PVG Group Final

Income Qualifications
Lenders conduct a review of your total household income to determine a maximum income level
based on the number of people living in your home.
Credit History
A credit report will be pulled to review your history of monthly payments on your liabilities.
You may be asked to provide an explanation of any recent late payments or collections. Consider
getting copies of your credit reports through the federal government. You can request this service
for free once a year from the three reporting agencies to verify that your credit history is
accurate. There are also plenty of websites available for a free credit score to give you an idea of
your range and how to potentially improve your score before applying for a mortgage loan. We
recommend Privacy Guard because it' s owned by Transunion and is a credit monitoring system
in addition to receiving a monthly copy of your credit report.
Home Price
For the programs requiring little to no down payment, Providence County’s current maximum
purchase price is $407,195.00. Keep in mind that it is based on individual qualification, so you
may qualify for less based on income and liabilities.
Now is the time to start to put your documentation together. There is no need to wait for the
formal request from your loan officer. Speed things up by starting to pulling together your bank
statements, your paystubs, and the rest of the documentation outlined above.
Remember that buying a home with down payment assistance is a process, not an event. That
means you're going to come in and need to get some guidance. You're not going to come in, fill
out an application, and hear that day whether or not you've been approved.
Only about 20% of the people we meet come in and are ready to be approved within 72 hours.
Eighty percent need some TLC, whether their credit is too low or their taxes need to be reviewed
by an under writer. Whatever the issue may be, it takes some time. But that's the great thing:
even if you don't have a perfect credit score or robust income history, we still help you meet the
qualifications of these specific programs to get you on the path of homeownership. So if you're
wondering if you could get approved for a home loan, call one of our counselors. We'll help you
get started!
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