"…They treated me like a smart person again.”
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.