pay day loans $ $ $ Other: $ $ $ Other: $ $ $ Other: $ $ $ Your Partner: Credit Card 1: $ $ $ Credit Card 2: $ $ $ Credit Card 3: $ $ $ Credit Card 4: $ $ $ Credit Card 5: $ $ $ Credit Card 6: $ $ $ Line of Credit $ $ $ Loan (car) $ $ $ Loan (student) $ $ $ Pay day loans $ $ $ Other: $ $ $ Other: $ $ $ Other: $ $ $ Total $ $ $ Credit Limit

14 Page 9 of 12 SECTION 7 YOUR MONTHLY BUDGET Monthly Income (after taxes and deductions) Wages or salary (self) Wages or salary (partner/spouse) Child tax credit Child support Income support Other (specify): $ Amount Total monthly income: Monthly Expenses Housing: $ Amount Debts & Savings: $ Amount Rent Credit card payments Mortgage & Condo Fees Loan payments Power/Electricity Emergency Fund Gas/Heat/Water RESP/TFSA/Investments Internet/Cable Transportation Phone(s) Gas Food & Grocery Items Bus / Transit Groceries Car Insurance Toiletries Other: Kids supplies, diapers, etc. Donations Eating out, coffee, etc. Family Support Alcohol / Cigarettes Child Care/ Day Care Lottery / Gambling Memberships Other: Other: Total monthly expenses from both columns: Budget Balance: If you have a budget balance that is a positive amount, that money can go to additional savings or debt payments. If it is a negative balance, review your budget to find ways to increase your income or reduce your expenses. Total Monthly Income Minus ( - ) Total Expenses Equals =

15 Page 10 of 12 SECTION 8 WHY IS HOME OWNERSHIP FOR YOU? What type of home are you planning to buy? ( ) Detached House ( ) Townhouse ( ) Apartment/Condo When would you like to buy a home? How much will you spend on your home? $ Tell us your current income or work situation and future career or education plans. Include your partner s plans as well, if applicable. What makes you a good participant-to-be for the Owen Hart Home Owners program? The OHHO Program may not provide you with the full down payment for a home. What is your plan to come up with a 5% down payment? Is there anything else you want to tell us?

16 Page 11 of 12 ALLOW MOMENTUM TO GET YOUR CREDIT REPORT& SCORE You Yes, Momentum can get my credit report Print Name SIN Social Insurance Number Date Wife/Husband Yes, Momentum can get my credit report Print Name SIN Social Insurance Number Date Signature Signature SECTION 9 MY CHECK LIST Yourself: Your current Credit Report and Credit Score Proof of income: 2 current pay stubs from each of your job(s) 2017 Notice of Assessment Current T4 slip(s) Bank statements for savings and investments Current statements of government funding, income support, etc. Husband/Wife (if applicable): Current Credit Report and Credit Score Proof of income: 2 current pay stubs from each of your job(s) 2017 Notice of Assessment Current T4 slip(s) Bank statements for savings and investments Current statements of government funding, income support, etc.

17 Page 12 of 12 WHEN? BEFORE NOON, WEDNESDAY, AUGUST 22, 2018 Please submit and supporting documents to: Margaret Yu, BA, BSW, RSW Financial Literacy Facilitator, Owen Hart Home Owners Program office: Momentum Radcliffe Dr. SE Calgary, AB T2A 6M8 main: fax: Please read and sign: 1. I agree finishing this application does not mean I will be accepted into the Owen Hart Home Owners program. 2. I agree my late application will not be accepted. 3. I agree that giving dishonest information will automatically withdraw me from this program and other Momentum programs. 4. I agree that all information given is honest. 5. I understand the matched money is for the down payment of a home. Signature: Print name: Date: 16, 2936 Radcliffe Drive SE Main Calgary, Alberta T2A 6M8 Fax