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Browse: Home / ONH Development / The Home Buying Process
 

“…If you show compassion, you’ll be surprised how it turns into your benefit.”

Ladi Stepps, CEO BrinMar Construction & Development Group
Jacksonville Business Journal | Homeless Mother of Three Created Her Own Opportunity | September 3, 2010

 

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The Home Buying Process

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  1. APPLY – Turn in a completed application, along with $25 fee ($35 with co-applicant), at which time a tri-merge credit report will be pulled. Click here to download a PDF Housing Application.
  2. CREDIT ASSESSMENT – Personally conducted by one of Operation New Hope’s Certified Housing Counselors.
  3. TYPICAL MORTGAGE PREQUALIFICATIONS
    • Minimum 1 year consecutive employment
    • Minimum credit score of 620
    • Debt to income ratio of 45% or lower
    • Within Area Median Income of the corresponding county
  4. LENDER – qualified applicants are paired with a city-approved lender; unqualified applicants are enrolled in Operation New Hope’s credit repair program.
  5. PRE APPROVAL – A letter is issued by the city-approved lender indicating the qualified mortgage amount for the applicant.
  6. SELECT A HOME – Set up an appointment to view any available properties or new construction lots.
  7. CONTRACT – A $500.00 deposit is required to secure a 60 day contract for a home. During this time, a home inspection and walk through will take place.  Also, a quote for homeowner’s insurance will be requested.
  8. HOME BUYER COURSE – Enroll and complete an 8-hour home buyer course through one of the designated providers (cost for the course: $50).
  9. CLOSE – Congratulations

*Process will vary for those working directly with a realtor or lender.

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