BUY ANDRENOVATE A HOME

PRE-QUALIFY1

Apply for FREE with one of the participating banks at detroithomemortgage.org or visit any branch location. It is important to know that your pre-qualification letter amount covers the purchase of the home and the renovation costs.

o DOCUMENTS TO GATHER: PRE-QUALIFICATION LETTER

BECOMEEDUCATED

2Schedule dates and times for the following home buyer education classes

-HUD Certified Homebuyer Education Class-High CLTV Class-Renovation Class

You can find a complete list of our homebuyer educators and a calendar ofupcoming classes at detroithomemortgage.org.

o DOCUMENTS TO GATHER: CERTIFICATE OF COMPLETION FOR EACH OF THE COURSES

FIND AHOME

3Once you know how much you are pre-qualified for, you can start looking for a home! We recommend talking to a realtor, who are experts in the field and who can assist you in finding your future home.

o DOCUMENTS TO GATHER: PURCHASE AGREEMENT

CHOOSE APROJECT MANAGER

4If your construction projects require over $35,000 of work, you will meet with a Detroit Home Mortgage approved Project Manager. The Project Manager will help you develop a specific list of items for renovation along with a proposed cost range (scope-of-work) so you can be well informed when looking for contractors. There is a $450 out-of-pocket fee associated with this stepof the process.

o DOCUMENTS TO GATHER: SCOPE-OF- WORK

FIND ACONTRACTOR

5Once you have your scope-of-work, it is your responsibility to research and selectcontractors who will get the job done properly and on time. Your Project Managermay recommend some contractors to assist you, but you are not required to usetheir services. Keep in mind that acceptable contractors have proper licensingand insurance.

o DOCUMENTS TO GATHER: CONTRACTOR INFORMATION, LICENSE, AND INSURANCE.

CLOSE ON YOUR NEW HOME

6Before construction starts you must close on your Detroit Home Mortgage withthe bank. We suggest turning in the documents listed above to your loan officeras you move through each step. These documents are necessary to close the loanon your home.

RENOVATE YOURNEW HOME

7 You should allow up to six months for the renovation of your house.The work will be inspected by the bank monthly to make sure yourhome is on track for completion.

MOVE INTO YOURNEW HOME

8 Enjoy your newly renovated home! Follow Detroit Home Mortgageon Facebook and Twitter. Submit photos into our direct message inbox or tag your photo with #OwnSweetOwn.