First, we know that the home buying process can be complicated. If at any time you have specific questions or need assistance, please do not hesitate to call our office at 504.830.6551 or email us at firstname.lastname@example.org
At Nu Leaf New Orleans, WE CAN HELP!
Ready to Join the Program? Here’s What To Expect.
As the Home Buyers Program is Full-Service, there are naturally multiple phases and steps to the program that every participant will go through. The important thing to remember is that once you enroll in the program, you will be assigned a personal case manager who will guide and support you through each step of the program and home buying process to ensure you successfully complete the program and ultimately become a homeowner.
*It’s important to note that every homebuyers’ journey may be different and can vary.
Typically, the path to homeownership through the program consists of Pre-Qualification, Closing Cost Awards and Down Payment Assistance Determination, Program Orientation & Enrollment, Financial Qualification & Acquisition (including credit restoration and repair and loan product qualification & acquisition), Property Discovery & Negotiation, & Closing.
In order to determine your eligibility for the program and qualify to enroll, we first need to understand who you and how we can help. Sounds simple right, It is. Every program participant must start with a Grant Award Determination Appointment by applying for grant assistance. The registration/application form will give us a generalized picture of you, your work history, income, debt, desired monthly mortgage payment and what type of property you are looking for. The Grant Award Determination Appointment is conducted by a realtor or mortgage professional and is absolutely FREE and absent of any further obligation. At the conclusion of the appointment, you will be awarded a Closing Cost Grant Voucher from our sponsored non profit AND our program realtor or mortgage professional will make a determination as to your eligibility for the Home Buyers Program. If you qualify, you will be invited to join the program and schedule a Program Orientation Appointment.
Based on your registration form, your application will be reviewed to determine the amount of Down Payment and Closing Cost assistance you qualify for which can be as much as $20,000 in funds that you can use to cover the costs of the down payment and closing costs for a home purchase. The awarded amount and your application will then be reviewed by one of our NON-PROFIT PARTNERS who will ultimately award you a Down Payment & Closing Costs Voucher. Again, the Voucher Awards can be as much as $20,000 and are based on your maximum loan qualification and amount subject to approval by the non-profit and ultimately your enrollment into the program.
****One you have completed the Grant Registration form, attend an Award Determination Appointment, and receive a Closing Cost Grant Voucher, you will then be officially eligible to join the Home Buyers Program.
Home Buyers Program Orientation
Congratulations! You have officially been recommended to enroll in the Nu Leaf New Orleans Home Buyers Program. During the orientation you will receive a full detailed overview of the program, a free credit report, and a copy of your financial analysis, and your Award Determination & Acceptance so that you can make an informed decision about enrollment. “YES, I want to enroll in the HomeBuyers Program.” Awesome! We know that it’s a decision that you will be proud of. At enrollment, a one-time program registration fee (in most cases of $140) will be due and you will be assigned a Personal Case Manger who will personally guide you through the program from start to finish. As a program member, you can be confident that you now have a professional team of home buying experts and advocates who are dedicated to helping you ensure that at the end of your journey are keys to your new home.
“It’s Time to Get a Mortgage Loan.” The next phase of the program is all about the loan.
Your next appointment and first step will be a credit evaluation whereby your personal case manager at evaluation of your credit reports will develop a personalized plan of action to help you pre-qualify for a mortgage loan.
The program utilizes a strategic, step-by-step approach that focuses primarily on 4 CORE QUALIFYING FACTORS that ultimately determine your loan eligibility. These core qualifiers are CREDIT, DEBT-TO-INCOME, DOWN PAYMENT and CLOSING COSTS.
You must be able to provide verifiable proof of income in order to qualify for a loan product. There are definitely loan products that have no minimum income requirement however, you must be able to provide proof of income for at least 2 consecutive years.
The minimum credit score requirements for loan approval is typically a 600 or better. If your credit score is below a 620, don’t panic. Your case manager will design and implement a calculated course of action necessary to assist you in raising your credit score. Essentially we will have to remove something negative from your credit report, add something positive to your credit report, or a combination of both. Remember, you have a team of experts and professionals whose job is to help, support, and assist you so that you ultimately meet the loan eligibility requirement. If it’s your credit that holding you back from becoming a homeowner, WE CAN HELP!
Once your case manager is confident that you meet all of the pre-qualification requirements to acquire a mortgage loan, your file will be assigned to one of our program loan originators or lenders for Pre-Approval. Both your case manager and the lending specialist will make sure that you get the right product for you and your particular financial situation.
“I Just Noticed that My Dream Home is up For Sale.” Perfect Timing: Property Discovery and Acquisition
Once you are pre-approved and your loan product is on the table, in the event you haven’t already met your assigned licensed real estate agent or realtor, that will be your next appointment. Your assigned licensed real estate agent or realtor will assist you in locating a property in the area of your choice. Remember, the program doesn’t restrict you to certain properties or areas so you get to buy the property of your choice in the area of your choice.
Once you have located a property, your expert real estate professional will provide contract negotiation and acquisition as well as personally guide and assist you with items such as home inspections, elevation certificates, etc. etc. Remember your team of experts are still available to help you with anything that you need and your case manager will ensure that you have the support you need as you are nearing the end of the journey and the program.
Are You Ready for Your Keys? Closing the Deal!
During this final step of the program, all of your assigned professionals’ focus will be on ensuring you and your family have chosen the right and perfect property, that any and all grants, non-profit awards, and various assistance for down payment and closing costs have been awarded, and that the terms on the property and loan product are the best deals available to you.
At Nu Leaf New Orleans, We are passionate about home ownership, and WE are committed to YOU.
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