Home4All Lender FAQs
What is the credit score?
The credit score depends on the bond servicer you work with.
Is there a lien?
There is no lien on the $25,000, but there are restrictions placed on the property. MHC will require an annual verification that the buyer still lives at that address as their primary residence.
Can it be paired with other programs?
The Home4All program can be paired with a bond loan to utilize the bond rate however the borrower will receive the grant from the home4all program. By doing this they are not eligible for an additional down payment that usually comes from the bond programs, only the rate.
If I pair the program with a bond loan, which guidelines do I follow?
If you choose to use it with bond, you will always have to use the lesser of the guidelines--i.e. income, you go with the lower income.
Who will complete the Environmental Review, when can that process get started and how long does it take?
MHC will begin the Environmental Review once we have a property address on file. The review will take up to two weeks.
How long will the underwriting process take?
Once the lender has uploaded all the necessary documents to the MHC portal there is a three-day turnaround time with our Single Family staff. Please note that this will apply to the conditions as well. The file will also have to be reviewed by our Grant staff and that will be an additional five days.
What if the borrower starts with the lender first?
No matter where the borrower starts, it’s important that they begin the process with a Housing Counselor to properly complete all the steps of the program.
Who can complete the home inspection?
The home inspection must be completed by a HUD approved, licensed Home Inspector. The complete report must be submitted to MHC. Any deficiencies except for cosmetic repairs must be corrected prior to closing.