ECIA SINGLE FAMILY NEW PRODUCTION (NP4)

Transcription

1 ECIA SINGLE FAMILY NEW PRODUCTION (NP4)

2 ECIA SINGLE FAMILY NEW PRODUCTION PROGRAM (NP4) Buyer Information: Qualified applicants to the ECIA Single Family New Production (NP4) must be at or below 80% of Area Median Income (AMI) by household size established by HUD. 80% AMI For Dubuque County: County 1 person household 2 person household 3 person household 4 person household 1 5 person household 6 person household 7 person household 8 person household Dubuque $37,050 $42,350 $47,650 $52,900 $57,150 $61,400 $65,600 $69,850 Income guidelines are subject to change. All assisted homebuyers must be able to support a mortgage as demonstrated by a firm loan commitment. Assistance under this activity will not be allowed to be combined with the Federal Jumpstart Homebuyer Assistance or State Jumpstart Down Payment Assistance on the same dwelling unit or person/household served. Funds received will be secured as a 5-year forgivable lien against the property which decreases at a rate of 1/5 per year. The home must remain the primary residence for the 5-year period. ECIA shall be named as an additional insurer on the grantee s homeowners insurance. Program Process: The home purchased must be one of the homes listed in the application Steps: 1. Complete the enclosed ECIA NP4 Application, supply required documentation listed below and submit to Attn: Gail Kuhle ECIA 7600 Commerce Dubuque, Iowa The following documentation must be included with the application except bank approval letter. Bank approval letter will be required after you are quailifed. 1). Loan Pre-Qualification Letter from an Approved Program Lender (see list of eligible program lenders on page 2). Do not send with paperwork 2). Copy of 2012 Income Tax Form. 3). Copies of Social Security Card for all Household Members. 4). A letter from Social Security, if applicable. 5). Authorization for Release of Information Form signed by all adult members of the household. 6). Recent Statement Showing Child Support Received, if applicable. 7). Recent Statement Showing IRA, 401K, or Other Retirement Accounts, if applicable. 8). Copy of Driver s License of all adult members of the household.

3 Program Lenders: Please note this program requires that you qualify for a loan through one of these lenders. American Trust Alliant Credit Union Dubuque Bank & Trust 895 Main Street 1200 Associates Drive 1398 Central Avenue Dubuque, IA Dubuque, IA Dubuque, IA Dupaco Credit Union DuTrac Community Credit Union East Dub. Savings Bank 3299 Hillcrest Rd 3465 Asbury Road 475 Cedar Cross Road Dubuque, IA Dubuque, IA Dubuque, IA Fidelity Bank & Trust Liberty Bank Ohnward Bank & Trust 4250 Asbury Road 2045 Holliday Drive 332 1st Ave W Dubuque, IA Dubuque, IA Cascade, IA Premier Bank U.S. Bank Home Mortgage 2625 NW Arterial 270 West 7th Street Dubuque, IA Dubuque, IA Loan Products must minimally meet the following criteria: a). Loan interest rates cannot be higher than four percentage points above the federal prime interest rate at the time of loan commitment; b). Loan-to-value ratios (LVRs) at 75% (as the CDBG-DR funds will be used to subsidize 25% of the per unit development cost); c). No less than a 15-year, full amortized, fixed-rate mortgage may be used (early pay-off provisions must be allowed); and d). No adjustable rate mortgages or balloon payment types of mortgages will be allowed. 2

4 Program Process Continued: 2). Property Selection Eligible applicants will select a home in the date order that the completed application was return to ECIA. a). Applicants will sign purchase offer at the time of choosing their home. b). Please note that house plans and house locations cannot be modified or changed. Some developers may allow for the applicant to select certain design elements of home; others may not. 3). Housing Counseling Sessions Awarded applicants are required to participate in one housing counseling session. Applicants must complete all steps in the housing counseling process through the Eastern Iowa Regional Housing Authority (EIRHA). Please contact Carl Reimer at to schedule your housing counseling cession. Pre-closing counseling sessions will be held: 4). Grant funds will be given at the time of closing. Please remember to submit the following required documentation with your completed application, except bank approval letter. Bank approval letter will be required after you are quailifed. 1). Loan Pre-Qualification Letter from an Approved Program Lender (see list of eligible program lenders on page 2). 2). Copy of 2012 Income Tax Form. 3). Copies of Social Security Card for all Household Members. 4). A letter from Social Security, if applicable. 5). Authorization for Release of Information Form sign by all adult members of the household. 6). Recent Statement Showing Child Support Received, if applicable. 7). Recent Statement Showing IRA, 401K, or Other Retirement Accounts, if applicable. 8). Copy of Driver s License of Copy of Driver s License of all adult members of the household. 3

5 ECIA Single Family New Production Program (NP4): Please answer all of the questions on this application completely. If a question does not apply write NA (Not Applicable) in the space provided. Incomplete applications will be returned. Name of Applicant (Head of Household): Current Address: (Street) (City) (State) (Zip) Home Phone: Day Phone: Cell Phone: Best Way to Contact: Address: Date of Birth: Check as Appropriate for Head of Household (Statistical purposes ONLY) Martial Status: Married Separated Divorced Widowed Never Married Race: White American Indian Asian Black Native Hawaiian Ethnicity: Hispanic Non-Hispanic Citizenship: U.S. Citizen Non Resident Alien Permanent Resident Alien Name of Co-Applicant: Current Address: (Street) (City) (State) (Zip) Home Phone: Day Phone: Cell Phone: Best Way to Contact: Address: Date of Birth: 4

6 ECIA Single Family New Production Program (NP4) Application Continued: LIST EVERYONE RESIDING IN THE HOUSE TO BE PURCHASED Name Age Social Security # Race Is the number of people living with you anticipated to change within the next 12 months? If yes, please explain: Do you own any other real estate other than the residence in which you are currently residing? If yes, please provide address: Do any of these people receive compensation from Social Security as the result of a doctor diagnosed handicap or disability? Yes No If yes, please provide written proof of this statement (a letter from Social Security) with this application. Financial: In the spaces provided on the next page, please give an account of your finances, following the directions carefully above each box. Incomplete sections will cause your application to be returned. PLEASE NOTE: A signed authorization for release of information form is required. 5

7 Section 1: Income Data: Provide total income from all persons living in the household. Include employment income, rental income, welfare, VA benefits, child support, social security benefits, pensions, retirement funds, and any other source of income. Household Member Name Gross Monthly Income Source of Income & Complete Mailing Address Section II: Assets: List all assets including checking, savings accounts, stocks, bonds, trusts, IRA s, pension plans, etc. Household Member Name Amount Interest Rate Name of Bank/Source & Complete Mailing Address 6

8 ECIA Single Family New Production Program (NP4) Application Continued: PLEASE INCLUDE THE FOLLOWING ITEMS WITH THIS APPLICATION, except bank approval letter. Bank approval letter will be required after you are quailifed. : 1). Loan Pre-Qualification Letter from an Approved Program Lender, see page 2. 2). Copy of 2012 Income Tax Form. 3). Copies of Social Security Card for all Household Members. 4). A letter from Social Security, if applicable. 5). Authorization for Release of Information Form sign by all adult members of the household. 6). Recent Statement Showing Child Support Received, if applicable. 7). Recent Statement Showing IRA, 401K, or Other Retirement Accounts, if applicable. 8). Copy of Driver s License of all adult members of the household. Please note that failure to submit the required documentation and completed application by May 25, 2012 could result in applicant being ineligible to participate in the NP4 program. If at anytime during the application process and/or construction, there is a change in my household income, or family or household composition, I agree to report this change to ECIA. The penalty for false or fraudulent statements: USC Title 18, Section 1001 provides: Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly or willfully falsifies... or makes any false, fictitious or fraudulent statement or representation, or makes or uses any false, fictitious or fraudulent statement or entry, shall be fined not more than $10,000 or imprisoned not more than five years, or both. Applicant Name (printed or typed) (Head of Household) Co-Applicant Name (printed or typed) Applicant Signature Date Applicant Signature Date 7

9 Applicant Statement: As an applicant to the ECIA Single Family New Production Program (NP4), I (we) understand the following: 1). The home purchased through the program must be one of the identified properties. 2). I (we) acknowledge that identified properties cannot be modified and understand that some but not all developers may allow limited design choices, such as flooring color or siding color. 3). The home purchased through the program will remain my (our) owner-occupied primary residence for five years following closing. 4). I (we) acknowledge if another residential property is purchased within the 5-year period, the remaining balance of the five-year forgivable loan at the time of the purchase must be repaid to ECIA. 5). I (we) acknowledge that all applicants must meet the income eligibility criteria previously stated in this application. 6). I (we) also acknowledge that eligable applicants will select a home in the date order that the compelted application was returned to ECIA. 7). I (we) also acknowledge that awarded applicants must complete all steps in the housing counseling process that is provided by Eastern Iowa Regional Housing Authority. 8). I (we) acknowledge that assistance received under this program will not be combined with any Federal Jumpstart Homebuyer Assistance or State Jumpstart Down Payment Assistance. 9). I (we) acknowledge that ECIA does not guarantee applicants will receive assistance. 10). I (we) acknowledge that per 8 USCA section 1642, applications receiving HUD down payment assistance must be a U.S. Citizen or a qualified alien and that I (we) will be required to provide proof of citizenship or immigration status. 11). I (we) acknowledge that the assistance received under this program will be in the form of a forgivable loan, and a lien will be placed on the property for the five-year period following the closing. 12). I (we) acknowledge the purchase price cannot exceed the listed purchase price. The homes under this program are not custom built homes; however, the builder may offer some choices within the budget. 8

10 Applicant Statement continued: I (we) authorize ECIA, the Iowa Department of Economic Development, HUD and any participating lenders in this program to obtain and share information, including all documentation necessary to determine my (our) eligibility and application status for this program. I (we) release the aforementioned institutions to obtain information regarding my (our) financial standing from government entities, asset holdings institutions and employers with whom I (we) currently participate. I (we), the undersigned, certify that I (we) have read and understand the entire Applicant Statement and that the information in this application is true and correct. I (we) also acknowledge that I (we) have read and understand all aspects of this program s guidelines as outlined in this application. Applicant Name (printed or typed) (head of household) Co-Applicant Name (printed or typed) Applicant Signature Date Applicant Signature Date Single Family New Production Program (NP4) Homes: Below is a summary of the homes available for the ECIA Single Family New Production Program (NP4) Program. For more information regarding home floor plans please visit 9

11 Single Family New Production Homes Continued: Tanzanite Townhomes 571 Tanzanite Townhome 1068 square feet 2 bed 2 bath $138,500 (Nick Meyer Construction) 575 Tanzanite Townhome 1068 square feet 2 bed 2 bath $138,500 (Callahan Construction) Cost of home $ 138,500 25% down payment assitance $ -34,625 Total cost of home after assistance $ 103,875 10

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13 Meyer Construction Tanzanite Callahan 575 Tanzanite Project Specifications Floor Plan Sq. Ft.: 1,068 Elementary: Marshall House Type: Townhome Middle: Jefferson Number of Bedrooms: 2 High School: Hempstead Number of Bathrooms:2 Attached 1 car garage Price: $138,500 Foundation: The foundation will be 8 inch poured concrete Concrete floor will be 3.5 inches Garage floor will be 4 inches of concrete Construction Spec: Excavation, backfill, rock rough grade, yard The roof truss system will be engineered The roof system (roof sheeting, felt paper, ice guard, etc.) will be: ½ roof sheeting, felt paper and ice guard to meet city code Shingle type will be 30 year fiber glass shingles buyer will have limited color selection The exterior walls be studded with: 2x4 The R factor for the exterior insulation will be R13 The R factor for the sheeting will be R7 Electrical amp service size will be 150 amp HVAC system specifications: 96% gas high efficiency furnace and 14.5 seer ac forced air and \ heat to meet code The garages will be dry walled and fire taped Steel overhead garage door with opener builder s choice Outside Spec: Exterior siding type will be vinyl buyer will have limited color selection Window type will be single hung white vinyl Soffit system type will be aluminum system 3 buyer will have limited color selection Gutter system will be type k aluminum buyer will have limited color selection One outside faucets Inside spec: Drywall texture (walls): fine spray (ceiling): fine spray Two coats of paint-builder s choice of color Interior door style and color will be: Oaktown - buyer will have limited color selection Interior door casing style and color will be: Colonial style buyer will have limited color selection Kitchen cabinets will be construction grade- buyer will have limited color selection Kitchen countertop will be laminate -buyer will have limited color selection Kitchen flooring will be vinyl flooring-buyer will have limited color selection 12

14 Tanzanite Specs Continued Bathroom vanities will be construction grade- buyer will have limited color selection Bathroom countertop will be molded marble builder s choice Bathroom flooring will be vinyl flooring-buyer will have limited color selection No pulls or knobs included for the kitchen cabinets or bathroom vanities Living room flooring will be carpet-buyer will have limited color selection Bedroom flooring will be carpet-buyer will have limited color selection The house will include light fixtures and light bulbs builder s choice There will be an electric outlet for the dryer and range Cable and phone jacks in the bedrooms, kitchen, living room, etc. will consist of: one cable and phone jack in each bedroom, kitchen and living room Yard/Sidewalk/Driveway Landscaping will consist of final grading and seeding Sidewalk will be 4 inches of concrete Driveway will be 4 inches of concrete Not included in the construction of the home: No concrete patio included No deck included No brick included on front of house No appliances are included No Basement 13

15 Single Family New Production Homes Continued: River Bend Subdivision, Cascade Iowa Callahan Construction Lot 41 Ranch 1200 square feet 3 bed 2 bath $150,000 Total cost of home $ 150,000 25% down payment assitance $ -37,500 Total cost of home after assistance $ 112,500 14

16 Floor Plan Sq. Ft.: 1,200 House Type: Single Family Ranch Number of Bedrooms: 3 Number of Bathrooms:2 Basement Attached 2 car garage Price: $150,000 Callahan River Bend, Lot #41 Cascade Iowa Foundation: The basement foundation will be 8 inch poured concrete The foundation will have damp proofing The basement outside walls be blanketed with insulation containing a R factor of R10 Basement concrete floor will be 3.5 inches Garage floor will be 4 inches of concrete Construction Spec: Excavation, backfill, rock and tile, rough grade, yard The roof truss system and floor joists will be engineered The roof system (roof sheeting, felt paper, ice guard, etc.) will be: ½ roof sheeting, felt paper and ice guard to meet city code Shingle type will be 30 year fiber glass shingles buyer will have limited color selection The exterior walls be studded with: 2x4 The basement bearing walls will be studded with 2x4 studs The R factor for the exterior insulation will be R13 The R factor for the sheeting will be R7 Only rough-in bathroom in basement Sum jar will be installed on non-walk out ranch Electrical amp service size will be 200 amp HVAC system specifications: 60,000BTU gas furnace and 2 ton ac The garages will be dry walled and fire taped Steel overhead garage door with opener builder s choice Outside Spec: Exterior siding type will be vinyl buyer will have limited color selection Window type will be single hung white vinyl Soffit system type will be aluminum system 3 buyer will have limited color selection Gutter system will be type k aluminum buyer will have limited color selection One outside faucets Inside spec: Drywall texture (walls): fine spray (ceiling): fine spray Two coats of paint-builder s choice of color Interior door style and color will be: white hollow core doors with oak jambs 15

17 Interior door casing style and color will be: Colonial style buyer will have limited color selection Kitchen cabinets will be construction grade- buyer will have limited color selection Kitchen countertop will be laminate -buyer will have limited color selection Kitchen flooring will be vinyl flooring-buyer will have limited color selection Bathroom vanities will be construction grade- buyer will have limited color selection Bathroom countertop will be molded marble builder s choice Bathroom flooring will be vinyl flooring-buyer will have limited color selection No pulls or knobs included for the kitchen cabinets or bathroom vanities Living room flooring will be carpet-buyer will have limited color selection Bedroom flooring will be carpet-buyer will have limited color selection The house will include light fixtures and light bulbs builder s choice The electrical in the basement will consist of minimal lights and receptacles There will be an electric outlet for the dryer and range Four Cable and phone jacks will be installed Yard/Sidewalk/Driveway Landscaping will consist of final grading and seeding Sidewalk will be 4 inches of concrete Driveway will be 4 inches of concrete Not included in the construction of the home: No concrete patio included No deck included No brick included No appliances are included 16

18 AUTHORIZATION FOR THE RELEASE OF INFORMATION The undersigned hereby authorize the source listed on this form, without liability, information regarding employment, income, and/or assets to ECIA/HUD, for the purposes of verifying information provided as part of determining eligibility for assistance under the ECIA Single Family New Production Program (NP4). I/We understand that only information necessary for determining eligibility can be requested. Types of Information to be verified: I/We understand that previous or current information may be required. Verifications that may be requested are, but not limited to: employment history, hours worked, salary and payment frequency, commissions, raises, bonuses, and tips; cash held in checking/ savings accounts, stocks, bonds, certificated of deposits, individual retirement accounts, interest, dividends; payments from Social Security, annuities, insurance policies, retirement funds, pensions, disability or death benefits, unemployment, disability or worker s compensation, welfare assistance, net income from the operation of a business, and alimony or child support payments. I/We agree that a photocopy of this authorization may be used for the purposes stated above. I/We understand that I/We have the right to review this file and correct any information found to be incorrect. This consent form expires 15 months after signed. X X Applicant Name Address City State Zip X X X Applicant Signature Applicant Social Security Number Date X X Applicant Name Address City State Zip X X X Applicant Signature Applicant Social Security Number Date X X Applicant Name (other household members 18 or older) Address City State Zip X X X Applicant Signature Applicant Social Security Number Date X X Applicant Name (other household members 18 or older) Address City State Zip X X X Applicant Signature Applicant Social Security Number Date Privacy Act Notice. Authority: The Department of Housing and Urban Development (HUD)/ECIA is authorized to collect this information by the U.S. Housing Act of 1937 (42 U.S.C et. seq.), Title VI of the Civil Rights Act of 1964 (42 U.S.C. 2000d), and by the Fair Housing Act (42 U.S.C ). The Housing and Community Development Act of 1987 (42 U.S.C. 3543) requires applicants and participants to submit the Social Security Number of each household member. Purpose: Your income and other information are being collected by HUD/ECIA to determine your eligibility. Other Uses: HUD/ECIA uses your family income and other information to assist in managing and monitoring HUD-assisted housing programs, to protect the Government s financial interest, and to verify the accuracy of the information you provide. This information may be released to appropriate Federal, State, and local agencies, when relevant, and to civil, criminal, or regulatory investigators and prosecutors. However, the information will not be otherwise disclosed or released outside of HUD/ECIA, except as permitted or required by law. Penalty: You must provide all of the information requested by the ECIA, including all Social Security Numbers you, and all other household members have and use. Giving the Social Security Numbers of all household members is mandatory, and not providing the Social Security Numbers will affect your eligibility. Failure to provide any of the requested information may result in a delay or rejection of your eligibility approval. 17

19 Submit your completed original application to: East Central Intergovernmental Association Attention: ECIA Single Family New Production Program (NP4) 7600 Commerce Park Dubuque, Iowa Please remember to submit the following required documentation with your completed application except bank approval letter. Bank approval letter will be required after you are quailifed: 1). Loan Pre-Qualification Letter from an Approved Program Lender (see list of eligible program lenders on page 2). 2). Copy of 2011 Income Tax Form. 3). Copies of Social Security Card for all Household Members. 4). A letter from Social Security, if applicable. 5). Authorization for Release of Information Form sign by all adult members of the household (page 38). 6). Recent Statement Showing Child Support Received, if applicable. 7). Recent Statement Showing IRA, 401K, or Other Retirement Accounts, if applicable. 8). Copy of Driver s License of Copy of Driver s License of all adult members of the household. Questions or help with this application can be addressed by contacting: Gail Kuhle gkuhle@ecia.org or by visiting: Please be aware that mail, faxes and are not 100% reliable and you are encouraged to call or to verify that your application was received. 18