Q. What if we have our own lot?
A. We can build on a client’s lot if it is paid off or the client owes less than $2,000.00 with no back taxes that are due.
Q. Where can we build our home?
A. We can build a home anywhere as long as it is not in the city limits of Mission, McAllen, Pharr or Edinburg.
Q. Do we have to give a down payment if we own our lot?
A. No, but the more money that you give down the lower the house payment will be.
Q. If separated from my spouse, do I have to be divorced to apply for a home?
A. Yes, if separated from your spouse and not divorced, you will have to apply for the home together, as borrower and co-borrower, due to community property state laws.
Q. If my partner and I are not married does he/she have to be on the application if we are going to be living together?
A. Yes, if you are not legally married, we will require that you provide us with a common law certificate from the county courthouse.
Q. If I get paid in cash will I be able to use my income to qualify for a loan?
A. Yes, however you will need to provide income tax returns for 3 years that show that you have been self-employed/ contract labor for at least 3 years.
Q. What is the least amount of money I can make to qualify for a loan?
A. This varies, on a case by case basis, there is no set minimum to qualify however, a disposable income requirement of $200 is needed in order to qualify. Meaning, the less debt the better.
Q. Do I need to be a US citizen to qualify?
A. No, but the primary applicant must provide a valid social security card and permanent resident alien card in order to apply.
Q. Do I need to have good credit?
A. Your credit report is pulled during the application process, and it is used to verify the debt that you have. However, if you do not have good credit you should still apply for a loan, we offer programs to assist you in repairing your credit and you are scheduled for a one on one counseling session with our Homebuyer Counselor so that she can assist you in qualifying for a home.
Q. What is the required down payment amount to apply for a loan?
A. We require a $2,500 down payment, and if you do not have the down payment we offer an IDA Program to assist you in saving the money in an IDA account at a local bank over 3, 6, or 12 months.
