Applying for HOME Program Loan
STEP ONE:
Before obtaining a loan application, a prospective applicant must first undergo a pre-qualification interview to determine whether or not he/she is qualified and eligible for a loan or grant. Before making an appointment, the prospective applicant must have all adult household members income information (6 latest pay stubs), six latest checking and/or savings account statements, and outstanding loan information (if any). If after the interview and the prospective applicant is deemed qualified, he/she will be given an application form to complete. The application packet consists of a loan application and a checklist of pertinent information that must be submitted together with the completed loan application.
Incomplete loan application packets will not be accepted for any reason.
STEP TWO:
The responsible loan officer will make an appointment to meet with you to go over the application and to request for additional documents if need be. Otherwise, if all required documents are obtained and all forms are completed, your loan officer will advise you to submit your application.
A "Good Faith Estimate (GFE)" will also be prepared for you within 3 days after our receipt. The GFE describes the different fees that you may have to pay if your loan is approved. These fees include, but not limited to: insurance, mortgage life/disability insurance, inspection fees, credit report fee, origination fee, Preliminary Title Report and Title Insurance Policy.
Step Three:
Within three (3) working days of your submission of your loan application, NMHC will acknowledge and confirm its receipt of your loan packet by issuing an "Acknowledgement Letter (AL)".
Your application will be processed to accurately determine if you qualify or are eligible for the housing program you are applying for as well as to determine if you are able to afford your requested loan amount.
STEP FOUR:
Approved Loan
Within thirty (30) working days after issuing your AL, your loan officer will inform you of your loan status. If your loan is approved, a commitment letter (CL) will be prepared and sent to you for your acknowledgment. The CL indicates the terms and conditions of your approved loan, as well as additional information that you will have to provide your loan officer. Approved borrowers will have fifteen (15) calendar days to comply with the conditions outlined in the CL. Approved borrower who do not meet the above deadline, will have their application placed in the inactive file. Please note that all loan approvals must come before the NMHC Board.
If you would like more information about how to apply for a loan please contact us here.