Frequently Asked Questions
We are happy to answer general program questions, but to answer any specific questions regarding eligibility or personal circumstances will require a review of application materials.
Should I do a housing advisement session or homebuyer class first?
You can do either, however, we recommend (but not require) that you take class first. Your one-on-one appointment will be more useful and meaningful if you have taken class first. You will better understand the concepts and mortgage terminology that we will use in an advisement session if you are exposed to them in class first.
When you pull my credit, will it affect my credit score?
HomesFund is a HUD approved housing counseling agency. Our inquiry into your credit will be noted on the report, but it will NOT affect your credit score as we are “coded” with the credit reporting agency as a counseling agency.
Do both my spouse and I BOTH have to go to class?
Whomever is listed on the application with the first mortgage lender will be required to have a certificate of completion from the Homebuyer Education Class. Since we do not provide child care, some families balance child care duties by choosing to take class separately. Plan ahead.
How long is my Homebuyer Class Certificate valid?
Depends. For HomesFund loan programs, the class certificate is good for 2 years. For other programs, such as USDA Direct and CHFA programs, the certificate is good for 1 year. Please check with your lender.
Is there an income limit/cap to participate in the class or advisement programs?
No. Both the advisement sessions and class educations programs are open to anyone.
What are the income limits to receive a loan from HomesFund?
That depends. There are different income limits depending on where you live. Our funding comes from multiple sources and each have different income limits and requirements. The best thing to do is to attend class and schedule a free private advisement session.
Do I really have to provide all this financial information for an advisement session?
We are happy to answer general questions regarding any part of our homebuyer assistance programs, simply call the office and ask for a housing adviser. However, once we get into the specifics on YOUR situation, we need to see your entire financial picture. We can then assist you with an accurate and precise plan for moving forward. The application asks for all the same financial information needed by a first mortgage lender. We want you to be “mortgage ready” and easy for a lender to approve once you leave our office.
