The Home Buying Process...The Home Buying Process Please provide: Paystubs Two year’s W2s If...
Transcript of The Home Buying Process...The Home Buying Process Please provide: Paystubs Two year’s W2s If...
Speak or meet with local Habitat repre-sentative for infor-
mation & pre-qualification
Complete initial application
Finalize loan application &
receive approval
Assist in home building & com-
plete sweat equity
The Home Buying Process
Please provide:
Paystubs
Two year’s W2s
If self-employed, two years
of tax returns
Two months bank/investment
account statements
Complete full application
Provide references
Home Visit from Family
Selection Committee
Provide additional financial
documentation, including debt
obligations
Credit, criminal and sexual offender checks
done by Habitat
Once selected:
Sign Acceptance Letter
$500 deposit due within 90 days
Discuss loan payment & budgeting
Habitat will assist with attorney choice
Preliminary appraisal of house
Review application, update if necessary
Review appraisal results
Complete required sweat equity
Complete required Homebuyer Counseling
Pre-Closing & Closing
Final Appraisal of house
Obtain home insurance
Conduct title search (by your attorney)
Attend closing to sign loan and legal docu-
ments
Enjoy your new home!
New Home Initial Application
New homes are built on land owned by the Addison County Habitat for Humanity. Applicants must have lived or worked in Addison County for at least one year immediately prior to appli-cation and must be interested in living in the community of the site. Families are selected based on need for better housing, ability to pay, and willingness to work with us to build their home. When the home is completed, the property is deeded to the new homeowner with a zero interest loan that is paid back in a mutually agreed upon payment schedule. [Please print clearly] Applicant: ________________________________ Co-Applicant: ____________________________ SS#_________________________D.O.B. ________ SS# _____________________ D.O.B. _________ Mailing Address: ____________________________ Mailing Address:__________________________ Town: _______________________ Zip________ __ Town: _____________________ Zip_________ Physical Address: ___________________________ Physical Address: ________________________ Town: _______________________ Zip__________ Town: _____________________Zip________ Years at this Address:______________ Years at this Address:______________ Phone:____________________________ Phone:______________________________ Cell phone: ________________________ Cell phone: ___________________________ Email address: _____________________ Email address: ________________________
List all others to be living in house and their ages: _________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________ _________________________________________________________________________________________________________________
P. O. Box 1217 Middlebury, VT 05753
802-388-0400 [email protected]
www.addisonhabitat.org
Current Housing: Describe problems with your current living space. Why do you need a Habitat house? ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Employment Information
Applicant Co-Applicant Name and Address of Current Employer Name and Address of Current Employer ____________________________________ _________________________________ Type of Business Business Phone Type of Business Business Phone ________________ ______________ ________________ ____________ Monthly (Gross) Wages Years on the job Monthly (Gross) Wages Years on the job ___________________ _____________ ________________ _____________
Name and Address of Previous Employer Name and Address of Previous Employer Type of Business Business Phone Type of Business ________________ ______________ ________________ ______________
Monthly (Gross) Wages Years on the job Monthly (Gross) Wages Years on the job ___________________ _____________ __________________ ___________ Any other sources of income : Any other sources of income : ____________________________________ ___________________________________ ____________________________________ ___________________________________
How did you hear about Habitat for Humanity?_______________________________________
For a 25-30 year mortgage a homeowner's monthly housing expenses would be approximately $800 per month (includes mortgage payment, homeowner's insurance and property tax). We will help you to determine if this payment will jeopardize your ability to meet all other family financial obligations and expenses. Sweat Equity: Sweat Equity is designed to meet three important goals: partnership, pride in home ownership, and development of skills and knowledge. All adult members of the house-hold (18 years and older) are required to complete 200 hours of work with Habitat before moving into the house and becoming a Habitat homeowner. The maximum number of hours for a family is 400. None of our homeowners ever thought they would qualify or that they would be selected, but they were.
PLEASE SIGN THE AUTHORIZATION AND RELEASE ON THE NEXT PAGE AND RETURN IT WITH YOUR APPLICATION
Please provide with this application:
2 most recent pay stubs for applicant and co-applicant last 2 month’s bank statements
If self-employed, past 2 years’s income tax return
Two year’s W 2’s
Return application and supplementary documentation to: Habitat for Humanity of
Addison County, VT P.O. Box 1217
For office use: Date application form sent: ________ Date application received __________
AUTHORIZATION AND RELEASE
I understand and agree that by filing this application, I am authorizing Habitat for Humanity to evaluate my actual need for a Habitat home, my ability to repay the no-interest loan and other expenses of homeownership and my willingness to be a partner family. I understand and agree that the evaluation will include personal visits, a credit check, and employment verification. In addition, I am authorizing Habitat for Humanity to obtain bank balance verification on my checking and savings accounts, landlord references and credit references. I have answered all the questions on this application truthfully. I understand and agree that if I have not answered the questions truthfully, my application may be denied. I understand and agree that, even if I have already been selected to receive a Habitat home, Habitat for Humanity in the exercise of its sole discretion, may revoke its approval of my application for reasons which include, without limitation, a material change of circumstances or a failure to partner with Habitat for Humanity as required. I also understand that Habitat for Humanity screens all potential staff (whether paid or unpaid), board members and applicant families on the sex offender registry, and that by completing this application, I am submitting myself and all persons listed on the first page of the application to a criminal background check. Applicant Signature Date Co-applicant Signature Date X__________________________________________ X____________________________________________
Habitat for Humanity of Addison County, VT
Post Office Box 1217 Middlebury, Vermont 05753
Phone 802-388-0400