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DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION LOUISVILLE, KENTUCKY
GREG FISCHER MAYOR
Attention: Lending Institutions, Real Estate Agents, Non-Profit Agencies, Home Builders and Potential
Homebuyers
This letter is to inform you that the Department of Community Services and Revitalization will be implementing new procedures; along with the revision of the Down Payment Assistance Program application packet. Applications will be accepted year round based on available funds.
Our Department’s purpose is to remain accommodating to all potential homebuyers in designating funds throughout Louisville Metro and Target Areas.
Potential Homebuyers must be a 1st time homebuyer(s) and have not owned a home within the last 3 years.
Our Department has also allocated funds to help homebuyers with closing cost fees; however, potential
homebuyers must pay all pre-paids from their own funds.
All potential homebuyers must also attend credit counseling classes through Housing Partnership,
585-5451 or Louisville Urban League, 585-4622.
Additional information about the procedures and the programs are included in our application packet
.
For more information or any questions about the Down Payment Assistance Program, please call Kathy Vincent at 574-5965
www.louisvilleky.gov
TO ALL POTENTIAL HOMBUYERS
LENDING INSTITUTIONS, REALTORS,
NON-PROFIT AGENCIES AND
HOME BUILDERS
This is a notification to inform everyone involved in the process of requesting down payment assistance through the Department of Community Services and Revitalization.
We DO NOT HAVE A WAITING LIST
WE DO NOT RESERVE FUNDS BEING REQUESTED FOR ASSISTANCE.
With the new added programs, and the procedure of a case review board approval, funding may be depleted due to the volume of cases and amounts of funding being presented for review.
Our programs are based on a first come first serve basis to those who have a complete packet. If information is missing and needs to be acquired, this puts a delay as to when that case may go to the board for review, and may not, because of depleted funds.
All potential homebuyers must attend credit counseling classes through
Housing Partnership, 585-5451 or Louisville Urban League, 585-4622
in order to obtain a counseling certificate before submitting Lou Metro’s down
payment application.
ADDITIONAL NOTIFICATION
Homebuyer(s) will be allowed to have Medical Collection in the
amount of $10,00.00, however, all other collections must be paid
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TO ALL LENDING INSTITUTIONS
PLEASE BE ADVISED OF THE FOLLOWING
REQUIREMENTS
Adjustable rate or pre-payment penalty Mortgages will not be accepted through the Department of Community Services and Revitalization down payment assistance programs.
Once the NOTE (a fixed rate) has been prepared for the 1st Mortgagee holder, a copy of the NOTE must be submitted to our Department for review.
After the 1st Mortgagee’s closing a copy of the signed NOTE must be submitted to our Department.
Your lending institution may be prohibited from participating in our down payment
assistance programs if the terms of the Mortgage and Note have been altered after final
approval from your Lending Institution or from the Department of Community
DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION LOUISVILLE, KENTUCKY
GREG FISCHER
MAYOR
Dear Applicant:
Please find enclosed the application packet for the Louisville Metro Government’s Down Payment Assistance Programs. The Homeowner Assistance Program is for anyone at or below 80% of the median income limits adjusted for family size. Due to the confidential nature of our documents we stress that the application be mailed or hand delivered.
This packet includes the following items:
Second Mortgage Application
Original Signed Release Form (This form is needed for this agency to obtain documents on your
behalf, if necessary, from your first mortgage lender. This form lists all necessary documentation needed by the Louisville-Jefferson County Metro Government’s Department of Community Services and Revitalization Assistance Program to process a Second Mortgage) (Must be mailed or hand
delivered!)
U.S. HUD Direct Benefit Form (Information required for reporting to US HUD)
W-9 Request for Taxpayer Information
Affidavit of Income (Please read this carefully before signing and submitting.) Verification of Employment
Current Income Guidelines
Declaration of Section 214 Status, this is needed for everyone in household.
Notice of Lead Paint Visual/Code Violation Inspection (Seller and Buyer must sign) Lead Base Paint Disclosure (Use this if one is not provided with your contract.)
Notice of Voluntary Sale (Seller and Buyer must sign verifying sale of property is voluntary.) NOTE: PROCESSING OF AN APPLICATION COULD TAKE 6 to 8 WEEKS.
Please have realtor extend contract to accommodate this time frame. Please complete the forms enclosed. Packet must be mailed or hand delivered.
(PLEASE DO NOT FAX.)
ALL APPLICANTS MUST BE INCOME AND CREDIT QUALIFIED.
***IF ALL INFORMATION IS NOT RECEIVED, PACKET WILL BE RETURNED TO APPLICANT*** COUNSELING CERTIFICATE AND ACCEPTED SALES CONTRACT
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Department of Community Services and Revitalization
DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION APPLICATION FOR HOMEOWNERSHIP ASSISTANCE
Please submit this application for approval to: Department of Community Services and Revitalization, 810 Barret Avenue, Room 218, Louisville KY 40204.
Borrowers Name: Social Security #
Marital Status (Check): Married□ Divorced
□
Widowed□
Single□
Separated□
D.O.B. Present Address of Borrower(s):Home Phone #: Cell #:
Present Employer Borrower: Phone#:
Co-Borrowers Name: Social Security #
Marital Status (Check): Married
□
Divorced□
Widowed□
Single□
Separated□
D.O.B. ______Present Employer Co-Borrower: Phone#: ______
Total Gross Household Annual Income: Number in Household:
Are you a first time homeowner:________ Have you owned property in the last 3 years?_________ Are you employed, or related to an employee of Louisville Metro Government? YES______NO_____ Name________________________ Relationship:____________ Department:_________________________ Are you receiving Section 8 Assistance: YES _____ NO ______ Amount $_____________________
Address of Property to Be Purchased:_________________________________________________________ Zip
Please check where Property is located Target Area______ Metro Wide_____
Please check appropriate box of property House____ Condo____ Townhouse______ Patio Home_______
Is the potential home to be purchased Existing Structure ______ or New Construction ________ Was Property Built before 1978 Yes_____ No___
Sales Price of the Property $________________________________
Builder/Realtor/Seller(s) Name:______________________________ Phone#:___________ Cell____________ Fax:
Name of Bank or Lending Institution:
Loan Officer: Phone#: Fax:
Department of Community Services and Revitalization RELEASE
I, the undersigned buyer(s), applying for a soft second mortgage from the Department of Community Services and Revitalization, give(s) permission to same, to obtain any and all information needed in processing this loan. Address of property:_________________________________ All information obtained will be used only for the purpose of processing of loan.
According to the Financial Privacy Act of 1978, I understand that this information is required for Louisville Metro
Government and U.S. Department of Housing and Urban Development (HUD) due to Federal regulations associated with the use of HOME funds to make a second mortgage to me, and that the information will be used for no other purpose or released to any other Government Agency or Department without my consent as required or permitted by law.
This must be signed and dated.
Applicant Spouse/Co-Applicant Signatures:
Printed Name: ______
Date:
Please make sure that all documents are completely filled out and enclosed when submitting application:
□1) HUD Approved Homeownership Counseling Certificate (MUST SUBMIT WITH APPLICTION) □2) Completed Sales Contract (Lead Base Paint Disclosure if home built before 1978 and Lead Paint Visual Inspection Notice to Agent, Seller and Homebuyer, both forms must be signed by seller
and homebuyer). Not needed if New Construction
□3) Notice of Voluntary Sales (Signed by the Seller and the Buyer)
□4) (4) current pay check stubs showing year to date income and Verification of Employment Form Completed by employer, (if not included with packet can be faxed)
□5) W-9 Taxpayer Information
□6) Current and Previous Year Federal Taxes and W-2’s
□7) Declaration of Section 214 Status (in packet) for All household members □8) Copy of Divorce Decree (If Applicable)
□9) Copy of your Bank / Lending Institution Loan Application w/ Good Faith Estimate □10) Pre-approval Letter from Lender
□11) Housing Choice Voucher Homeownership Worksheet (Section 8) (If Applicable)
□12) Copies of any interest bearing accounts, (checking or saving) dividends, and/or other net income from real or personal property (All household members age 18 or older.)
□13) Affidavit of Income Form: Read carefully before signing (All household members age 18 or older) □14) Copies of driver’s license (Picture I.D.) for applicant, spouse or co applicant
Copies of social security cards and birth certificate for ALL household members.
□15) Recording fee: Check for ($36.00) made payable to “Department of Community Services and Revitalization” ****To be Submitted at Louisville Metro’s scheduled closing.****
NEW CONSTRUCTION APPLICANTS □16) Certificate of Occupancy, (upon completion of new home)
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Department of Community Services and Revitalization
FOR FEDERAL REPORTING PURPOSES ONLY
The following information is required for reporting purposes to the U. S. Department of Housing and Urban Development and will not be used in the determination of eligibility.
Number of bedrooms: Household Monthly Gross Income: ______
HEAD OF HOUSEHOLD INFORMATION: Race/Ethnicity:
White ___________ Single/Non Elderly
Black or African American ___________ Elderly
Asian ___________ Related/Single Parent
American Indian or Alaska Native ___________ Related/Parent Native Hawaiian or Other Pacific Islander___________ Handicap American Indian/Alaska Native & White ___________ Other
Asian & White ___________
Black or African American & White ___________ Female Head Household:
Hispanic ___________ Yes No
Other or Mixed Race ___________
Number of Household Members ___________ The following information is needed to process application for approval
Other members of Household: Relation to Head Age Social Security #
LEAD PAINT VISUAL INSPECTION & HOUSING CODE VIOLATION INSPECTION This notice is to advise the buyer, seller and their agent(s) that all homes assisted through the Department of Community Services and Revitalization Down Payment Assistance Program using Federal HOME funds, must meet local housing codes and standards. This includes a visual lead inspection on homes built before 1978.
An inspection completed by a staff inspector from the Department of Community Services and Revitalization will determine if a home meets the minimum level of local housing codes and/or standards as set forth by the Louisville Metro Inspection, Permits and Licenses.
EXAMPLE: If a furnace is working at the time of the inspection, the furnace will pass inspection. Age, model,
and size of the furnace are not considered when an inspector determines if a home will pass/fail the housing code portion of the inspection. The cosmetic appearance of the home is also not considered when an inspector determines if a home will pass/fail inspection.
Listed below are examples of what our staff inspector is looking for during the visual lead inspection.
EXTERIOR
1. Chipped and or peeling paint on exterior of home and all other out buildings.
INTERIOR
1. Chipped and peeling paint on all interior surfaces. 2. Paint dust in all window areas.
If our in-house inspector finds any of the above listed conditions during their inspection, this home will fail the inspection. If the home fails the Visual Lead Inspection, a recommended form of safe work practices will be furnished to the agent/seller by mail from our office. The buyer and seller can then negotiate the repairs needed or the application for down payment assistance through the Department of Community Services and Revitalization must be withdrawn. All repairs must be completed before a re-inspection and closing can be executed.
This Department strongly suggests that all potential homebuyers contract for the services of a professional home inspector.
I _____________________________________(seller/or agent) have read and understand the information printed above concerning the Department of Community Services and Revitalization code and visual lead inspection.
Dated:_______________________
I ______________________________________(buyer) have read and understand the information printed above concerning the Department of Community Services and Revitalization code and visual lead inspection.
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DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION Income Limits
Effective June 6, 2011
Including 60%, 65% and 70% Median Income
INCOME
LEVEL PERSON 1 PERSONS 2 PERSONS 3 PERSONS 4 PERSONS 5 PERSONS 6 PERSONS 7 PERSONS 8
30% OF MEDIAN $13,200 $15,100 $17,000 $18,850 $20,400 $21,900 $23,400 $24,900 50% OF MEDIAN $22,050 $25,200 $28,350 $31,450 $34,000 $36,500 $39,000 $41,550 60% OF MEDIAN $26,460 $30,240 $34,200 $37,740 $40,800 $43,800 $46,800 $49,860 65% of MEDIAN $28,665 $32,760 $36,855 $40,885 $44,200 $47,450 $50,700 $54,150 70% of MEDIAN $30,870 $35,280 $39,690 $44,030 $47,600 $51,100 $54,600 $58,170 80% OF MEDIAN $35,250 $40,250 $45,300 $50,300 $54,350 $58,350 $62,400 $66,400 100% $44,100 $50,400 $56,700 $62,900 $68,000 $73,000 $78,000 $83,100
DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION LOUISVILLE, KENTUCKY
GREG FISCHER MAYOR
AFFIDAVIT OF INCOME FOR HEAD OF HOUSEHOLD
(
MUST BE NOTARIZED)
NOTE: Penalty for false or fraudulent statement, U.S.C. Title 18, Sec. 1001, provides: “Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly and willfully falsifies or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined not more than $10,000 or imprisoned not more than 5 years or both.”
As part of the application process for the Department of Community Services and Revitalization, income from any and/or all sources (such as wages from employment, SSI, Social Security, Disability, Retirement/Pension, or other outside sources contributing to household) must be verified in order to determine the household’s eligibility for our services. You are making the following statement:
My
monthly
income consists of: (Please list the amount of each item that applies.)
Wages $ SSI $ ______ SS $ ______
Pension/Retirement $ Disability $ Other $
Name:
Address: Zip code:
Date of Birth: Social Security Number:
I have been advised and understand that if I make any representation which I know is false in order to obtain assistance from the Department of Community Services and Revitalization, I could be punished by a fine, imprisonment, or both; as well as having to reimburse all expenditures related to the amount of money obtained through the Department of Community Services and Revitalization. I hereby affirm, under penalty of law, the above information regarding my income is absolutely accurate.
Signature of individual above: Date:
TO BE COMPLETED BY A NOTARY:
Sworn to and subscribed before me this _______ day of ________________ in the year _______ by (individual referenced above).
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DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION LOUISVILLE, KENTUCKY
GREG FISCHER
MAYOR
AFFIDAVIT OF INCOME 18 YEARS OF AGE OR OLDER
(
MUST BE NOTARIZED)
NOTE: Penalty for false or fraudulent statement, U.S.C. Title 18, Sec. 1001, provides: “Whoever, in any matter within the jurisdiction of any department or agency of the United States knowingly and willfully falsifies or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or document knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined not more than $10,000 or imprisoned not more than 5 years or both.”
As part of the application process for the Department of Community Services and Revitalization income from any and/or all sources (such as wages from employment, SSI, Social Security, Disability, Retirement/Pension, or other outside sources contributing to household) must be verified in order to determine the household’s eligibility for our services. You are making the following statement:
My
monthly
income consists of: (Please list the amount of each item that applies.)
Wages $ SSI $ ______ SS $ __________
Pension/Retirement $ Disability $ Other $
Name:
Address: Zip code:
Date of Birth: Social Security Number:
I have been advised and understand that if I make any representation which I know is false in order to obtain assistance from the Department of Community Services and Revitalization, I could be punished by a fine, imprisonment, or both; as well as having to reimburse all expenditures related to the amount of money obtained through the Department of Community Services and Revitalization. I hereby affirm, under penalty of law, the above information regarding my income is absolutely accurate.
Signature of individual above: Date:
TO BE COMPLETED BY A NOTARY:
Sworn to and subscribed before me this _______ day of ________________ in the year _______ by (individual referenced above).
DECLARATION OF SECTION 214 STATUS
INSTRUCTIONS: EACH HOUSEHOLD MEMBER MUST COMPLETE THIS DECLARATION.
A PARENT/GUARDIAN MUST SIGN FOR FAMILY MEMBERS UNDER AGE 18.
LASTNAME:_________________________________________________________ FIRSTNAME:_________________________________________________________
RELATIONSHIPTOHEADOFHOUSEHOLD___________SEX_______DATEOFBIRTH______________
SOCIAL SECURITY #_________________________ALIEN REGISTRATION NO._____________________
ADMISSIONNUMBER____________________________IF APPLICABLE,(THIS IS AN 11-DIGIT NUMBER FOUND ON INSFORM I-94,DEPARTURE RECORD)
NATIONALITY_________________________(ENTER THE FOREIGN NATION OR COUNTY TO WHICH YOU OWE LEGAL ALLEGIANCE. THIS IS NORMALLY, BUT NOT ALWAYS THE COUNTRY OF BIRTH.)
INS/SAVE VERIFICATION NO.____________________________________________________________
(TO BE ENTERED BY OFFICE PERSONNEL) Date verified
INSTRUCTIONS: COMPLETE THE DECLARATION BELOW BY PRINTING OR TYPING THE PERSON’S FIRST
NAME, MIDDLE INITIAL, AND LAST NAME IN THE SPACE PROVIDED. THEN REVIEW THE BLOCKS DESIGNATED
BELOW AND COMPLETE EITHER BLOCK NUMBER 1,2, OF 3.
DECLARATION
I, ______________________________________ herby declare, under penalty of perjury, that I am: Print name
____1. A CITIZENORNATIONALOFTHEUNITEDSTATES
If you checked this block, no further information is required. Sign and date below and forward this
Format to the Down Payment Assistance Office. If this block is checked on behalf of a child, the adult who is responsible for the child should sign and date below.
________________________________________ ___________________________ Signature Date
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____2. A NONCITIZEN WITH ELIGIBLE IMMIGRATION STATUS IN THE CATEGORY CHECKED BELOW:
___(i) A noncitizen lawfully admitted for permanent residence, as defined by section 101(a)
(20) of the Immigration and Nationality Act (INA) as an immigrant, as defined by section 101(a)(15), respectively). {Immigrants} (This category includes a noncitizen admitted
under Section 210 or 210A of the INA (8 U.S.C. 1160 or 1161), [special agricultural worker]., who has been granted lawful resident status);
___(ii) A noncitizen who entered the United States before January 1, 1972, or such later date as enacted by law and has continuously maintained residence in the United States since then, and who is not eligible for citizenship, but who is deemed to be lawfully admitted for permanent residence as a result of an exercise of discretion by the Attorney General under Section 249 of the INA (8 U.S.C. 1259);
___(iii) A noncitizen who is lawfully present in the United States pursuant to an admission under Section 207 of the INA (8 U.S.C. 1158) [asylum status]; or as a result of being granted conditional entry under Section 203 (a) (7) of the INA (8U.S.C. 1153(a)(7)) before April 1, 1980, because of persecution or fear of persecution on account of race, religion, or political opinion or because of being uprooted by catastrophic national calamity;
___(iv) A non citizen who is lawfully present in the United States as a result of an exercise of discretion by the Attorney General for emergent reasons or reasons deemed strictly in the public interest under Section 212(d)(5) of the INA (8 U.S.C. 1182(D)(5)) [parole status];
___(v) A noncitizen who is lawfully present in the United States as a result of the Attorney General’s withholding deportation under Section 243(h) of the INA (8 U.S.C. 1253(h)) [threat to life of freedom]; or
___(vi) A noncitizen lawfully admitted for temporary or permanent residence under Section 245A of the INA (8 U.S.C. 1255A) [amnesty granted under INA 245A].
____3. NOT CONTENDING ELIGIBLE IMMIGRATION STATUS AND I UNDERSTAND THAT I AM NOT ELIGIBLE FOR FINANCIAL ASSISTANCE.
If you checked this block, no further information is required and the person named above is not eligible for assistance. Sign and date below and forward this form to the Department of Housing & Family Services Housing & Community Development Division, Down Payment Assistance Program Office.
If this block is checked on behalf of a child, the adult who is responsible for the child should sign and date below.
________________________________________ ___________________________ Signature Date
Check here if adult signed for a child:_________
_______________________________________ ___________________________ Signature Date
OR
If you c hecked this b lock an d you ar e under 62 ye ars of age , you m ust submit one of t he following documents:
____1. Form I-551, Alien Registration Receipt Card (for permanent resident aliens);
____2. Form I-94, Arrival-Departure Record, with one of the following annotations:
“Admitted as Refugee Pursuant to Section 207; “Section 208” or “Asylum”
“Section 243(h)” or “Deportation stayed by Attorney General”; “Paroled Pursuant to Section 212(d)(5) of the INA”’
____3. Form I-94, Arrival-Departure Record, is not annotated, then accompanied by one of the following documents:
A final court decision granting asylum (but only if no appeal is taken);
A letter from an INS asylum officer granting asylum (if application is filed on or after October 1, 1990) or from an INS district director grant asylum (if application filed before October 1, 1990);
A court decision granting withholding or deportation; or
A letter from an INS asylum officer granting withholding of deportation (if application filed on or after October 1, 1990).
____4. Form I-688, temporary Resident Card, which must be annotated “Section 245A” or
“Section 210”;
____5. Form I -688b, employment authorization card, which must be annotated “provision of law 274a.12(11)” or “provision of law 274a.12;
____6. A receipt issued by the ins indicating that an application for issuance of a replacement document in one of the above-listed categories has been made and the applicant’s entitlement to the document has been verified;
____7. Form I -151, alien registration receipt card.
If this block is checked, sign and date below, and submit the documentation required to:
Department of Housing & Family Services Housing and Community Development Division, Down Payment Assistance Program. If this block is checked on behalf of a child, the adult who is
responsible for the child should sign and date below.
________________________________________ ___________________________ Signature Date
Check here if adult signed for a child:_________
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ATTACHMENT TO SALES AND PURCHASING CONTRACT LEAD BASE PAINT DISCLOSURE
______________________________________(Seller) and ___________________________________(Buyer) for Property at _____________________________________________________________________________ Lead Warning Statement:
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known based paint hazards. A risk assessment or inspection for possible lead-based ;or inspection for possible lead-lead-based paint hazards is recommended prior to purchase.
Seller’s Disclosure (initial)
__________ (a) Presence of lead-based paint and/or lead-based paint hazards (check one below):
□
Known lead-based paint and/or lead-based paint hazards are present in the housing: (explain) ______________________________________________________________________________ ______________________________________________________________________________□
Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.__________ (b) Records and Reports available to the seller (check one below):
□
Seller has provided the purchases with all available records and reports pertaining to lead-based paint and/or lead-based hazards in the housing: (List all documents below):______________________________________________________________________________ ______________________________________________________________________________
□
Seller has no reports or records pertaining to lead-based paint in the housing.Buyer’s Acknowledgement (initial)
__________ (c) Purchaser has received all information listed above.
__________ (d) Purchaser has received the pamphlet Protect Your Family From Lead in Your Home. __________ (e) Purchaser has (check one below)
□
Received a ten day opportunity or mutually agreed upon period to conduct risk assessment or inspection or the presence of lead-based paint or lead-based paint hazards; or□
Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards.Agent’s Acknowledgement (initial)
__________ (f) Agent has informed the Seller of the Seller’s obligations under 42 U.S.C. 4852d and is aware of his/her responsibility to ensure compliance.
Broker Agent has advised Seller of Seller’s obligation under the law to complete this form and Seller has refused to do so Seller______________________________ Date / / Buyer___________________________ Date / / Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge that the information they have provided is true and accurate.
Seller______________________________ Date / / Buyer___________________________ Date / / Seller______________________________ Date / / Buyer___________________________ Date / / Agent______________________________ Date / / Agent___________________________ Date / /
NOTICE OF VOLUNTARY SALE
I,___________________________________________________________________ Buyer(s)
have applied for down payment assistance through the Department of Community Services and Revitalization.
This assistance is funded by Federal HOME funds.
I am purchasing the home for fair market value which is determined by the appraisal. I,____________________________________________________________________ Seller(s)
am selling the property located at ___________________________________________ Louisville, KY ___________.
(zip code)
I understand the buyer does not have the power of eminent domain. I also understand that I am selling this property as a voluntary transaction and that I am not eligible for relocation funds.
Signed this _________ day of ________________________, ________ (year)
_____________________________________________________________ Buyer(s)
Signed this _________ day of ______________________, _________ (year)
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PLEASEHAVEYOUREMPLOYERCOMPLETEINFORMATION
ANDFAXTOOUROFFICEAT (502)574-6554
V
ERIFICATION OFE
MPLOYMENT DEPARTMENT OF COMMUNITYSERVICES ANDREVITALIZATION
810BARRETAVENUE ROOM218
LOUISVILLE KY40204 (502)574-3107
HOME OWNERSHIP ASSISTANCE PROGRAM
AUTHORIZATION: FEDERAL REGULATIONS REQUIRE US TO VERIFY EMPLOYMENT INCOME OF ALL MEMBERS OF THE HOUSEHOLD APPLYING FOR PARTICIPATION IN THE HOMEPROGRAM WHICH WE
OPERATE AND TO REEXAMINE THIS INCOME PERIODICALLY. WE ASK YOUR COOPERATION IN SUPPLYING THIS INFORMATION. THIS INFORMATION WILL BE USED ONLY TO DETERMINE THE ELIGIBILITY STATUS AND LEVEL OF BENEFIT OF THE HOUSEHOLD.
Y
OUR PROMPT RETURN OF THE REQUESTED INFORMATION WILL BE APPRECIATED.
EMPLOYED SINCE:________ SALARY:___________________
OCCUPATION:______________________________________
EFFECTIVE DATE OF LAST INCREASE:________________
BASE PAY RATE:
$________/Hour; or $_________/Week; or $________/Month Average hours/week at base pay rate: ______________ Hours
OR # OF WEEKS ____________ WORKED/YEARLY
OVERTIME PAY RATE: $________________________/HOUR
EXPECTED AVERAGE NUMBER OF OVERTIME HOURS WORKED PER WEEK DURING NEXT 12 MONTHS __________________
TOTAL EXPECTED PAY EARNINGS.$_____________________
TOTAL EXPECTED OVERTIME EARNINGS.$________________
PROBABILITY AND EXPECTED DATE OF ANY PAY INCREASE:
__________________________________________________ Any other compensation not included above (specify for commissions, bonuses, tips, etc.):
FOR:____________________$____________ PER _________
IS PAY RECEIVED FOR VACATION? • YES • NO
IF YES, NO. OF DAYS PER YEAR _______________
DOES THE EMPLOYEE HAVE ACCESS TO A
RETIREMENT ACCOUNT? • YES • NO
IF YES, WHAT AMOUNT CAN THEY GET ACCESS TO:
$__________________________________________________ RELEASE: I______________________________
HEREBY AUTHORIZE THE RELEASE OF THE REQUESTED INFORMATION.
__________________________________________ (SIGNATURE OF APPLICANT)
Date: _____________________________________
OR A COPY OF THE EXECUTED “HOMEPROGRAM
ELIGIBILITY RELEASE FORM,” WHICH AUTHORIZES THE RELEASE OF THE INFORMATION REQUESTED, IS ATTACHED. Name of Business:___________________________________ Signature __________________________________________ Authorized Representative Title: ____________________________________________ Date:____________________________________________ TELEPHONE:______________________________________
PLEASE COMPLETE ALL INCOME INFORMATION OR
SUBMIT EXPLANATION OF NO ENTRY
(
PLEASE ATTACHED SEPARATE SHEET FOR ADDITIONAL INCOME)HOMEOWNERSHIP ASSISTANCE PROGRAMS
Potential Homebuyers must be a 1st time homebuyer(s) and have not owned a home within the last 3 years.
Closing Cost Assistance
Our Department has also allocated closing cost assistance in the amount of up to $2,000.00 for all down payment assistance programs; however homebuyers must pay all prepaid costs from their own funds.
Metro Wide Down Payment Assistance
The Down Payment Assistance Program applicant (s) can purchase an existing or a newly constructed home in the Louisville Metro area. Applicant(s) include single, married, single parent, or displaced homemakers, (male or female), as long as they do not own property at the time of assistance.
Applicant must be at 80% or below of the median income, adjusted for family size. The assistance available is 10% of purchase price of the home to a maximum of $10,000.00. Funds are based on applicant(s) income not exceeding 80% of the median income guidelines.
Landbank & Urban Renewal, New Construction
Applicant(s) must purchase a newly constructed home built on a lot purchased from Louisville Metro, Landbank, or Urban Renewal. Applicants(s) include single, married, single parent, or displaced homemakers, (male or female). The available assistance is 20% of purchase price of the home to a maximum of $20,000.00. Funds are based on applicant(s) income not exceeding 80% of the median income guidelines.
Community Housing Development Organization, New Construction
Applicant(s) must purchase a newly constructed homes built on a lot developed by a non-profit Community Housing Development Organization (CHDO). Applicant(s) include single, married, single parent, or displaced homemakers, (male or female), and have not owned a home during a three-year period prior to this purchase. The available assistance is 20% of purchase price of the home to a maximum of $20,000.00. Funds are based on applicant(s) income not exceeding 80% of the median income guidelines.
Designated Target Areas
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GENERAL GUIDELINES FOR APPLICANTS
In order to process a soft second mortgage request applicants and/or their loan officers must submit the following:
Potential Homebuyers must be a 1
sttime homebuyer(s) and have not owned a
home within the last 3 years.
HUD Approved Homeownership Counseling Certificate (MUST HAVE BEFORE SUBMITTAL) Homebuyer(s) will be allowed to have Medical Collections in the amount of $10,000; however, all other
collections must be paid
Metro Application, release and affidavit of income and Declaration of Immigration status. W-9 Request for Taxpayer Information
All household members must fill out Declaration form ( All forms are in packet)
Documentation of income from any and/or all sources (such as wages from employment (4 current check stubs, Retirement/Pension, interest bearing accounts and dividends.
Sign verification of income form(s) for applicant and co-applicant (if applicable)
Verification of Employment must be completed by EMPLOYER. Applicant can submit with application or employer may fax to our office for processing.
Housing Choice Voucher Homeownership Worksheet (Section 8), (If applicable) This counts as income Picture I.D. of applicant and co applicant
Copy of birth certificate and Social Security card for applicant(s), dependants and all other household occupants
Copy of Divorce Decree (if applicable)
Current and Previous Year W-2’s & Completed Federal Tax Returns
Bank Application, Pre-approval letter, Good Faith Estimate. NO ADJUSTABLE RATE OR PRE-PAYMENT PENALTY MORTGAGES WILL BE ACCEPTED
Assets: An asset is a cash or non-cash item. Examples: Average 6-month balance of checking or savings account, stocks, bonds, IRA, Equity is real property, etc. (Verification form upon request)
Signed Sales Contract (w/Lead Based Paint Disclosure)
Seller and Buyer must sign voluntary sale letter. (Included in packet.)
Recording fee: Check for ($36.00) made payable to, “DEPARTMENT OF COMMUNITY SERVICES AND REVITALIZATION”. ****TO BE SUBMITTED AT TIME OF LOUISVILLE METRO’S
SCHEDULED CLOSING.***
BEFORE CLOSING: Homeowner Insurance with “Department of Community Services and
NO ADJUSTABLE RATE OR PRE-PAYMENT PENALTY MORTGAGES
Potential Homebuyers must be a 1
sttime homebuyer(s) and have not owned a
home within the last 3 years.
1. Application must be completely filled out and all necessary documentation included before submittal. If not submitted correctly, INFORMATION WILL BE RETURNED TO SENDER.
2. HUD approved counseling certificate must be received before submittal of application.
3. Eligibility: If for any reason applicant in any way does not wish to participate in our program we are to be notified immediately.
4. Insurance and taxes must be escrowed into first mortgage. Department of Community Services and
Revitalization should be listed as second loss payee on homeowners’ insurance policy. PLEASE MAKE SURE THAT THE FULL LEGAL NAME OF THE CLIENT IS LISTED ON INSURANCE DECLARATION PAGE
5. First and second mortgages combined to not exceed the sale price of the home. 6. Verify that closing costs, to include pre-paid items and recording fees, are in line.
7. Under no condition will funds from the mortgages result in cash back to the borrower.
8. New construction: Certificate of Occupancy; If home was built on a former Landbank, Urban Renewal or City owned lot we will need a copy of the Deed conveying said land to builder. If the CO is older than 6 months, an inspection will be ordered through our office.
9. Inspection memo: Please have buyer and seller sign the memo including in the application packet concerning the inspection needed by Department of Community Services and Revitalization Inspector. Inspector will be looking for housing code violation as well as evidence of lead base paint.
10. Assets: If applicant has assets of $20,000.00 or over, they are ineligible as this program is to assist those in need of assistance. All income derived from any assets will be counted as income.
11. Pre-approval letter: Applicants must have a pre approval letter to submit with application. 12. Appraisal, Property price may not exceed the FHA 203b mortgage limit.
13. Title commitment
14. Closing: Seven-ten day notification of closing date, time and location.
15. Down Payment Assistance Check: This can not be ordered until final approval from the Lenders Underwriting Department. Our Department needs to be notified at least 7 days in advance of closing. 16. HUD 1 should be e-mailed of faxed to our office at least 48 hours prior to closing. MANDATORY. 18. Once the Note (fix rate) has been prepared for the 1st Mortgagee, a copy must be submitted to our
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THINGS YOU MAY WANT TO KNOW:
Potential Homebuyers must be a 1
sttime homebuyer(s) and have not owned a home
within the last 3 years.
ADJUSTABLE RATE OR PRE-PAYMENT PENALTY MORTGAGES WILL NOT BE
ACCEPTED FOR DOWN PAYMENT ASSISTANCE
All applicants must receive homeownership counseling through a HUD approved counseling agency, such as Housing Partnership 585-5451 or Louisville Urban League 585-4622.
A five year lien is placed on loans $15,000.00 or under. After the expiration of 5 yrs the full amount of the note will be forgiven.
A ten year lien is placed on loans over $15,001.00. After the expiration of five (5) years from the date of the Note, twenty percent (20 %) of the Note amount shall be forgiven for each full year from the sixth (6th) through the tenth
(10th) year of the “Loan Term”, with the entire amount being forgiven after ten (10) years from the date of the Note.
All existing second mortgages will mature at the date mentioned on the loan documents. The amount of the Down-payment assistance will be secured with a forgivable Note.
Assets: If applicant has available assets of $20,000.00 or over, they are ineligible as this program is to aid those in need of assistance. All income derived from any asset will be counted towards their adjusted gross income.
