H.O.M.E., Inc.
HOME, Inc.’s Homeownership Readiness Assessment and Pre-Purchase Counseling is an individualized
counseling process that enables prospective homeowners to determine if they are ready to purchase a home and develop their personal plan to do so.
Homeownership Readiness Assessment is individualized assistance to explore the purchase of a home and includes:
■Reviewing basic information about your current financial situation
■Obtaining and reviewing your current creditreport from three reporting bureaus
■Determining your ability to qualify for a mortgage at this point in time
■Establishing a housing affordability range for a home purchase price or mortgage limit
■Identifying programs that may assist you in purchasing a home
■Developing a home buying plan outlining steps you can take to qualify for a mortgage
Pre-Purchase Counseling is individualized assistance to help you put your home buying plan into action and includes:
■Assessing your housing needs for property selection
■Creating a budget to meet your financial goals
■Referral and assistance in making application to homeownership programs.
■Identifying the right lending program and making application.
■Reviewing educational materials on topics such as using a realtor, selecting and inspecting a home, financing a home through the mortgage process, preparing to move, and life as a homeowner.
To participate in a Homeownership Readiness Assessment a client must complete a Homeownership
Readiness Questionnaire.
Household income for our program needs to be between 40% and 80% of the area median income. Household income includes all adults residing in the unit. See table below.
Family Size
40% (minimum)
80% (maximum)
1
$20,125
$40,250
2
$23,000
$46,000
3
$25,875
$51,750
4
$28,725
$57,450
5
$31,025
$62,050
6
$33,325
$66,650
7
$35,625
$71,250
8
$37,925
$75,850