Once you have completed a minimum of 80% of the requirements for homeownership, including sweat equity, educational classes, addressing conditions and saving for your closing costs, you are ready to pre-qualify for your mortgage!
While you provided income documents when applying for the program, you must now submit new pay stubs, bank statements, and supplemental income sources to confirm your income at the time of purchase.
A new credit report will be required, and you must have established a minimum credit score of 620.
As part of the program, you must have saved $2,000 toward your closing costs.
Based on what you can afford, the Homeowner Services team will work to find downpayment assistance funding or other supplement funds to bring your monthly payment within the affordability limit of no more than 33% of your income.
Houston Habitat works with several banks to find the best mortgage for your family. Once your income and credit score are reverified, the Homeowner Services team will explore all of the mortgage options, many of which have been tailored to the needs of Habitat homebuyers. During this time, there will be increased communication with Habitat staff to secure any additional information and discuss financing options.
Sylvia Villalpando
Homeowner Services Associate Director svillalpando@houstonhabitat.org
Dalia Vela
Homeowner Services Data Coordinator dvela@houstonhabitat.org