The HOME Program utilizes a 30-year fixed FHA home loan for Buyers approved for the program.
Though the maximum loan amount is currently $330,050.00, each borrower will be advised how much they are qualified to purchase for on a case-by-case basis.
The HOME Program requires all Buyers to submit a minimum $2,000.00 upon approval for the HOME Program. $1,000.00 will be used as a binder deposit once you’ve received an accepted purchase contract on the home you select. The remaining $1,000.00 will go towards the pre-purchase inspections for your home which include: Home Inspection, WDO (Wood-Destroying Organism / Termite) Inspection, and Appraisal Inspection. These funds are required upon starting the process.
When purchasing through the HOME Program, a Down Payment of 3.5% of the Purchase Price is required at closing. Example: If the home you purchase is $250,000.00, your Down Payment would be $8,750.00 ($250,000 x .035). This Down Payment would be paid at closing when you sign your closing documents and get the key to your new home.
Yes, borrower may choose to refinance their mortgage at their leisure. Please check with your lender to confirm the terms prior to refinancing.
The entire purchase process from start to finish can vary based on each individual. The typical purchase, however, usually takes between 45-60 days from the time you we get a home under contract.