first-time homebuyer (fthb) program phase i · pdf filean equal opportunity employer elijah t....

An Equal Opportunity Employer

Elijah T. Johnson Director

FIRST-TIME HOMEBUYER (FTHB) PROGRAM Phase I

Dear Applicant: The Prince William County Office of Housing and Community Development is pleased to provide this First-Time Homebuyer (FTHB) Application Packet. The FTHB Program provides financial assistance for downpayment and closing costs for income eligible First-Time Homebuyers living or working in the Prince William Area (Prince William County, the City of Manassas or Manassas Park). The FTHB Program funds are secured for thirty years through a 2nd Deed of Trust against the property that has been purchased. Enclosed are items necessary should you wish to apply to the FTHB Program. 1. FTHB Readiness Self Check 2. FTHB Application Checklist 3. Pre-Qualification Lender Information Form 4. Steps to FTHB Program 5. FTHB Application Based on the information provided, your application will be screened for preliminary eligibility requirements. If all requirements are met you and all adults in your household along with your Lender and Realtor [Team] will be scheduled to attend a mandatory FTHB Program Informational Session. You must not write a contract to purchase until after the Informational Session where specific program requirements will be explained. Only completed FTHB Program Application Packets will be processed. No FAX or electronic submissions will be accepted. Sincerely, Joan Duckett CPD Specialist

COUNTY OF PRINCE WILLIAM Dr. A.J. Ferlazzo Building OFFICE OF HOUSING AND 15941 Donald Curtis Drive, Suite 112, COMMUNITY DEVELOPMENT Woodbridge, Virginia 22191-4217 (703) 792-7530 FAX: (703) 792 7393 TTY (703) 792-4364

FIRST-TIME HOMEBUYER (FTHB) PROGRAM

Readiness Self Check

Please take this simple self check UbeforeU you register for the required Homebuyer Education or submit a FTHB Program Application. This will help you determine if you meet some of the basic eligibility criteria. UIf you

encounter U as you proceed through the checklist, Uyou are not ready to submit an FTHB Program Application.

1. Are all household members or persons anticipated to occupy the proposed FTHB Property a U.S. Citizens or qualified alien legally admitted to the U.S. with valid USCIS documents and currently working or living in Prince William County, City of Manassas or

Manassas Park? If yes, proceed to question 2. If no, STOP here because you do not meet this basic eligibility criterion.

2. Has anyone in the household or persons anticipated to occupy the proposed FTHB Property had ownership (within the past 3 years) or currently has interest in residential property anywhere in the United States, foreign land or country? If no, proceed to

question 3. If yes, STOP here because you do not meet this basic eligibility criterion.

3. Has any adult household member filed bankruptcy in the past and if so has it been at least 2 years since the discharge of that

bankruptcy? If yes, proceed to question 4. If no, it has not been at least 2 years since the bankruptcy was discharged, STOP here because you do not meet this basic eligibility criterion.

4. Has any adult household member had a foreclosure or short sale of real property? If no, proceed to questions 5. If yes, STOP here because you do not meet this basic eligibility criterion.

5. Is your total gross household income, based upon household size, at or below the HUD established Prince William Area Median Income standards at 80% (see Attachment)

For purposes of determining eligibility the income, assets and circumstances of all individuals, persons, families or households currently residing together (whether related by blood, marriage, adoption, or unrelated), and others anticipated to occupy the FTHB Property must be considered. Gross income is defined as all sources of income (before taxes and other deductions) of all household members. Income includes, but is not limited to the following: annual income from employment, plus bonuses, overtime, pay differential, self employment, dividends, interest, pensions, sick pay, disability payments, Social Security benefits, Veterans Benefits, Alimony, Child Support, Public Assistance, Unemployment Benefits, income from Trusts. Interest from assets is added to income in determining eligibility. Interest on assets over $5,000 is imputed @ the HUD determined passbook rate currently 2%. For assets over $5,000, the greater of the actual interest earned, or interest imputed at the passbook rate is included as income. Gross household annual income is projected forward for one year from date of settlement. Actual or anticipated increases in income such as cost of living, merit increases which can be verified must be included.

If your answer to question 5 is yes, proceed to question 6. If no, STOP here because you do not meet this basic eligibility criterion.

6. Can you provide verification of a minimum 1% borrower contribution towards your maximum sales price as determined by your

Lender? If your answer to question 6 is yes, proceed to question 7. If no, STOP here because you do not meet this basic eligibility criterion.

7. The FTHB Program provides between 23% and 33% of the approved Sales Price as determined by OHCD and Lender for downpayment and closing cost assistance, based upon gross household income. You must be able to qualify for a first trust loan from a VHDA approved Lender in order to apply for the FTHB Program. Contact a Virginia Housing Development Authority (VHDA) approved Lender to determine if you have sufficient income and credit to qualify for a First Trust loan at interest rate within 1% of VHDA’s current market rate? VHDA approved lenders can be located at HTUwww.vhda.comUTH click on “Find a Lender”. Ask the VDHA lender to complete the attached Pre Qualification Lender Information Form and submit along with a Good Faith Estimate with your FTHB Program Application Packet. If the VHDA approved Lender determines you have sufficient income and credit to qualify for First Trust financing within the FTHB Program Guidelines proceed to question 7.

If you are Unot ableU to qualify for a First Trust Loan, STOP here because you do not meet this basic eligibility criterion.

8. Do all household adults who will legally share the financial responsibility for the 1st Trust financing and who will occupy the proposed FTHB Property have a “Certificate of Completion” for the required Financial Education and Housing Counseling issued by the Prince William Virginia Cooperative Extension?

If you UdoU Unot U have a “Certificate of Completion” for the Financial Education and Housing Counseling issued by the Prince William

Virginia Cooperative Extension, STOP here because you do not meet this basic eligibility criterion. For appointments and to schedule required Financial Education and Housing Counseling contact Prince William Virginia Cooperative Extension at HTUwww.pwcgov.org/vce/fined UTH or call 703-792-6287. If you were able to proceed through these seven questions successfully you are ready to submit your FTHB Program Application Packet available at HTUwww.pwcgov.org/housingUTH

FIRST-TIME HOMEBUYER (FTHB) PROGRAM Application Checklist

Read Application Instructions carefully. Incomplete Applications will not be processed.

Your Application Packet contains the following: FTHB Readiness Self Check to Include Income Limits Program Guidelines Application Checklist FTHB Application Pre-Qualification Lender Information Form – this form must be completed by your Loan Officer

Complete the FTHB Application for each person currently residing together to include those persons anticipated occupying the proposed First-Time Homebuyer Property. The FTHB Program Application Packet must be signed and dated and submit copies of all required documents for each household member to OHCD.

Copy of Birth Certificates or USCIS Documents to verify legal residency for each person currently residing in the household or others anticipated to occupy the housing unit that may be purchased through the program

Copy of Social Security Cards for all household members Copy of Valid Driver’s license, or other legally acceptable picture ID for all adult household members Copy of current Rental Lease Agreement Copy of Deed of Trust for each property owned and real estate tax statement

Copies of 3 months recent consecutive pay stubs for each job, and each person employed, or Employment Contract for the current year

Self-employed Applicants must have a minimum of two (2) years of self-employment with the same company and in the same line of work. In addition, the following information is required:

o Federal income tax returns (personal, partnership or corporate if applicable) for the most two recent years including all schedules and

o Balance sheets and current profit and loss statements covering the period since the most recent tax return

Current Verification of other household income (child support, alimony, benefits, Social Security, disability, Workman’s Comp, Veterans, Military, Retirement, Pension, Unemployment, etc.) which cannot be older than 6 months

Recent Bank Statements for checking, savings, mutual funds, retirement accounts, stocks, bonds, etc. (3 months consecutive statements or last quarterly which must include verification of minimum 1% borrower contribution of funds)

Copy of Federal Tax returns and W-2s for the previous three (3) tax years for each adult Copies of current tri merge Credit Report(s) which must include all 3 scores for all applicants, spouse or other

household member(s) who will legally share the financial responsibility for the 1st trust financing Credit Reports may be no older than 30 days

Copy of Bankruptcy Discharge Documents Copy of Satisfied Collections/Judgments and satisfactory letters of explanation Pre-Qualification Lender Information Form From First Trust Lender completed by Loan Officer Good Faith Estimate completed by Loan Officer Certificate of Completion of Financial Education and Housing Counseling Program issued by Prince William

Virginia Cooperative Extension for Applicant, spouse or other household member(s) who will legally share the financial responsibility for the 1st trust financing

Completed Homeownership Assistance Program Application Form

The FTHB Program Application Packet must be mailed or hand delivered (Fax not accepted) to: Prince William County Office of Housing and Community Development 15941 Donald Curtis Drive, Suite 112 Woodbridge, VA 22191

FIRST-TIME HOMEBUYER (FTHB) PROGRAM Pre-Qualification Lender Information Form

This form must be completed along with a Good Faith Estimate and return to the Office of Housing and Community Development as part of the FTHB Program Application Packet.

Purchaser(s) Name:

Loan Type: Check Loan Type - First trust financing must be fixed rate or buydown. NO ARM’s, balloons or interest only loans will be approved in conjunction with FTHB Program Loans. Loan Officers should estimate sales price based on the Loan amount the Purchaser pre-qualifies for using FTHB Program Maximum Pre-Qualifying Ratios of 32/37. At Final Loan approval the Qualification Ratios are 32/40. VHDA Conventional FHA VA Fixed Buydown

Sales Price $ Loan Amount $ Base Loan $

Rate Origination Fee $ Discount Points

FTHB Program Funds Requested: Gross Annual Household Income Limits at or below 60% of Area Median Income (AMI see attached chart) FTHB Program Assistance cannot exceed 33% of the Approved Sales Price Gross Annual Household Income Limits above 60% of Area Median Income (AMI see attached chart) FTHB Program Assistance cannot exceed 23% of the Approved Sales Price FTHB recipients are required to obtain the Maximum First Trust Loan subject to the FTHB Maximum Qualifying Ratios

Downpayment $ (Can not exceed 20% to 30% of Approved Sales Price) Closing Costs $ (Can not exceed 3% of the Approved Sales Price) Total FTHB Assistance $

Purchaser’s Gross Total Household Income Used for Qualification: (please state if other household members have qualifying income)

$ gross monthly Name Source of Income $ gross monthly Name Source of Income $ Total Gross Household Income

***Maximum FTHB Ratios 32/40, expanded ratios 32/45 may be considered for approval on a case by case basis, only if purchaser demonstrates ability to pay or save at the higher level. Explain in comments section below. Other Comments: Completed by Name of Lending Institution Date Phone Number FAX Email

Ratios used for Qualification

Desktop Underwriting Ratios: /

FTHB Ratios: / Desktop underwriting ratios do not apply to FTHB Program underwriting guidelines. Credit Score:

PI Taxes Insurance MIP/PMI HOA/Condo Total Housing $ +Debt. Total Debt $ (Includes PITI + monthly debt)

Office of Housing &

Community Development

Dr. A. J. Ferlazzo Building 15941 Donald Curtis Drive, Suite 112

Woodbridge, Virginia 22191-4217

(703) 492-2301 (703) 492-0499 FAX (703) 792-4364 TTY

www.pwcgov.org/housing

First-Tim

e Hom

ebuyer Program

This Publication is the property of Prince William County and may be

reproduced only in it’s original form 09-01-2013

Settlement

An Attorney or Settlement Agency prepares all of the necessary legal documents for the 1st Trust Loan and OHCD will prepare all of the necessary legal documents for the 2nd Trust Lien. These documents are signed at the settlement and complete the transfer of the property from the seller to the purchaser.

After settlement you are the official owner of the property and can move into your own home!

Phase IV: Ratified Contract through Settlement (continued)

Purchaser makes formal loan application with Lender. Upon final loan approval and issuance of Lender Loan Commitment OHCD will be notified and provided required documentation to include the Purchaser Under Contract Lender Form necessary to determine final FTHB Program eligibility. If the first trust loan terms are acceptable to the FTHB Program a final Approval letter will be issued.

OHCD issues Closing Instructions to the Lender and Settlement Agency. OHCD must review a final HUD 1 Settlement Statement 7-10 days prior to closing so FTHB funds can be requisitioned .

Application and Purchase Process

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FTHB Program Applicants are free to work with the lender of their choice provided the lending institution meets Virginia Housing Development Authority (VHDA) lender requirements, and are actively on VHDA’s Approved Lender List, with office located in Virginia.

Purchaser will make formal loan application with Lender to obtain the maximum First Trust Loan for which they can qualify with income/debt ratios not to exceed 32/40. The First Trust Loan must be a VHDA, FHA, Conventional or VA product with No Adjustable Rate Mortgages (ARMs), Balloons or Interest Only.

Sufficient income and good credit are essential in order to qualify for the First-Time Homebuyer Program and a First Trust Mortgage Loan.

First-Time Homebuyer (FTHB) Program provides homeownership opportunities for low and moderate-income persons living or working in the Prince William Area (Prince William County, City of Manassas or City of Manassas Park) with incomes at or below 80% of Area Median Income through the use of federal funding. The Program provides assistance to eligible households for downpayment and closing cost assistance, with maximum assis-tance between 23% -33% of the approved sales price as determined by OHCD and Lender subject to income limits. Escalation Clauses are not permitted under the FTHB Program. All financial assistance is made available to eligible households on a non-discrimination basis subject to the availability of funds.

Open Application Period

During the Open Application Period the First-Time Homebuyer Application Packet will be available on the Prince William County website www.pwcgov.org/housing or call 703-492-2301. Only completed FTHB Program Application Packets will be processed. No FAX or electronic submissions will be accepted.

To begin the process review the Readiness Self Check to determine if you and your household meet the basic eligibility criteria. The application will be screened for preliminary eligibility requirements. If all requirements are met you and all adults in your household along with your Lender and Realtor [Team] will be required to attend a mandatory FTHB Program Informational Session.

Sales Contracts written prior to FTHB Approval are not eligible for funding.

First-Time Homebuyer Program

Loan Qualification

Before You Apply

Phase I: Application Process Applicant must complete the FTHB Program Application and submit all required documentation, including Certificate of Completion for the Financial Education and Housing Counseling and Pre-Qualification Lender Information Form along with a Good Faith Estimate. Only completed applications with all required documentation will be reviewed. Applications will be screened for income and program eligibility by OHCD Staff and provide evidence of 1% borrower contribution.

Phase II: Information Session If all requirements are met you and all adults in your household along with your Lender and Realtor [Team] will be required to attend a mandatory FTHB Program Informational Session. A Certificate of Readiness Agreement will be issued and signed to outline program terms, conditions and authorize search for the home of your choice.

Phase III: Property Selection Based on the Pre-Qualification Lender Information Form you will be advised of the maximum 1st Trust Loan amount based upon your households income and ability to repay. With the assistance of a Realtor you can now locate and write a Sales Contract for a property located in Prince William County or the City of Manassas. Sales Contracts must be in compliance with FTHB Program requirements.

Phase IV: Ratified Contract through Settlement The Ratified Sales Contract, Good Faith Estimate (including 2nd Trust Cost), Purchaser Under Contract Lender Form , Professional Home Inspection and HUD Housing Quality Inspection (HQS) and Amendments pertaining to failed inspection items is submitted to OHCD for review of compliance. Based upon these items OHCD will make a Reservation of FTHB Program funds based upon availability of funds.

First: Complete the FTHB Application Readiness Self Check.

Second: Applicant, spouse or other household member(s) who will legally share the financial responsibility for the 1st trust financing must have a Certificate of Completion of Financial Education and Housing Counseling issued by Prince William Virginia Cooperative Extension. Go to www.pwcgov.org/vce/fined for class schedules and Financial Assessment appointment process.

Third: Make formal loan application with a VHDA Approved Lender to obtain the maximum First Trust Loan for which you can qualify. Lender must complete the Pre-Qualification Lender Information Form and a Good Faith Estimate.

Fourth: Submit complete FTHB Application along copies of all required documentation.

Application and Purchase Process

FIRST-TIME HOMEBUYER (FTHB) PROGRAM APPLICATION

Page 1 of 6

Please print all information clearly, in ink. If an item does not apply to your situation, print "N/A". Make sure you attach copies of all documents requested on the FTHB Application Checklist. Incomplete Applications will be returned. Mail application to OHCD, 15941 Donald Curtis Drive, Suite 112, Woodbridge, VA 22191 For purposes of determining eligibility for the FTHB Program the income, assets and circumstances of all individuals, persons, families or households currently residing together (whether related by blood, marriage, adoption, or unrelated), and others anticipated to occupy the housing unit will be considered, and must meet all program requirements. Therefore, you must list all persons currently residing together and others anticipated to occupy the housing unit which may be purchased through the FTHB Program. All information requested on this form must be reported for each person listed if applicable to their circumstances.

Name(s) and Personal Data for Each Person Currently Residing Together and Those Persons Anticipated Occupying the Proposed First-Time Homebuyer Property:

NAME Last First Middle

RELATIONSHIP DATE OF BIRTH

AGE SOCIAL SECURITY NUMBER

RACE*use codes

below

HISPANICYes/No

Head of Household

11-White 12-Black/African American 18-Black/African American & White 13-Asian 17-Asian & White 14-American Indian/Alaskan Native 16-American Indian/Alaskan Native & White 19-American Indian/ Alaskan Native & Black/African American & White 15-Native Hawaiian/Other Pacific Islander 20-Other

Current Information

Check One: Rent $ Own $ Live with Relatives/Friends Address Phone Street City Zip Have you, or any person, individual, family or household member listed on this application had ownership interest (own, purchase, co-sign on a loan, inherit, etc. regardless of whether they lived there) in a home or other residential property within the last 3 years anywhere in the United States, foreign land or country? Yes No

For Official Use Only Approved Denied OHCD Date and Time Stamp Incomplete Application Returned Date ___________

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Income/Employment Information Provide information for each person currently residing together and those persons anticipated occupying the proposed First-Time Homebuyer Property. Attach copies of 3 months recent consecutive pay stubs for each job and each person employed. Copies of Federal Tax returns and W-2’s for previous 3 years for each adult.

Name of Household Member Position Title Full Time Part Time Employer’s Name Phone Employer’s FAX Employer’s Address Street City Zip Work Site Address if different from Employer’s Street City Zip $ Monthly Semi-Monthly Bi-Weekly Weekly

Income/Employment Information


Income/Employment Information


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Other Income Attach copies of income verification. Provide information for each person currently residing together and those persons anticipated occupying the proposed First-Time Homebuyer Property. Attach additional sheet if additional space is needed.

Specify Source Child support received Unemployment Benefits, Alimony, Regular Gifts or Payments, Social Security, SSI, Veteran’s Benefits, Disability, Pension/Retirement, or Other. Source Person Receiving Annual Gross Amount $ (before tax) Source Person Receiving Annual Gross Amount $ (before tax) Source Person Receiving Annual Gross Amount $ (before tax) Source Person Receiving Annual Gross Amount $ (before tax)

Assets Assets are cash or non cash items which can be converted to cash. Provide information for each person currently residing together and those persons anticipated occupying the proposed First-Time Homebuyer Property. Attach copy of recent statements (Attach additional sheet if needed)

Specify Type Cash on hand, Checking, Savings, Employer Retirement Account, 457, 401, IRA, Stocks, Mutual Funds, Bonds, or Other. $ Name on Account Bank/Account Name & # Type (Checking/savings) Current Balance $ Name on Account Bank/Account Name & # Type (Checking/savings) Current Balance $ Name on Account Bank/Account Name & # Type (Checking/savings) Current Balance $ Name on Account Bank/Account Name & # Type (Checking/savings) Current Balance $ Name on Account Bank/Account Name & # Type (Checking/savings) Current Balance Life Insurance Policies $ Name on Policy Company Face Value $ Name on Policy Company Face Value $ Name on Policy Company Face Value Property Owned This includes Time Shares and all real estate of all types Attach copies of Property Tax Statements, Deed of Trust and Legal Documents for time shares. $ Name of Owners Type of Property Address Street City Zip Current Value $ Name of Owners Type of Property Address Street City Zip Current Value $ Name of Owners Type of Property Address Street City Zip Current Value

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Liabilities Provide information for each person currently residing together and those persons anticipated occupying the proposed First-Time Homebuyer Property.

Installment Accounts ( credit cards, auto loans, etc) Type of Account

Account Number

Balance Owed

Monthly Payment

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

DO YOU PAY ALIMONY OR CHILD SUPPORT? If yes, list monthly amounts

$

Other –Explain

$

$

Rent Payment

$

Declarations The following questions refer to each person currently residing together and those persons anticipated occupying the proposed First-Time Homebuyer Property. Check appropriate answer. Are persons listed on this form U.S. citizen, U.S. non-citizen nationals, or qualified legally admitted aliens with valid USCIS documents? Attach copies of birth certificates and USCIS documents.

Yes No

IF NO, explain:

Has anyone filed bankruptcy in the past seven years? IF YES, attach copy of discharge documents, and letter of explanation.

Yes No

Is anyone currently delinquent on any Federal debt or any other loan?

Yes No

Are there any outstanding judgments or collections against anyone? IF YES, attach copy of judgments, and letter of explanation.

Yes No

Is anyone obligated to pay alimony, child support? Who?

Yes No

Has anyone had property foreclosed upon? If yes, who? When

Yes No

Has anyone disposed of any property at less than fair market value in the past two years?

Yes

No Is anyone a co-maker or endorser on a note?

Yes No Are you currently on the Section 8 Rental Assistance Program?

Yes No

Is anyone a party to a lawsuit? Yes No

Have you already written a contract on a house to purchase?

Yes No

Have you listed all occupants currently residing with you, and others anticipated to occupy the housing unit, and their income? Yes No (If no please explain why?) If only one of the listed adults will be responsible for the first trust financing, please explain why.

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Certifications for the First-Time Homebuyer (FTHB) Program Each adult listed on the Application must read, sign and date certifying the following:

The signatures below certify our understanding that for purposes of determining eligibility for the First-

Time Homebuyer (FTHB) Program the income, assets and circumstances for all individuals, persons, families, household currently residing together (whether related by blood, marriage, adoption, or unrelated), and others anticipated to occupy the housing unit will be considered, and must meet all program requirements. We certify that we have listed all persons currently residing together, and others anticipated to occupy the housing unit which may be purchased through the FTHB Program. We certify that we have provided all information requested on this application form for each person listed as applicable to their circumstances.

The signatures below certify that all information provided on this application form, and all information

furnished in support of this application, is given for the purpose of obtaining assistance through the FTHB Program, and is true and complete to the best of our knowledge and belief.

The signatures below further certify our understanding that any intentional misrepresentation of

information provided on this application form, or in support of this application is a Federal crime punishable by fine or imprisonment, or both under the provisions of Title 18, U. S. Code and will result in denial of assistance through the FTHB Program, or repayment of assistance received through the program.

The signatures below acknowledge that this application is a request for assistance through the FTHB

Program, and does not constitute approval or acceptance by the Prince William County Office of Housing and Community Development.

The signatures below hereby authorize employees of the Office of Housing and Community

Development, or it's agents to contact any person, business, employers or organizations listed in this application for purposes of determining eligibility for the FTHB Program.

The signatures below hereby authorize employees of the Office of Housing and Community

Development, or its agents, to discuss and provide all documentation of Applicant’s information with agents of lending institutions participating in the FTHB Program for purposes of obtaining a mortgage loan.

The signatures below certify our understanding that if awarded, The FTHB Program will not be

subordinated at anytime during the deferral period to a Home Equity Loan, other loan, or refinances of the first loan that result in removal of equity from the property for any reason (i.e. cash, loan consolidation, debt repayment, home improvements, education expenses, etc.)

The signatures below certify our understanding that the household must be income eligible up to and

including the day of settlement. We agree to report all changes in our incomes within five days of our notification of any change. When determining eligibility, OHCD projects income forward which means pay raises, bonuses, overtime, and pay differential, may result in ineligibility as this is updated until date of settlement of the property. Interest from assets is added to income in determining eligibility. Interest on assets over $5,000 is imputed @ the HUD determined passbook rate. For assets over $5,000, the greater of the actual interest earned, or interest imputed at the passbook rate is included as income.

The signature below certifies our understanding that if approved for purchase through the FTHB

Program the property will be maintained as the households’ primary and exclusive place of residence and that the property may not be rented to a third party. Therefore the property must be owner occupied at all times.

The signature below certifies our understanding that if the property purchased through the FTHB

Program is not longer used as the primary residence; transfer or change of ownership, sale of property, property rented to third party, refinanced for cash out or other violations of the Deed of Trust then the full amount of the FTHB Program Lien will become due and payable plus a Shared Market Appreciation.

ONLY COMPLETED APPLICATIONS WITH ALL VERIFICATIONS REQUESTED & CREDIT REPORTS WILL BE REVIEWED - INCOMPLETE APPLICATIONS WILL BE RETURNED. Confirm that you have included copies (do not send originals) of all documents required in connection with this application by completing the List Application Checklist. All Adults are required to review the contents of this application for accuracy and completeness and sign and date:

Head of Household Date Other Adult Household Members Date Other Adult Household Members Date Other Adult Household Members Date Other Adult Household Members Date

FTHB Application 7-1-11

Page 6 of 6

PRINCE WILLIAM AREA

2014 MEDIAN INCOME TABLES

Effective December 12, 2013

Extremely Low Income - Gross household income 30% area median income (AMI), adjusted for household size per the following table:

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person $22,500 $25,700 $28,900 $32,100 $34,700 $37,250 $39,850 $42,400

Low Income - Gross household income 50% area median income (AMI), adjusted for household size per the following table:


60% Income - Gross household income 60% area median income (AMI), adjusted for household size per the following table:

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person

Moderate Income - Gross household income 80% area median income (AMI), adjusted for household size per the following table:


Jurisdictions covered by these income limits include the following: Arlington, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, and Stafford County, and the Cities of Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas and Manassas Park in Virginia; Washington, D.C.; and Calvert, Charles, Frederick, Montgomery, and Prince George's County in the State of Maryland. Median family income estimates are available at HUD’s internet site: http://www.huduser.org/portal/datasets/il/il2014/2014summary.odn Median Family Income for Washington Metropolitan Area is $107,000.

Income Levels

http://www.huduser.org/portal/datasets/il/il2014/2014summary.odn

Virginia Cooperative Extension Prince William

8033 Ashton Avenue, Suite 105 Manassas, Virginia 20109-8202

WHAT IS THE VIRGINIA COOPERATIVE EXTENSION (VCE) FINANCIAL

EDUCATION & HOUSING COUNSELING PROGRAM?

Whether you are thinking about buying your first home, are experiencing financial hardship, need information about tenant rights, or you just want to learn how to manage your money better, VCE has an opportunity for you. Monthly workshops in personal finance and first-time homebuyer education seminars are available throughout the county. An individual financial assessment can get you started on the road to effective money management. Foreclosure prevention and reverse mortgage services are provided in confidential sessions with a Certified Housing Counselor. VCE is a joint program of Virginia Tech, Virginia State University, U.S. Department of Agriculture, and state and local governments. VCE programs, activities, and employment opportunities are available to all people regardless of race, color, sex, disability, age, veteran status, national origin, religion, or political affiliation. We are an equal opportunity/affirmative action employer.

Financial Education

and Housing Counseling

Program

January 2014

CANCELLATION POLICY: If Prince William County Schools close due to weather or other events, VCE activities will be cancelled. Visit www.pwcs.edu for notice of closures or cancellations. Inclement weather postings will be made the day of class @ 703-792-8082. REFERRING AGENCY REQUIREMENTS: If you are attending an event to meet partner agency requirements, please bring the notice of completion from the referring agency for the Instructor to sign.

First-time Home Buyer or Housing Assistance Program certificates will be issued upon completion of all required activities.

If you are a person with a disability and require auxiliary aids, services or other accommodations to participate in any of these workshops, please notify VCE five days before an event. Call: 703-792-4765 / TDD PC 1-800-828-1120

VCE Prince William is an approved Local Housing Counseling Agency through the Office of Housing and Urban Development (HUD). VCE is affiliated with the Virginia Housing Development Authority (VHDA) and the Prince William County Office of Housing and Community Development. VCE formally adopted the National Industry Standards for Homeownership Education and Counseling.

EDUCATION

BUDGET

COUNSELING

HOME

PLAN

VCE Financial Education and Housing

Counseling Program

Valuing integrity, people, and the delivery of

quality services!

Help us go GREEN and save more than just a tree! To receive eNotifications by electronic mail

register at www.pwcgov.org/eServices/eNotifications

Note: Meetings with VCE staff are never reported to credit bureaus or other credit reporting agencies. We have an established policy on confidentiality. We do not sell or

endorse any products or services.

Interested in volunteering? VCE is able to offer many of its activities due to the VCE is able to offer many of its activities due to the VCE is able to offer many of its activities due to the tireless contributions of our volunteers. If you would tireless contributions of our volunteers. If you would tireless contributions of our volunteers. If you would like to join the VCE team, call 703like to join the VCE team, call 703like to join the VCE team, call 703---792792792---4765 or email 4765 or email 4765 or email [email protected]. Training is [email protected]. Training is [email protected]. Training is provided.

Virginia Cooperative Extension programs and employment are open to all, regardless of

race, color, national origin, sex, religion, age, disability, political beliefs, sexual orienta-

tion, genetic information, marital, family, or veteran status, or any other basis protected

by law. An equal opportunity/affirmative action employer. Issued furtherance of Coop-

erative Extension work, Virginia Polytechnic Institute and State University, Virginia State

University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director,

Virginia Cooperative Extension, Virginia Tech, Blacksburg; Jewel E. Hairston, Adminis-

trator, 1890 Extension Program, Virginia State, Petersburg.

HOME OWNERSHIP SEMINAR Make your first-time home buying experience successful by being informed about the process and responsibilities of homeownership. Examine the home buying process starting with pre-purchase planning and understanding credit. Learn how to choose the right mortgage type, find a real estate agent you can trust, benefit from a home inspection and select a closing agent. Seminars are held on Saturday; lunch break included; feel free to bring snack/drink. A VHDA certificate is issued at the completion of the Home Ownership Seminar.

Financial Education & Housing Counseling Program

SMART MONEY MANAGEMENT Get back to basics and improve your money management skills. During this workshop you will:

Examine your spending habits

Realize the importance of setting financial goals

Learn how to determine net worth and cash flow

Understand how to manage credit and debt Discover the steps involved in establishing a

spending plan

HOUSING COUNSELING Individual counseling is available in conjunction

with workshops and seminars.

Foreclosure prevention services assist borrowers with loan modification, repayment plan, short sale or deed in lieu of foreclosure.

Certified Home Equity Conversion Mortgage (HECM) Counselor on staff to provide reverse mortgage counseling.

Post-purchase counseling available to new home buyers.

For Housing Counseling call: 703-792-4713 or email:

[email protected]

REGISTRATION Select a convenient class and location

Email your name and selection to: [email protected] or

Call 703-792-8082 to leave a message with your registration information

Except where noted, locations are as follows:

SUDLEY NORTH McCoy Conference Room

7987 Ashton Avenue Manassas, VA 20109

FERLAZZO Leesylvania Conference Room

15941 Donald Curtis Drive Woodbridge, VA 22192

ATTENDANCE POLICY

Please be courteous and arrive on time

If you arrive more than 15 minutes after the start of an activity, you may not receive credit for attendance

If you are unable to attend, please notify VCE

No-shows may be subject to a 30-day wait to register for additional activities

FINANCIAL ASSESSMENT CLINIC Find out where your money goes, plan for significant life changes, compute your net worth and determine your cash flow. Meet one-on-one with a counselor to examine your income, expenses, assets and debt. To-gether, you will develop a plan of action to reach your goals. Financial Assessments are conducted by appoint-ment on Thursday evenings at 7:00 p.m. Call 703-792-4765 to schedule an appointment

Am I Ready to Buy a House? Learn what’s really involved in buying a house and whether you’re ready for the responsibility. This workshop will help you discover:

The importance of establishing a spending plan

The monthly payment that fits into your budget

The sales price that’s affordable for you

The costs associated with pre-approval

The effect of your credit history on your ability to qualify for a loan

HOMEBUYER CLUBHOMEBUYER CLUBHOMEBUYER CLUB If you’re serious about buying a house but have some barriers to overcome, join the Homebuyer Club. Each month, industry professionals from your community will provide information related to homeownership with the goal of obtaining loan approval within 14 months. You will also have the opportunity to meet individually with a Housing Counselor to work on specific issues. Enjoy a meal, share ideas with others in the club, play games and win door prizes as you become an informed homebuyer!

RENTAL WORKSHOP Learn about your rights and responsibilities under the Virginia Residential Landlord Tenant Act. Protect your rights by becoming educated about the legal eviction process. This workshop will highlight:

Tenant rights

Tenant responsibilities

Landlord responsibilities

Lease agreements

Lease violations

The eviction process

Tenant remedies

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