680 W Main St (map it)
HOPE Ministry Center
PO Box 743
Wytheville, VA 24382

Toll Free: (877) 818-8680
Phone: (276) 228-6280
Fax: (276) 228-0508
Email: hope@wythehope.org
 
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Pre-Purchase Homeownership Planning

STEP 1 -  Complete the Pre-Purchase Homeownership Planning Information Packet


Click here for the Pre-Purchase Homeownership Planning Information packet (pdf).

This packet contains several forms that need to be filled out and signed:

a.  Pre-Purchase Homeownership Planning Information Form (pages 1-4)
b.  Monthly Spending Plan (page 5)
c.  Authorization to Obtain Credit Information (page 6)
d.  Privacy Notice (page 7)
e.  Consent to Exchange Information and Release of Information (page 8)
f.   Counseling Disclaimer (page 9)

Once completed, return the entire packet to HOPE.

STEP 2 – Credit Report

After receiving your completed packet, the HOPE Pre-Purchase Housing Counselor will pull your credit report to determine your credit worthiness.  NOTE: Your first credit report is free; thereafter, you may be required to pay the following fees for additional reports as necessary:

      Credit Report Fee*
Individual Report - unmarried applicant(s)    $23.05 per applicant
Joint Report - married applicants                  $46.10
     
*These fees are subject to change.

The counselor will review your credit report and application to determine when you may be ready to apply for a loan and begin shopping for a house.

STEP 3 – Attend an appointment with the Pre-Purchase Housing Counselor to develop your individual plan for homeownership

The counselor will contact you to set up an initial appointment to review your credit report and assess your housing goals. The counselor will help you understand any credit problems that may need to be addressed and help you establish a plan to begin to correct those credit issues.  If your income and credit are sufficient, the pre-purchase application will be submitted to Just Choice Lending for underwriting to determine what loan amount you might be pre-qualified for.  The four sections below will give you an idea of what timeframe to expect based on where you are:

Œ. Where are you now?
No credit issues that need to be resolved
Credit score of 640 or higher
Steady, dependable income

Timeframe you might expect: 
Ready to purchase now

Your next steps:
Step 4: Apply for loan pre-approval
Step 5: Complete a homebuyer education course*
Step 6: Choose a home and make an offer
Step 7: Loan approval and closing
*Offered free through VHDA in person or online at https://vhda.learn.com/learncenter.asp.

. Where are you now?
No credit history
Small collection accounts that can be addressed quickly
Current on all recent credit accounts
Steady, dependable income

Timeframe you might expect: 
Ready to purchase within 90 days

Your next steps:
Step 4: Do necessary credit repair work
Step 5: Apply for loan pre-approval
Step 6: Complete a homebuyer education course*
Step 7: Choose a home and make an offer
Step 8: Loan approval and closing
*Offered free through VHDA in person or online at https://vhda.learn.com/learncenter.asp.

Ž. Where are you now?
Several outstanding collections that need to be paid
Some missed payments in the past 12 months
Newly employed or recent job change

Timeframe you might expect: 
Ready to purchase within 90-180 days

Your next steps:
Step 4: Do necessary credit repair work
Step 5: Apply for loan pre-approval
Step 6: Complete a homebuyer education course*
Step 7: Choose a home and make an offer
Step 8: Loan approval and closing
*Offered free through VHDA in person or online at https://vhda.learn.com/learncenter.asp.

. Where are you now?
Unpaid judgments or liens
Recent repossession or bankruptcy (within the past 2 years)
Large collection accounts that will take some time to pay off

Timeframe you might expect: 
Ready to purchase over 180 days

Your next steps:
Step 4: Do necessary credit repair work
Step 5: Apply for loan pre-approval
Step 6: Complete a homebuyer education course*
Step 7: Choose a home and make an offer
Step 8: Loan approval and closing
*Offered free through VHDA in person or online at https://vhda.learn.com/learncenter.asp.

For more information about HOPE's Pre-Purchase Homeownership Planning Process, contact us at (276) 228-6280, Ext. 216 or homes@wythehope.org.


Printable documents (pdf) on HOPE's website require the free software download Adobe Acrobat Reader.
Serving the counties of Wythe, Bland, Carroll, Grayson and Smyth and the city of Galax

United Way of Wythe County
Send email to hope@wythehope.org with questions or comments about this website.
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Not affiliated with any entity utilizing the unincorporated name.
Last modified: 
11/11/18