West Elmwood Housing Development Corporation renovates and builds new single and multi-family homes in the West End neighborhood in Providence, as well as elsewhere in Providence and Rhode Island as a whole. The funding for this work comes from several special programs which assist low- and moderate-income first time homebuyers. The determination of who qualifies for our program begins with our initial intake application. We can help you with each step of the often confusing process of buying a home.
First:
Complete Intake Form (this takes about 5 minutes).
Gather Documents needed for Pre-qualification, including 4 current pay stubs, proof of stable employment over past 18 months, tax returns for past three years (including W-2 forms), and an updated credit report (we can help you in obtaining this).
Make an appointment for a FREE Pre-qualification with our Housing Counselor. There are many different options available, some with flexible credit programs. We can help you to select a program that fits your needs.
Register for WEHDC's 6 week (2 hours weekly) Basic Homebuyer Course (required for grant monies), 2 week (3 hours weekly) Landlord Course, and/or 3 hour Lead-Safe Certification for landlords.
Next:
Housing Counselor will provide you a comprehensive analysis and discuss your lending options with you. You choose which lenders you are interested in working with.
Selection of a home, or a lot where your home will be built. A Letter of a Pre-Approval from a lender, a signed Purchase and Sales agreement, and a $500.00 deposit are required.
Mortgage application is completed with local lending institution. (This is a similar procedure to the Pre-qualification.) WEHDC assistance is given with this step also.
Mortgage approval or denial is granted by the bank.
Closing is scheduled. Length of time depends on family situation, choice of property, and time of year.
Although applicants may meet the income guidelines, credit history and debt levels will be a major factor in determining whether a mortgage will be attainable. The lender processing the actual mortgage will make the final decision.
