Programs and Services

United Way of Wythe County

Twin County United Way

Homeownership Application Process

GENERAL ELIGIBILITY

To be considered “ready to purchase” for HOPE's homeownership program, applicants must:

ü      Have a minimum household gross income of $1,500 per month ($18,000 per year)

ü      Have a consistent work history

ü      Have a minimum credit score of 620

ü      Be currently living or relocating to our service area

STEP 1  

Complete the pre-application form, authorization to obtain credit, and counseling disclaimer – sign and date as required.  Schedule an initial consultation with HOPE's Homeownership Coordinator at (276) 228-6280, Ext. 213, or toll free at (877) 818‑8680, Ext. 213.

Click here for Step 1 forms (pdf).

 **YOU WILL BE REQUIRED TO PAY FOR ANY CREDIT REPORTS NECESSARY TO PROCESS YOUR APPLICATION. FEES ARE CURRENTLY $12.33 FOR AN INDIVIDUAL REPORT AND $20.16 FOR A JOINT REPORT.**

DOCUMENTS TO BRING TO INITIAL CONSULTATION:

ü      Completed pre-application form, authorization to obtain credit, and counseling disclaimer

ü      Credit report fee (check made payable to HOPE, Inc. or exact cash/changed required)

STEP 2  

 At the initial consultation, the Homeownership Coordinator will review your credit and eligibility to determine your appropriate course of action:

ü      Ready to purchase

ü      Will be ready to purchase in 90 days

ü      Will be ready to purchase in 90-180 days

ü      Will be ready to purchase in over 180 days

If you are ready to purchase, continue to Step 3.

If you will be ready to purchase in 90 days or longer, you will be given the opportunity to participate in one‑on-one or group training sessions to improve credits scores, repair credit, budget counseling, debt reduction, or other appropriate training necessary for you to be ready to purchase.

STEP 3  

If you are ready to purchase, HOPE will discuss the different purchase options available to you including the amount of house you can afford, down payment, monthly payments, and loan and housing programs. All your questions will be answered and you will have adequate time to decide which option is best for you.  You will be under no pressure to make an immediate decision.

STEP 4  

After you decide on the right loan and housing program, HOPE will assist you in completing the loan application and gathering all supporting documentation for submission to underwriting.  Required documentation you will need to provide will include:

ü      Two (2) most recent paystubs for each borrower

ü      Two (2) most recent years W-2’s and tax returns

ü      Two (2) months most recent bank statements

ü      Most recent award letter for Social Security income or disability income

ü      Two (2) most recent years end-of-the-year income statements from Social Security

ü      Driver’s license

ü      Signed 502 Direct Loan Disclosure, if applicable

Additional documents required will include the real estate contract, appraisal, title work, loan documents from the lender, etc.  NOTE:  Documents like the appraisal and title work may require a week or more to receive.

You must also complete a homebuyer’s class with HOPE’s Housing Counselor. **A CERTIFICATE OF COMPLETION IS REQUIRED TO CLOSE YOUR LOAN.**

STEP 5  

When underwriting approves your loan, a closing will be scheduled at a local title company or attorney’s office. All borrowers must attend and sign the documents required to execute the loan. Any down payment required will be due at this time in the form of a cashier’s check. After the closing, you will receive the keys to your new home!

CONTACT

Kathi Mineer, Homeownership Coordinator

Phone: (276) 228-6280, Ext. 213

Toll Free: (877) 818-8680, Ext. 213

Fax: (276) 228-0508

Email: homes@wythehope.org