What is the expected turn-around time?
The expected turn-around time is 30-45 days.
FAQ Topic: My First Home Program FAQ
Who has to enroll in the 8-hour Home Counseling program and receive certificates?
Individuals who will be on the title and deed of the property.
Are realtors or lenders required to complete a course?
No, there is no course requirement for realtors or lenders.
Does the program have a lender list?
No, we will work with any lenders who meet our requirements, outlined in the program application.
Are condominiums allowed for the loan?
Yes
When is payment of the loan due?
Payment is due as a lump-sum at the end of 45 years or when the property is transferred to another party. We do not accept monthly payments. If the property is refinanced and the equity is cashed-out, we require payment of the loan in full at that time.
Is the City a silent second loan?
Yes