First Time Homebuyer Preparation

The Homeownership Department assists clients through the homebuyer preparation process which can be as simple as taking a homebuyer training class for clients with sufficient income, savings and credit ratings to a lengthy process focused on increasing income and/or improving credit ratings for loan eligibility. The Department and its referral agencies wok with clients to overcome obstacles to mortgage approval in order to prevent the disappointment of loan denial. Clients are referred to programs sponsored by HANO and others that match personal savings for closing and down payment costs. They are also referred to financial fitness training designed to help clients manage their finances and build good credit history and to homebuyer training classes to fully prepare for home buying and homeownership.

HANO staff works closely with clients during this period to monitor their progress and to ensure that they are maximizing available resources. Staff and referral agencies counsel clients on lender requirements and subsidy eligibility to help prepare clients for eventual loan and subsidy approval. When clients are eligible for mortgage financing they are referred to lenders, realtors and others to begin the home buying process.

Homebuyer Assistance

The Homeownership Department provides technical assistance and makes referrals to HCVP and public housing families throughout the home buying process. This phase includes loan application and approval; home selection, purchase agreements and inspections; and loan closing.

Applicants can select any licensed residential real estate professional and any lender to assist them, but HCVP (Section 8) participants are limited to pre-approved lenders for the HCVP Homeownership Program. HANO staff assists clients during this phase to simplify the processes, ensure program compliance and facilitate closings.

HANO offers First Time Homebuyer Preparation and Homebuyer Assistance services to both public housing and HCVP Section 8 tenant. The public housing program is largely based upon acceptable practices in the affordable housing industry while the HCVP program is defined and regulated by the U. S. Department of Housing and Urban Development under 24 CFR 982.625-.643.