“If a young man made a mistake and paid for his mistake, he deserves a second chance…"
Bob Bailey, Granger Lumber
President Barack Obama talks about his plan for faith based community programs, including Ready4Work, in Zanesville, OH on July 1, 2008.
The Home Buying Process
- 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.
- CREDIT ASSESSMENT – Personally conducted by one of Operation New Hope’s Certified Housing Counselors.
- 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
- LENDER – qualified applicants are paired with a city-approved lender; unqualified applicants are enrolled in Operation New Hope’s credit repair program.
- PRE APPROVAL – A letter is issued by the city-approved lender indicating the qualified mortgage amount for the applicant.
- SELECT A HOME – Set up an appointment to view any available properties or new construction lots.
- 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.
- HOME BUYER COURSE – Enroll and complete an 8-hour home buyer course through one of the designated providers (cost for the course: $50).
- CLOSE – Congratulations
*Process will vary for those working directly with a realtor or lender.