Readiness Assessment and Pre-Purchase Counseling
HOME, Inc.’s Homeownership Readiness Assessment and Pre-Purchase Counseling is an individualized
counseling process that enables prospective homeowners to determine if they are ready to purchase a home and develop their personal plan to do so.
Homeownership Readiness Assessment is individualized assistance to explore the purchase of a home and includes:
Pre-Purchase Counseling is individualized assistance to help you put your home buying plan into action and includes:
- Reviewing basic information about your current financial situation
- Obtaining and reviewing your current creditreport from three reporting bureaus
- Determining your ability to qualify for a mortgage at this point in time
- Establishing a housing affordability range for a home purchase price or mortgage limit
- Identifying programs that may assist you in purchasing a home
- Developing a home buying plan outlining steps you can take to qualify for a mortgage
To participate in a Homeownership Readiness Assessment a client must complete a Homeownership
- Assessing your housing needs for property selection
- Creating a budget to meet your financial goals
- Referral and assistance in making application to homeownership programs.
- Identifying the right lending program and making application.
- Reviewing educational materials on topics such as using a realtor, selecting and inspecting a home, financing a home through the mortgage process, preparing to move, and life as a homeowner.
Household income for our program needs to be between 40% and 80% of the area median income. Household income includes all adults residing in the unit. See table below.
|Family Size ||40% (minimum) ||80% (maximum) |
| 1 || $20,125 ||$40,250 |
| 2 || $23,000 || $46,000 |
| 3 || $25,875 || $51,750 |
| 4 || $28,725 || $57,450 |
| 5 || $31,025 || $62,050 |
| 6 || $33,325 || $66,650 |
| 7 || $35,625 || $71,250 |
| 8 || $37,925 || $75,850 |