Once an offer is accepted on your behalf for a home and your lender receives the contract they will go to work on your mortgage application. Once your lender has an underwriting approval on your file they will send the file to HAP. HAP will analyze every crevice of the file from Bank Statements/Assets, Paystubs/ Household size.. etc. After they analyze the file they will determine how much the borrower can receive. They do not always receive assistance funds or the full $7,250. This adds about 2-4 weeks additional time to allow time for HAP to review the file and come to a decision. This particular program requires the borrower to live in this property for 10 years or more as a primary residence and does not allow for you to do a cash-out refinance for 10 years either. . If the borrower receives assistance funds and sells property/defaults/converts property to investment property prior to the 10 year mark they will be responsible for paying back whatever assistance funds they received to the program. This program is on a case by case basis. Essentially once I review borrowers documents I will have a good understanding if they can even qualify for the program based on previous experience with these files.
For more information on this program, follow the link below.
For list of providers who offer the course please visit
As always if you have any questions regarding this program offered or any other mortgage related questions please feel free to contact me at anytime.
3. Be sure your realtor has these two items. They may seem like a couple flimsy pieces of paper but these are your 'keys" to homeownership when an offer is being submitted.
4. Find the property of your dreams with your realtor. With how quickly some markets are moving look for 5-7 properties and have your realtor schedule showings.
5. Make your offer or offer's on property(s) -- Be sure your pre-approval letter and DU Approve/Eligible sheet were submitted with your offer. Why is this important? These two items show you've taken the initial steps of seeking financing. These items WILL set you apart from offers that do not have a Pre-Approval Letter or DU Approval along with them.
6. "CONGRATULATIONS YOUR OFFER WAS ACCEPTED!!" - Call your Lender and let them know. Start gathering up your updated paystubs, updated bank statements, and other applicable items needed by your lender. If you are unsure what's needed call and ask. It's imperative your loan is opened within 1 day of having an executed contract. Be sure to get your lender all documentation needed to have the most complete file as possible! This will keep you from delays throughout the mortgage process!
7. Go through the mortgage process.
8. Close on the home of your dreams!!!
As always if you have any questions about this blog post or any mortgage related questions please feel free to contact me at anytime!
Rene L. Vila III
The famous questions answered below! If your CD "Closing Disclosure" is delivered on a Thursday and it's signed and dated the same day you can close the following Monday. Hence the 3 day waiting period. Thursday- Friday & Saturday.
As always if you have any questions please feel free to contact me directly! I hope this information was useful as I know this is a huge topic!
As I receive more news on this matter I'll be publishing another post.The weekend is near, let's all toast to this bill for putting the America Dream of owning your own home back in arms reach for substantially more Americas.
Spread this wonderful news around with your colleagues!
Rene L. Vila III - Mortgage Loan Originator - NMLS #1369009
305-972-7303 - 305-400-4847 ext 097 - Renemortgages@gmail.com
Today I learned... A man who survived the sinking of a ship in 1871 was finally able to overcome his fears and decided to sail again in 1911: he died in the sinking of the Titanic.
Would you get on a ship after the first incident?
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12809 SW 91 CT Miami, Florida 33176 - 3 / 2 1/2
11624 SW 135th Pl, Miami, FL 33186
I am available any time to answer all your mortgage related questions and most importantly get you started in the pre-approval process.
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Sunday March 6th 11-2pm
3571 Linden Ln, Miami, FL 33133
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I am a licensed Loan Officer in the State of Florida. This blog will provide informative information and featured listings.