Upper Valley MEND's homeownership program advises you to read through the Application Process on this page to determine if completing all the steps is the best course of action for you. Even if you do not qualify, please don’t hesitate to contact the Upper Valley MEND's affordable housing staff. They may be able to refer you to other resources to help you qualify in the future.
Step 1: Information session
Call or meet Upper Valley MEND's affordable housing
staff member about the program and learn what it means to purchase and own a
house in this program. Key information will be shared during this conversation,
including:
- The application process
- Neighborhood governance
- Monthly common area fees
- How Upper
Valley MEND homeownership program’s ground lease works
Step 2: Complete and submit this application, including the following
documents:
Gather and submit the documentation
listed below for all members of the household who are 18 years of age or older:
- Tax returns for the past 2 years
- W-2s for the past 2 years
- Paystubs for the past 4 months
- Bank statements for the past 6 months
- Copy of your credit report at the time of
application
- Proof of at least one year of residence and/or
work history in the Cascade School District
- Receipts and declarations for other forms of
income or expenses, such as unemployment, child support, retirement accounts, etc
Step 3: Interview
Join Upper Valley MEND's
affordable housing staff for an interview in which we
review the application together, ask and answer questions, and discuss the next
steps in the homeownership process. Upper Valley MEN D's affordable housing staff
will share a copy of the Ground Lease and relevant Covenants, Constraints &
Restrictions (CC&Rs) for the neighborhood where the applicant seeks to
live.
Step 4: Pre-qualify for a
mortgage
This step can begin at the same
time as Step 2. Please see Upper Valley MEND’s Lender Reference List for a list
of lenders who have a history of working with CLT buyers.
Step 5: Begin the Home Purchase Process or secure placement on the
waitlist
If a home is available for
purchase, an applicant who successfully completes Steps 1-5 will then begin the
home purchase process with the support of the Upper Valley MEND's
affordable housing staff. If a home is unavailable,
the applicant will be placed on the waitlist for a future home.
If the Application doesn't meet
the requirements and is not eligible to enroll in the program, Upper Valley
MEND's affordable housing staff will explain this determination in writing. In
addition, a place on the waitlist won't be offered.
Waitlist Procedures:
If no homes are available for sale
at the time of application, the following procedure will be followed:
- The
applicant will complete this application and provide proof of prequalification
for a mortgage to be placed on the waitlist to purchase a home. Applicants are
put on the waitlist and will be offered homes based on the date they are placed
on the waitlist and will be prioritized based on household size to home size.
- In
the event the first applicant on the waitlist (the “Preferred Buyer”) withdraws
from the home purchasing process, the applicant(s) in the second position will
be notified. The first to have a complete and up-to-date application and a
prequalification letter from a lender will then become the new Preferred Buyer.
While an applicant is on the
waitlist, they are encouraged to:
- Attend
a certified Homebuyer Education Course (http://www.wshfc.org/buyers/schedule.htm)
- Provide
necessary documentation updates as requested.
- Ensure
their credit is in good standing or take steps to improve it.
To keep the application active on
the waitlist, the applicant should update the following documents every year:
- Tax returns for the last year
- W-2s for the last year
- Paystubs for the past 4 months
- Bank statements for the past 6 months
- Copy of your credit report at the time of
application
- Receipts and declarations for other forms of
income or expenses
Likewise, if there is a dramatic
change in your income or the number of family members, please report it as soon
as possible.
Failure to provide updates within
the timeframe requested will result in removal from the waiting list. Should an
applicant later provide such updates, they will be placed at the bottom of the waitlist at the time they provide their update.
Roles and Responsibilities During the Sales Process
Upper
Valley MEND homeownership program’s responsibilities:
- Set home sales price based on the formula in the
seller’s master ground lease.
- Qualify the buyer to ensure they meet the Upper
Valley MEND homeownership program’s eligibility requirements at the time of
purchase.
- Answer questions about the Upper Valley MEND
homeownership program and assist as needed through the sales process.
The purchase and sale contract will outline the
timeline and specifics of the sale. It is possible that things can come to
light during the sales process that stops a sale from closing, including but
not limited to components of the inspection, financing, or with the seller of
the home. It is the sole obligation of the buyer to determine if the program is
right for them, and Upper Valley MEND will not reimburse any funds expended in
the sales process if a sale does not close.