Program Qualification

Once a home buyer has completed an Eligibility Verification Form (EVF) and received their Qualified Buyer Letter they will begin working with a permanent financing lender and the Ignacio Housing Authority (IHA). Several local permanent mortgage financing lenders are familiar with this project and can work with qualified home buyers on permanent mortgage financing. Some of these lenders also have loan programs that provide closing cost assistance for qualified home buyers which helps reduce home buyer funds required at closing. HomesFund and the IHA can direct home buyers to these lenders once they are prequalified.

The permanent financing mortgage lender will work with home buyers and determine the home buyers borrowing capability which is based on eligible income, debt and credit. Permanent financing mortgage lenders will also work with home buyers who are eligible for HomesFund down payment assistance. Eligible down payment assistance will be applied to the new mortgage loan and reduce the final mortgage loan amount. The permanent mortgage lender and HomesFund will coordinate loans prior to closing. Upon loan approval, the permanent mortgage lender will issue a prequalification letter to the homebuyer with all the loan terms.

The IHA will work with prequalified home buyers once a prequalification letter has been issued and determine which housing model the home buyer qualifies for and determine which units are available in Phase 1 of the project. The IHA has retained DeeDee Johnson from R1 Colorado to assist qualified home buyers and work through the contract signing and other final steps associated with the qualifying process. At the conclusion of the qualification process home buyers will know which unit and lot they will purchase and the final step will be closing on the home.

Homes are scheduled to be set in early December and ready for occupancy in early 2025. Home buyers may be able to select exterior finishes if they are approved before this work is completed on the homes.