Buying
a home from the New Development Corporation (NDC) can be a daunting experience,
but we are here to help. No two homebuying experiences are the same, but
the process will look approximately like this:
(1)
Applicant completes the following NDC forms:
Application for Home Purchase
Family Composition
Verification of Earnings
Profile for Michigan State Housing Development Authority
Verification of Resources (Section B to be completed by applicant’s
financial institution(s). Request (or make) additional copies of this
form for each banking/financial institution.
Be sure to review forms carefully. Sign accordingly. If you have
questions, call us!
(2)
Return forms to the New Development Corp. Keep in mind that our
houses are sold on a first-come, first-eligible basis. If you are seeking
a particular house, prompt return of these documents may help you secure
the house you desire.
(3)
Gather the information you will need to apply for a mortgage.
At a minimum, gather:
Tax returns for the last two years (be sure that W-2s are attached)
Two most recent pay stubs for all borrowers
List of current debts and monthly payment schedules
Child support payment record from Friend of the Court (if applicable)
Landlord information (name, address, phone #) if applicable
Social Security numbers for all borrowers
Identification (MI driver’s license, State of MI ID, etc)
(4)
Meet with a lender who has the loan products you will need. We work with
several and are happy to help you find a lender that can meet your needs.
(5) Once you have preliminary mortgage loan approval, sign a buy/sell
agreement, submit an earnest deposit and get a copy of the agreement to
your lender. PLEASE do NOT give notice to your landlord just yet. This
process can take time!
(6) Work closely with the New Development Corporation to determine
the timing of your next steps. Those usually include:
Getting
an independent appraisal, inspections or surveys
Providing
additional documentation to your lender.
Securing
homeowners insurance
Providing
notice of your move to your landlord
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Application
Packet
Click
on each form to download and print it. After completing all of the forms,
please return it to our office at 228 Carrier NE. You must
have Adobe Reader to view the application documents. Click the button
below to download a free version.
Home
Purchase Application
Family
Composition
Verification
of Resources
Verification
of Employment
MSHDA
Household Profile
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