Upper Valley MEND Homeownership Application

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Page 1 of 12: Application Process

Thank you for your interest in Upper Valley MEND's affordable homeownership program.

Upper Valley MEND advises you to read through the Application Process on this page to determine if completing all the steps is the best course of action for you.

Step 1: Information session (Please complete this step before proceeding with this application)

Before starting on this application, call or meet Upper Valley MEND's housing staff member to learn about the program and what it means to purchase and own a house with Upper Valley MEND. Key information will be shared during this orientation, including:

The application process
Homeownership rights and responsibilities
Expenses related to purchasing and owning a home
How Upper Valley MEND homeownership program’s ground lease works

Step 2: Complete and submit this application, including the requested documents.

Gather and submit the documentation listed in the application for all members of the household who are 18 years of age or older.

Step 3: Interview

Join Upper Valley MEND's housing staff for an interview to review the application together, ask and answer questions, and discuss the next steps in the home purchasing process. Upper Valley MEN D's housing staff will share a copy of the Ground Lease and relevant Covenants, Constraints & Restrictions (CC&Rs) for the neighborhood or property where the applicant seeks to live.

Step 4: Pre-qualify for a mortgage

This step can begin at the same time as Step 2. Please see Upper Valley MEND’s Lender Reference List for a list of lenders who have a history of working with Upper Valley MEND's buyers.

Step 5: Be entered into the lottery for the 3 bedroom units at 241 W Commercial St

Households who are not selected to purchase a home in the lottery will be placed in the applicant pool for future homes.

Learn more about the applicant pool procedures.

Acknowledgement:
I understand the application process and steps to becoming a homeowner through the affordable homeownership program as outlined on this page. I have attended an information session and am ready to move on to the application.

I understand that if my application doesn't meet the requirements and I am not eligible to enroll in the program, Upper Valley MEND's housing staff will explain this determination in writing. In addition, a place in the lottery and applicant pool won't be offered.

I understand that if my application does meet the requirements and a home becomes available for me to purchase, I will be placed in the lottery for the 3-bedroom units at 241 W. Commercial St.

Applicant Name

Date

Page 2 of 12: Sample Fee Schedule and Additional Costs for Homebuyers

Homebuyer Education Class Fee:

Online or In-person
https://heretohome.org/events/category/classes/homebuyer-education-classes/

Attorney Document Review:

$200.00 (estimated)
The attorney reviews Ground Lease and other legal documents with the homebuyer.

Purchase and Sale Closing Costs:
Generally, 6% of the purchase price. Below are estimates.

Inspection: $500
Appraisal: $500
Title Fees: $500
First year property insurance: $1,500
Tax and insurance escrow cushion: $250
Recording Fees: $350
Transaction Fee: 1.5% of home purchase price
WA State Fees: $80

All fees are estimates and will vary based on the mortgage lender you work with. Escrow officer can provide a schedule of escrow fees. Inspection and appraisal fees will vary.

TOTAL FEES (estimate): $7,000-9,000
Note: The specific amount of these fees will depend on the sale price of the home. Sometimes these fees can be rolled into your loan. Even if your lender allows you to roll these expenses into your loan, Upper Valley MEND requires that you put at least $1,500 towards these costs, which will be your earnest money before the sale closes.

Down Payment:

The lender you select may require a down payment. Depending on the lender and type of loan, the down payment may be between 0-20% of the sales price. Programs for down payment assistance are available, and you may qualify. Speak with your lender or Upper Valley MEND’s staff to see what assistance is available for you. The down payment is due when the sale closes. The amount is applied directly toward the purchase price of your home.

Additional Costs:

Homebuyers should be prepared to spend additional money on necessary items such as:

Refrigerator, washer & dryer (these appliances are not included in the home price)
Landscaping
Furniture
Utility deposits

I have read and understand this page.

Applicant Name

Date

Page 3 of 12: Basic Household Information

Many of the homes in Upper Valley MEND's homeownership program have been made possible with funding from the Federal Home Loan Bank and the Washington State Housing Trust Fund. These sources ask that we collect certain information. Demographic information collected here is strictly confidential, is reported anonymously, and CANNOT be used as a basis for denial of housing.

Primary Applicant

First Name

Last Name

Birthdate

Languages Spoken

Hold down the Shift key to select
multiple languages.

Gender

MaleFemaleOther

Preferred Phone

Alternate Phone

Preferred email

Alternate Email

Applicant Marital Status

Highest Level of Education

Race

Is the Primary Applicant a veteran?

YesNo

Has the Primary Applicant owned a home before?

YesNo

Does the Primary Applicant have a disability?

YesNo

Address Information

Mailing Street

Mailing City

Mailing State

ZIP/Postal Code

Is there a Co-Applicant?
This person will apply for the mortgage alongside the primary applicant and shares equal responsibility for repaying the loan. This is often your spouse or partner. The co-applicant must live in the home.

YesNo

Co-Applicant

First Name

Middle Initial

Last Name

Birthdate

Languages Spoken

Hold down the Shift key to select
multiple languages.

Gender

MaleFemaleOther

Preferred Phone

Alternate Phone

Preferred email

Alternate Email

Race

Highest Level of Education

Is the Co-Applicant a veteran?

YesNo

Has the Co-Applicant owned a home before?

YesNo

Does the Co-Applicant have a disability?

YesNo

Address Information

Address Same as Applicant?

Same Address as ApplicantDifferent Address than Applicant

Mailing Street

Mailing City

Mailing State

ZIP/Postal Code

Upper Valley Residency or Work Experience

Has the Applicant or the Co-Applicant (if applicable) worked or lived in the Upper Valley for at least 1 calendar year at any point in time?

YesNo

Please upload proof of Upper Valley residency or work experience:

Examples of verification include: Pay stubs, PUD bill with name and address, letter from employer or landlord, etc.

Are there any additional household members besides the Primary Applicant and Co-Applicant (if applicable)?

YesNo

Household Member

First Name

Last Name

Full Name (formula)

Date of Birth (mm/dd/yyyy)

Highest Level of Education

Race

Does this household member have a disability?

YesNo

How many members of your household are dependents?

Are you expecting any changes in household size?
(Ex: is anyone in the household pregnant, planning to adopt, or planning to move out?)

Page 4 of 12: Current Living Situation

Current Living Situation

Please give us an idea of what your current living situation is like.

Date moved into current home:

Living Situation (check one)

If Other, please explain:

Please describe your current living conditions:

Quality of Living Situation

GoodAdequatePoor

How much do you pay each month for housing?

How much do you pay each month for utilities (on average)?

How many bedrooms does it have?

How many bathrooms does it have?

Does your current living situation have standard plumbing?

YesNo

Is your current living situation overcrowded?

YesNo

Please list one landlord reference.

This person should not be related to the Applicant or Co-Applicant.

First and Last Name

Time Period Known

Email Address

Phone Number

Other Comments:

Page 5 of 12: Application Details

Please give us an idea of what your ideal Upper Valley MEND home would be.

How many bedrooms would you prefer?

How many bathrooms would you prefer?

How did you hear about Upper Valley MEND's homeownership program?

Anything else we should know about your ideal home?

Page 6 of 12: Income

Applicant Income

Has the Applicant had consistent employment for the last two years?

YesNo

Please upload your tax returns from the most recent tax year.
This is usually your Form 1040. If you have additional tax forms, such as a 1099-INT, 1099-DIV, 1099-NEC, or 1099-MISC, please click "Add another response" below.

Please enter your total income from the most recent tax year.
This will be listed in line 9 of your Form 1040. If you have any of the additional forms listed above, please add up your total income and enter it below. Income on each form can be found here: Line 9 on Form 1040; Box 1 on 1099-INT; Box 1a on 1099-DIV; Box 1 on 1099-NEC; Boxes 1, 2, and 3 on 1099-MISC.

Has your employment situation changed, or do you expect to make a substantially different amount during this tax year?

YesNo

If yes, please explain:

Please enter how much you expect to make this tax year:

Do the Applicant and Co-Applicant file joint taxes?

YesNo

Co-Applicant Income

Has the Co-Applicant had consistent employment for the last two years?

YesNo

Has your employment situation changed, or do you expect to make a substantially different amount during this tax year?

YesNo

If yes, please explain:

Please enter how much you expect to make this tax year:

Do any other members of the household have any income that is not reported in the income above?

YesNo

Household Member Income

Has your employment situation changed, or do you expect to make a substantially different amount during this tax year?

YesNo

If yes, please explain:

Please enter how much you expect to make this tax year:

Was any of the income reported above earned by dependents under the age of 18?

YesNo

How much did the dependent(s) earn last tax year?

Please enter a numerical value.

How much do you expect the dependent(s) earn this tax year?

Please enter a numerical value.

Total Income Last Tax Year

Total Income This Tax Year

Page 7 of 12: Assets

Please list the assets of all household members.

Assets include such things as cash, checking/savings accounts, stocks, land, mobile homes, recreational vehicles, boats, art or jewelry collections, 401ks or IRAs. etc.

Do not include assets used for personal transportation (such as a car) or business equipment. Only include non-financial assets (like jewelry or art) if they are worth more than $1,000.

Assets

Name of Asset Owner

Usually the Applicant or Co-Applicant's Name

Name of Asset

Example: "Savings" or "401k"

Asset Type

Balance/Value

Please upload a statement of asset value for the asset listed above (for example, bank statements, investment records, or real estate deed.)

Asset File Title

Page 8 of 12: Debt

At the time of closing on your home, total household monthly payments for all debt (including mortgage), will not be able to exceed approximately 45% of your gross monthly income (depending upon the lending source).

Please list all monthly payments (Car loans, school loans, credit cards, personal loans, child support, etc.)

Debt Account

Account Name

Type

Total Amount Due

Minimum Monthly Payment

Please provide documentation of the above debt account.

Debt File Name

Comments:

Page 9 of 12: Credit

To be eligible to purchase an Upper Valley MEND home, you must be eligible for a mortgage. To qualify for a mortgage, you must have a good credit rating (at least 600), showing no significant delinquencies in the past year and no bankruptcy in the past three years.

Applicant Credit Questions:

What is your credit score?

Upload your credit report here:

Co-Applicant Credit Questions:

What is your credit score?

Upload your credit report here:

Has the Applicant or Co-Applicant declared bankruptcy in the last three years?

YesNo

If YES, please list the date of bankruptcy discharge:

Has the Applicant or Co-Applicant gone through tax lien, foreclosure, repossession, or had an account referred to a collection agency in the last 3 years?

YesNo

If YES, please describe:

Page 10 of 12: Mortgage Pre-Qualification

Please submit proof of mortgage pre-qualification:

Page 11 of 12: Certifications and Acknowledgements

Equal Opportunity: In accordance with the provisions of the Equal Opportunity Act and Upper Valley MEND's homeownership program’s policies, there will be no discrimination against an applicant for these benefits based on age, gender, race, color, marital status, sexual orientation, having one or more minor children, national origin, religion, ethnic background, physical or mental disability, or being a recipient of public assistance. If you or a member of your household is an individual with a disability, you have the right to request reasonable accommodation for that disability. Upper Valley MEND is committed to assuring that everyone has an equal opportunity to use and enjoy the benefits of this program.

Confidentiality: To process an application, Upper Valley MEND's homeownership program may supply and receive information as detailed in the “Consent to Release” clause below. Information may also be released to comply with the auditing requirements of program funders. With these two exceptions, all personal and identifying information on an application remains fully confidential.

Page 11 of 12: Certification and Consent

I/We certify the following:

All the information contained and submitted supporting this application is true and complete to the best of my/our knowledge and belief.

I/We are aware that any misrepresentation may result in the forfeiture of my/our right to participate in any Upper Valley MEND program and may result in legal action against me/us.

Consent to Release Information:

I/We authorize representatives from Upper Valley MEND’s Homeownership Program to supply and receive information to/from my/our employer(s), my/our financial institution(s), other housing assistance programs, the NeighborWorks HomeOwnership Center, and/or my/our Mortgage Lender to verify the information contained in this application and to confirm my eligibility for Upper Valley MEND homeownership opportunities. This information includes, but is not limited to bank statements, employment status, income, outstanding debts, loan applications, appraisals, HUD-1 settlement statements, and other financial information. I/We understand that information in this application may be shared with funders for the purpose of funding compliance.

I/we understand that all the information provided herein is private and confidential and for the use of Upper Valley MEND’s homeownership program only. I/we certify that all of the information in this application is true to the best of my knowledge and belief and that any falsehood included in this application will be cause to disqualify me/us for Upper Valley MEND’s homeownership program. Permission is hereby given to Upper Valley MEND’s homeownership program to contact any source herein for verification.

If I/we purchase a home through Upper Valley MEND’s homeownership program, I/we agree to enter into restrictions that will require the property to be owner-occupied, limit the transfer of the property to income-eligible buyers, limit the sales price and the amount of equity available upon re-sale or refinance. I/we acknowledge that these restrictions intend to ensure that opportunities to purchase affordable homes be preserved for future generations of buyers.

I/We certify that all information in this application, and all information furnished to support this application, is given for the purpose of obtaining affordable homeownership through Upper Valley MEND’s homeownership program and is true and complete to the best of my/our knowledge and belief.

Signature of Applicant (Type Full Name Below)

Signature of Co-Applicant (Type Full Name Below)

Date

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