Buy A House

Pilot Project

Home Wealth Program Description

This activity will be led by a Project Manager with the help of Volunteers. We will meet participants as needed in person or virtually. We expect this activity will take twenty percent of our time and take twenty percent of our expense. We plan to fund this via grants and donations.


This activity consists of guiding a participant through the home buying steps starting with securing a loan, being paired up with a real estate agent to find the right home through the open market or any of the local affordable housing programs. If securing a traditional loan is possible, we will then refer them to our rent-to-own program. All participants must first graduate from our Personal Wealth Program.


This activity is important. Homeownership is the best way to create personal wealth, therefore being an important second step/stage for a participant's wealth creation plan.

Secure a Loan

It is recommended you contact at least three lenders to learn about their products and programs, and to find one that you like and feel comfortable working with.

Lenders will request the following information from you:

  • Picture ID, and in some cases proof of residency

  • Two years of Tax Returns

  • Two years of W2's and/or 1099's

  • Two months of bank statements

  • Thirty days of pay stubs

  • Credit Score of 650 or higher

Secure a Real Estate Broker

Meet with the Real Estate Agent and learn about the process of buying a house and set expectations. Ask Agent any questions you have

Sign required documents prior to visiting homes

    • Exclusive Agency contract

    • Disclosure of working relationships

Agent creates a search and keeps buyers informed of new and existing homes.

Home Buying Process

Buyer

  • Start visiting homes and sending offers to sellers until one is accepted.

  • Turn in Earnest Money to the appropriate entity and get a receipt.

  • Sign required disclosures

  • Pick and contact inspection company, place order.

  • Review Title Work, HOA Docs and Due Diligence Docs

  • Prepare Inspection Objection with Agent and send to Sellers for review. Agree on Objection Resolution by Deadline.

  • Check on appraisal through lender, submit objection if necessary, and negotiate a solution by deadline.

  • Attend final walk-through prior to closing.

  • Attend Closing

Real Estate Agent

  • Provide Lender Info to Seller and Title

  • Provide signed contract to buyers Lender

  • Verify MLS Changed to UC in MLS

  • Provide Buyer with inspector names and numbers, and coordinate with Sellers.

  • Remove Buyer from auto searches

  • Prepare Disclosures and collect signatures from Buyer and Seller

  • Review Title Work, HOA Docs and Due Diligence Docs with Buyers.

  • Prepare Inspection Objection with Buyers and send them to Sellers for review. Agree on Objection Resolution by Deadline.

  • After inspection, check on appraisal through lender - Submit Objection if necessary, and negotiate a solution by deadline.

  • Check with Title and Lender to confirm all is well and ready for closing.

  • Check on Loan Objection by Deadline

  • Coordinate closing time/date with Sellers, Review Settlement Statement with Buyers

  • Coordinate a walk-through with Buyers and Sellers to check inspection repairs.

  • Review Transfer Docs and attend closing

  • Verify MLS shows your ID on Sold Page