FamilyFor most of us, buying a home is likely to be the single most expensive purchase we will make in our lives.

To make the purchase possible, homebuyers rely on money borrowed from lenders such as banks or credit unions.  Buyers in our program also rely on borrowed money from the Winnebago Homebuyer Program (WHP).

Because you will be borrowing large sums of money for the purchase, and because lending funds to homebuyers entails a risk to the lender, you will need to meet minimum standards to qualify for loan assistance.  You will also need to complete important paperwork throughout your home purchase process.

Below you will find links to important forms that you will need to complete for WHP, or that you will need to help our program obtain.  Please pay close attention to the directions for each form to ensure you are properly completing it, and that all members of your household that need to complete the form are included.

 

1. YOUR CREDIT REPORT

 

All household adults are required to submit a credit report prior to WHP issuing an eligibility determination.  WHP expects that homebuyers are knowledgeable about how to run their own, free credit report.

The following forms can be found inside of the CREDIT DOCUMENTS folder.  Review each form and follow the directions.

A.  Credit Report Guide

The Credit Report guide (found here) provides instructions for how you can obtain your free credit report directly from the three credit bureaus.  The method described in this guide is the only government-sanctioned method for your to obtain your free report.   These reports include the key information used to determine your credit score.  The free report will not include a score – we do not need a score to determine initial program preliminary eligibility.

Please follow the directions within the guide and request one report for each household adult.   Spend at least 15 minutes reviewing the information within your report.

Please upload the credit reports to your program digital file and email confirmation that this has been completed.

 

B.  Home Purchase and Credit

The Home Purchase and Credit handout (found here) details how your credit can impact your home purchase, including your interest rate, the fees that are charged, and the maximum monthly payment determined to be affordable for you.

Please read through this handout with all household adults.

 

C.  Credit Request From Lender

Prior to determining how much you can afford each month for housing costs, we will need to review a credit score.  Most homebuyers will obtain their credit score documentation from their lender after they have completed an approved Homebuyer Education Course.

You can provide the Credit Request From Lender form  (found here) to your lender, who will be able to provide you with the score summary page.  You can then upload this to your digital file.  Alternatively, your lender is also able to directly submit the report to WHP.

 

—Part TWO of the WHP program documentation series reviews important WHP forms that must be completed prior to our program providing funds for your home purchase.