Speed Up Your Reservation Process for Home$tart and NAHI funds
posted on Thursday, October 1, 2020 in Affordable Housing
From reservation to disbursement of funds, we want to ensure a smooth process as you utilize Home$tart and NAHI. Funds for our down payment programs continue to be in high-demand so we have highlighted easy ways to ensure smoother processing.
Here are the top three ways to move your application through the process more quickly:
1. Submit documentation that is complete and correct.
Ensuring all the correct documentation is included within the initial reservation will help avoid delays during the review process. Errors or incomplete documentation may require additional follow-up for corrections or requests for missing documentation.
A full list of the basic required documentation is available on our Reservation of Funds page. Individual file circumstances may require additional documentation
Have questions about any of the required documentation? Our Community Investment Team can help.
2. Submit your reservation request as soon as your buyer is under contract.
Home$tart and NAHI funds are in very high demand once funds become available and are only available on first come, first served basis. Keep your reservations close to the top of the request list by submitting as early as possible with complete and correct documentation.
3. Check income limits before submitting reservation request.
Only qualified homebuyers can receive funds from Home$tart or NAHI.
- Income Calculation Guidelines and an Income Calculation Workbook can be found within our Forms and Resources page. Use these guidelines and form to calculate income.
- Total annual household income is calculated from income as of the Enrollment Date of the household (the date of their loan application or application for service). Obtain documentation of income per guidelines.
- Calculated income may not exceed 80% of the area median income, per HUD or NAHASDA income limits.
We understand how important these programs are for the homebuyers you are working with. Our goal is to help our members access these funds quickly for qualified buyers.
We are here to help!