How can I qualify for an SNHS loan?

CREDIT HISTORY 
Many people have experienced some minor and even some not-so-minor credit problems in the past. One important thing to consider is if you have made good on your past and present financial obligations. Sometimes a loss of work or a medical emergency will create a situation of high debt and late payments. Have you brought those payments current and made your payments in a timely manner since then? Sometimes people make the mistake of thinking not having a car payment or credit cards will prevent them from getting a loan. Not so – there are ways of documenting “non-traditional” positive credit, like the on-time payment of rent and/or utility bills. 

WORK HISTORY 
Typically, the guideline is two years of employment in the same field. This means a logical job change would be acceptable, as long as it is in the same general field of employment. If you have recently graduated from school and your employment is in the same field as your training, that could also be acceptable. 

DOWN PAYMENTS 
All SNHS loan products require a minimum of $1000 down from the purchaser. Depending on income/type of loan, it can be as much as five percent of the amount financed. The borrower is required to document where the down payment funds are coming from. 

INCOME LIMITS 
Generally speaking, there are no income limits. SNHS’ loan products are designed to serve a culturally and economically diverse customer base to achieve neighborhood revitalization. Only a limited number of special programs are income restricted. 

WHAT ELSE DO I NEED TO KNOW? 
These are general guidelines to help assess your readiness to purchase a home. Other variables, such as how much debt you already have, will affect your ability to qualify for financing. A great way to learn more is to sign up for Home Buyer’s Training classes. Completion of these classes is required of all SNHS purchases prior to settlement and can help you determine your level of readiness. You can find out more by calling the SNHS office at (410) 543-4626 and speaking to Jane Hoy.