HOMEOWNERSHIP ORIENTATION (Pg. 3)

Homeownership Application Process

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Homeownership Application Process (Cont.)

Must return all required documentation within the time allotted and in an honest manner
Must participate in a home visit 
Must notify us of any change in family composition, change in income, change in contact information or any other material change in the information supplied to us within 30 days of the occurrence of such event
Pay the required buyer closing costs
Maintain appropriate debt to income levels and continue to meet creditworthiness criteria while under agreement

Completing the Application

It’s important to know that you are applying for an affordable mortgage!

Marital Status: Married/Unmarried/Separated 
If married, you will be required to apply with your spouse even if the spouse does not have any income or reside with you. If you are separated you must have filed for divorce or spouse will have to apply with you due to Florida law.

Dependents
Children of the same gender do not share a bedroom if the age difference between them is more than 5 years

“Present Housing Conditions”: Be sure to list your housing NEED, not your WANT
Must not currently own a home
Income information:
must provide at least 12 months of consecutive income earned
Income: If you list an amount, you must provide proof of it.
Credit Information
-Answer the debt questions to the best of your ability
-Credit reports will be pulled to verify your debt
Declaration Questions
-Answer “Yes” or “No” for each applicant

 

THE FOLLOWING ITEMS MUST BE TURNED IN WITH YOUR APPLICATION IN ORDER FOR IT TO BE CONSIDERED COMPLETE. FAILURE TO PROVIDE THE REQUESTED ITEMS MAY RESULT IN YOUR APPLICATION BEING DENIED

Copies of a valid driver’s license or Florida state identification card for every adult in the household
Copies of last 2 months most recent pay stubs for:

-Individuals applying for the mortgage loan
-For all household members
For Self-Employment we require the following:
  Must show a two-year self-employment history
  Must provide 2-year SIGNED Tax Returns
  Must include the Profit & Loss statement (P&L)
     
-You must file a form 1040 schedule C to report income/expenses

A.

B.

C.

Partnership Application Checklist

GOVERNMENT ISSUED ID - Driver's License, State ID, Permanent Resident Card, Social Security Card
Most Recent Months of Paystubs – 60 days 
Current 2 years SIGNED - Federal Income Tax Returns with W-2's and/or 1099
Award Letter and Most Recent 1099 for Social Security/SSI/VA Benefits/Retirement Benefits 
Verification of Public Assistance Received, i.e. TANF/Eligibility & Printout of Receipt
Divorce Decree/Marriage Certificate
Copy of Dependents Birth Certificates and social security cards
Court Orders for Child Support and Child Custody

Verification of Child Support Payments or Resolution of Status/Printout of Last Six (6) Months Trust Fund Payments - Copies of Statements for CD's, Mutual Funds, IRA's,401K’s 
Copies of Your Last Six Months of Bank Statements ALL Pages (Checking & Savings)
Verification of Rental History - copy of lease and/or name, address and phone # for landlord
Student Loan Agreements – showing satisfactory payment history

If You Are Approved

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 About Our Homes

-Habitat for Humanity is not a custom homebuilder. You may not have everything you want, but you will have everything you need.
-Our typical house is a 3-bedroom, 2-bath house.  
-We do build 2, 4, & 5-bedroom homes based on family size and need.
-You do have some color choice options for the house.
-As an affordable home builder with a heart to provide decent affordable homeownership for Marion County residents and to maintain that affordability in perpetuity, at the closing of all our homes, the land will be placed in Habitat for Humanity of Marion County’s Community Land Trust.

Where Do We Build?

City of Ocala
Silver Springs Shores 
Dunnellon
Marion Oaks

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Benefits of a Habitat Home

•   Pride of homeownership
•  Brand new or newly refurbished home 
•  Three to five bedrooms available
•  Affordable mortgage payment (no more than 30% of your monthly income)
•  Habitat’s assistance in applying for all eligible Down Payment Assistance programs            (SHIP and/or HOP)
•  Customize your home with available finishing options (flooring, siding colors, shutter        colors)
•  Included with a Habitat home:
        -Universal Design accessibility features       -Energy Efficient Building Materials  
        -Refrigerator                                                     -Stove, Washer & Dryer
        -Hot Water Heater                                          -Bahia Sod 

Deselection

You may be deselected from the program at any time during the process for:

Fraud on the application or at any time during the process
Failure to complete the requirements set forth in the partnership agreement
Negative changes in the financial condition that affect your ability to pay
Failure to meet the requirements of either:

    -Sex Offender Policy
    -Criminal Background Guidelines

After the house is built and your loan is approved

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You will purchase the home by signing closing documents with the lender.
•You will begin making affordable mortgage, escrows & land lease payments.
•Your payments will help cover the cost of future homes for other Habitat  partners.
•After all your payments are made (usually 30 years), the house is YOURS!

How Do Mortgage Payments Work?

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Principal & Interest (house payment)

Taxes

Insurance, annual termite inspection & ground lease fee

A monthly mortgage payment will remain the same through-out the life of your loan.
Your taxes and insurance could change. 

To take the final step, please indicate that you understand the criteria by checking the boxes below.

You will then receive a link to fill out the Interest Form. You must fill out the required info & pay the credit report fee for your form to be processed.