What are the requirements to qualify for the Community Housing Program?
In addition to being income and asset-eligible for the program, all homebuyers must attend a homeownership training course. A homebuyer must also be preapproved by the lender of his/her choice. The City does not allow subprime, interest-only or adjustable-rate mortgages. The final piece of the application process is for the homebuyer to meet with a housing counselor for a one-on-one budget session. At this meeting the housing counselor reviews the mortgage to ensure that it meets the City’s requirements and is also appropriate for the homebuyer’s situation. Once a homebuyer has completed the application process and has been determined income and asset-eligible, s/he will receive a Certificate of Eligibility, which allows a purchase contract to be signed for an affordable home.
