WHERE DO I BEGIN?
- APPLY – Turn in a completed APPLICATION.
- CREDIT ASSESSMENT – Personally conducted by one of Metro North’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 Metro North’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.
- CLOSE – Congratulations
*Process will vary for those working directly with a realtor or lender.