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Phone: (276) 228-6280
Fax: (276) 228-0508
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Pre-Purchase Homeownership Planning Process
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 by the applicants. Once completed, return the entire packet with a check or money order payable to HOPE for the credit report fee. A breakdown of the credit report fee is provided below. If you cannot pay this amount, contact HOPE for further assistance.
Credit Report Fee (subject to change)
Individual Report - unmarried applicant(s) $18.40 per applicant
Joint Report - married applicants $36.80
STEP 2 - Attend Appointment with Housing Counselor to Develop Your Individual Plan for Homeownership
Once HOPE receives your completed information packet, a housing counselor will contact you to set up an initial appointment. At this appointment, the counselor will review your spending plan and credit report with you 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 correct them.
STEP 3 - Attend a Homebuyer Education Workshop
These workshops are required when participating in the Pre-Purchase Homeownership Planning Process. Homebuyer education workshops are offered in a classroom-style setting at the HOPE Ministry Center on a pre-determined schedule. If you are unable to attend a pre-scheduled workshop, you may complete the required educational components through one-on-one counseling sessions.
STEP 4 - Prepare to Purchase a Home
There are several factors that will determine when you are ready to apply for a home loan and begin shopping for a house. Depending upon your credit worthiness and income, the process can move fairly quickly or may take a bit of time. The chart below will give you an idea of what timeframe to expect based on your current situation.
|Where are you now?||The timeframe you might expect||Your next steps|
►No credit issues
that need to be resolved
►Credit score of 640 or higher
►Steady, dependable income
|Ready to purchase now||
Step 4: Apply for loan pre-approval
Step 5: Choose a home and make an offer
Step 6: Loan approval and closing
►No credit history
►Small collection accounts that can be addressed quickly
►Current on all recent credit accounts
►Steady, dependable income
|Ready to purchase within 90 days||
Step 4: Do necessary credit repair
Step 5: Apply for loan pre-approval
Step 6: Choose a home and make an offer
Step 7: Loan approval and closing
collections that need to be paid
►Some missed payments in the past 12 months
►Newly employed or recent job change
|Ready to purchase within 90-180 days|
►Unpaid judgments or
►Recent repossession or bankruptcy (within past 2 years)
►Large collection accounts that will take some time to pay off
Ready to purchase over 180 days
For more information about HOPE's Pre-Purchase Homeownership Planning Process, contact Amanda Romans, Homeownership Director, at (276) 228-6280, Ext. 216, or email email@example.com.
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
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firstname.lastname@example.org with questions or comments about this
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Last modified: 3/30/17