The City’s First Time Homebuyer Program is vital to building our community. We have broken down this process into the five main steps in order to help you understand how this program provides a continuum of services throughout the home purchase process.
Step 1: Intake and Education
Each client must submit a completed intake form and supporting documents, so that we can initiate the process. A client must also either complete our 8-hour HUD approved homebuyer classes, or document that they have completed the equivalent classes elsewhere within the last 2 years. Once the Program Assistant confirms that the client has submitted all docs, and completed classes, an appointment will be scheduled with a Counselor. HUD approved classes may be completed in person or online. HUD will facilitate enrollment.
Step 2: Counseling and Referral
The Housing Counselor guides the client through the process with the goal of ensuring sustainable/affordable home ownership, clear comprehension of all facets of the transaction and identifying any possible challenges. The Counselor uses the full package to establish an understanding of the buyer’s financial picture, their need and their eligibility for the funds/property requested. Once it is confirmed that the buyer is eligible, the package is forwarded to the Lending Specialist. Counseling sessions can happen in person or over the phone.
Step 3: Review and Confirmation
The lending Specialist reviews the buyer package along with key 1st loan documents collected directly from the lender and escrow officer. Then the Lending Specialist pre-underwrites the file to confirm buyer qualification, loan affordability, and program compliance. Based on the documented findings, the Lending Specialist recommends action to be taken and prepares the file for final review by the Program Director.
Step 4: Final Review and Submission
The Program Director ensures accuracy, directs further action, refines the package, and releases for submission to the City.
Step 5: City Review and Closing
The City accepts and reviews the package and works with the Lending Specialist when there is additional clarification and/or documents needed. Once approved, the City forwards their documents and funds into escrow for closing.