Disclaimer
Although lending consultants that appear on the lender referral list have met minimum requirements that lead us to believe that they have the knowledge and commitment to serve first time homebuyers with less income, Community Home Ownership Center dba Washington Homeownership Center and Washington Homeownership Resource Center makes no warrants or guarantees regarding the service provided by lending consultants on the lender referral list. If there is information about your referral you would like to share with us, please contact us at info@homeownership-wa.org.
Following
are the minimum requirements
that all lending consultants
on our
referral list must
fulfill:
1.
A minimum of one (1) complete
year in the lending industry
is required.
2.
A minimum of three (3)
closed Washington State
Housing Finance Commission
bond loans over the last
year is required
3.
Lenders must teach at least
one (1) WSHFC-sponsored
first-time homebuyer education
seminar a quarter, (or
on a consistent basis depending
on the need in the region
being served).
4.
Lenders must be active
and willing to work with
WHC to promote the agency
and resources that are
available
for low and moderate income
first-time homebuyers.
5.
Lenders must be familiar
with and support the WHC
Eight Steps to Homeownership ® and
be willing to refer clients
out if they don’t
have a program that is
most beneficial to the
client, or if the client
needs additional services
(ex. credit counseling,
financial literacy classes)
prior to obtaining a loan
pre-approval.
6.
Lenders
will
provide
information
to
WHC
on
the
community
lending
programs
they
have
available
to
first-time
homebuyers
with
less
income
7.
Lenders
will
demonstrate
that
they
are
aware
of
the
housing
agencies
in
their
community
and
how
they
work
with
them.
8.
Lenders
may
be
asked
to
provide
a
list
of
references
to
WHC
staff.
9.
Lenders
will
provide
the
total
number
of
loans
closed
each
year,
and
the
percentage
of
their
business
with
first-time
homebuyers
with
low
or
moderate
income.
Here
are a few things to keep
in mind when selecting a
lending officer:
- Find
a lending officer who
is
knowledgeable about first
time homebuyer programs.
If you believe you may
qualify for a low or
moderate income assistance
program such as the state
bond loan program make
sure you ask if they
are familiar with these
programs, and which programs
can be layered to give
you the best possible
loan.
- Make
sure the lending officer’s
schedule works with
yours so they can be
available when you
need them.
- Make
sure you choose an agent
that you are comfortable
working with. Remember,
they are selling you a
product as well as a service
and you should feel like
an informed consumer throughout
the entire home buying
process. Ask a lot of
questions and be satisfied
with the answers you are
given.
- Trust
your gut feeling. You
should trust and like
the lending officer.
When all else is equal,
sometimes a good personality
match can determine your
choice.
- Make
sure the Good Faith
Estimate that your lending
officer is required
to provide you when
you apply for a pre-qualification,
includes ALL closing
costs, fees and discount
points or fees that
you
will be responsible
for
at closing. Compare
one
loan with another using
the APR rate, which
includes
all the above fees
into
the “true cost” of
the
loan.
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