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Frequently Asked Questions

What kind of homes do you build?

  1. Market Rate Workforce Housing:

    • Our homes are designed to be affordable for working individuals and families, but they are sold at market rates. This means the prices are set based on the current real estate market conditions and not artificially lowered through subsidies or special programs. For example, our homes are priced around $165,000, reflecting the value of similar properties in the area.

  2. Not Low Income or Habitat for Humanity:

    • Unlike low-income housing or Habitat for Humanity programs, our homes are not limited to individuals or families who meet specific low-income criteria. Additionally, Habitat for Humanity homes often involve sweat equity (homeowners help build their own homes) and are sold at no profit with affordable mortgage payments. Our market rate workforce housing does not involve these elements and is intended for working individuals and families who can afford market-rate prices through traditional financing.

  3. Eligibility and Process:

    • Eligibility: You don’t need to meet special income requirements or participate in specific programs. The main requirement is your ability to secure a traditional mortgage based on your financial qualifications.

    • Process: The process of buying one of our homes involves typical real estate transactions, including securing a mortgage, providing a down payment, and going through the closing process.

  4. Why Market Rate Workforce Housing?

    • The goal of our market rate workforce housing is to provide quality, affordable housing options for the local workforce, including teachers, healthcare workers, service employees, and other professionals who contribute to the community’s economy but may find it challenging to find affordable housing. By offering these homes at market rate, we ensure that they are accessible to a broad range of working individuals and families.

 

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  1. Traditional Mortgages:

    • To buy one of these homes, you will need to secure a traditional mortgage. This is the same type of loan that you would use to buy any other home on the market. Traditional mortgages are provided by banks, credit unions, and mortgage lenders, and they require standard financial documentation and approval processes.

 

Steps to Purchase a home:

  1. Get Pre-Approved for a Mortgage: Contact a lender to get pre-approved, which will help you understand how much you can borrow and what you can afford.

  2. Choose a Home: Select one of our recently built homes that fits your needs and budget.

  3. Submit an Offer: Work with a real estate agent to submit an offer on the home.

  4. Secure Financing: Complete the mortgage application process and secure your loan.

  5. Close the Deal: Go through the closing process, sign the necessary documents, and pay the closing costs and down payment.

  6. Move In: Once the closing is complete, you can move into your new home.

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How do I buy one of your recently built homes ?

How can I get a mortgage to buy a home?

  • Check Your Credit Score:

    • Your credit score plays a crucial role in the mortgage approval process. Obtain a copy of your credit report and ensure it is accurate. A higher credit score can help you qualify for better interest rates.

  • Determine Your Budget:

    • Assess your financial situation, including your income, savings, and monthly expenses. Use mortgage calculators to estimate how much you can afford to borrow and what your monthly payments might be.

  • Get Pre-Approved:

    • Contact lenders to get pre-approved for a mortgage. This involves providing financial documents such as tax returns, pay stubs, and bank statements. Pre-approval gives you a clear idea of your borrowing capacity and shows sellers you are a serious buyer.

  • Choose the Right Mortgage:

    • Research different types of mortgages (e.g., fixed-rate, adjustable-rate, FHA, VA) and choose the one that best suits your needs. Consider factors like interest rates, loan terms, and down payment requirements.

  • Gather Required Documentation:

    • Lenders will need various documents to process your mortgage application, including:

      • Proof of income (pay stubs, tax returns)

      • Proof of assets (bank statements, retirement accounts)

      • Employment verification

      • Identification (driver’s license, Social Security number)

  • Apply for the Mortgage:

    • Submit your mortgage application with all the required documentation to your chosen lender. They will review your financial information and determine your eligibility.

  • Loan Processing and Underwriting:

    • During this stage, the lender will verify your financial information, appraise the property you want to buy, and assess your ability to repay the loan. This process includes a thorough review by an underwriter.

  • Loan Approval:

    • If your application meets the lender’s criteria, you will receive a loan commitment, which outlines the terms and conditions of the mortgage. Review these details carefully.

  • Closing the Loan:

    • Schedule a closing date where you will sign the final loan documents. At closing, you will pay any required closing costs and down payment. Once the documents are signed, the mortgage funds will be disbursed, and you will officially become a homeowner.

  • Move In:

    • After closing, you will receive the keys to your new home. Congratulations, you’ve successfully secured a mortgage and purchased your home!

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