FIRST TIME HOMEBUYER PROGRAM

Transcription

1 2100 Middle Country Road Centereach New York (631) x158 FIRST TIME HOMEBUYER PROGRAM Required Documentation Checklist Please submit copies only; these documents will not be returned. Completed application signed and dated where indicated Two months of most recent pay stubs for all household members 18 and older. Proof of additional income if stated on the application (child support, alimony support, disability, SSI, social security, etc.) The last three years of federal tax returns from 2012, 2013, and 2014 with W-2s / 1009s and any other supporting documents Notarized affidavit(s) if: 1) No child support received 2) Non-Working adult (18 years or older) 3) Full time/part Time Student (18 years or older and not working) Proof of citizenship or legal residency: birth certificate or green card for each household member listed on the application Social security card for each household member listed on the application Three months of bank statements for checking, savings, 401(k), and IRA accounts. If self employed, an Audited Profit & Loss Statement for your business as prepared by a Certified Public Accountant STAY SOCIAL! We Invest in Your Dreams SM

2 2100 Middle Country Road Centereach, NY For Office Use Only Postmarked Application # % of Median Readiness Code FIRST TIME HOMEBUYER PROGRAM Please check one: Cypress Street, Wyandanch Harrison Street, North Amityville W. Bartlett Road, Middle Island Please note: ONLY completed applications will be reviewed and processed Print Clearly Applicant Name: Address: City: State: Zip Code: Home Phone: Work Phone: Cell Phone: Number of years at this address: Applicant: Are you a U.S. Citizen? Yes No If no, are you a legal resident? Co-Applicant: Are you a U.S. Citizen? Yes No If no, are you a legal resident? YES answers require proof of legal alien status to be submitted. HOUSEHOLD COMPOSITION: Please list all persons who live in the home. Full Legal Name Gender of Birth Relationship to Head of Household Social Security # Citizen/ Legal Resident Head /Self CREDIT CHECK AUTHORIZATION: For each household member 18 and older listed above, CDC of Long Island will request a credit report. Signing below grants CDC of Long Island permission to request a credit report from a Consumer Reporting Agency, and will provide the agency s information upon request. Applicant Signature

3 FIRST TIME HOME BUYER PROGRAM INCOME AND EMPLOYMENT INFORMATION Please fill out a separate form for each family member 18 and older. Household Member Name: Current Employer: Name: Address: of Employment: Position held: If position held is less than 2 years: Name: Address: of Employment: Position held: If you have a second job: Name: Address: of Employment: Position held: Are you Self- Employed? Yes: No: If yes, provide annual gross income and net income: Gross $ Net $ Income Monthly Yearly Wages (Primary job) Overtime Commission Tips Bonus Wages (second job) Social Security Survivors Benefits SSI/SSDI Workers Compensation Disability Income Unemployment Severance Pension Retirement Alimony Child Support TANF Other Income: Please Specify I hereby certify that all information provided on this application is true and accurate to the best of my knowledge. Signature: :

4 FIRST TIME HOME BUYER PROGRAM ASSET AND DEBT INFORMATION Please fill out a separate form for each family member 18 and older. For Office Use Only Net Worth = $ Household Member Name Have you ever owned a home? If yes, when? NON RETIREMENT ASSET INFORMATION Savings Account Checking Account Account #: Account #: Account #: Account #: LIST NAME, ACCOUNT #, AND BALANCE FOR ALL MUTUAL FUNDS, STOCKS, BONDS, CDS, ETC. Name Account # Balance Total Non Retirement Assets RETIREMENT ASSET INFORMATION Retirement funds, such as IRA (including Roth & SEP), 401(k), 403(b), Keogh, SIMPLE, etc. Name of Institution Type of Account Account # Balance Total Retirement Assets DEBT Lender Name Balance Due Minimum Monthly Payment Car Loan Student Loan Personal Loan *If additional space is needed, please attach separate page. Total Debt I hereby certify that all information provided on this application is true and accurate to the best of my knowledge. Signature: :

5 2100 Middle Country Road Centereach New York (631) x211 FIRST TIME HOME BUYER PROGRAM ELIGIBILITY CRITERIA Be a first time home buyer. (Must not have owned a home within the past 3 years) Agree to occupy the residence as their primary residence. Be income eligible: gross annual income does not exceed the income limits for the area listed below. Depending upon resources available for down payment, we expect the minimum income affordability to be in the $55,000 to $65,000 range. Have sufficient resources to cover required down payment and closing costs. Complete home buyer education at CDCLI and qualify to secure a mortgage from a regulated financial institution, to cover the gap between subsidized and purchase price. Private mortgages are not acceptable. Comply with the asset policy as defined by the New York State Affordable Housing Corporation. Total assets cannot be more than 25% of the subsidized purchase price. 80% AREA MEDIAN INCOME (AMI) GUIDELINES 2015: Family Size Maximum Income at 80% AMI Family Size Maximum Income at 80% AMI 1... $ 61, $ 94, $ 69, $ 101, $ 78, $108, $ 87,200 8 or more... $115,120 Download an application at or call (631) x211 and have one sent to you. Submit a completed application. CDCLI will review application for completion and qualification, you will be notified. If application is approved, you will need to register for home buyer education class. The cost of the class is $50, or you can take the class on line for $99. Complete homebuyer education and attend a one-on-one session at CDCLI, and we will issue the Certificate of Completion. Obtain mortgage pre-approval, and submit a copy to CDCLI. We Invest in Your Dreams SM