The FirstHOME Program requires that all parties to the mortgage be owner-occupants and that the incomes of all, including co-signers, be included in the calculation of income eligibility for buyer assistance.
Participation in the program is available to all legitimate lenders, especially lenders who may be working with “emerging market” clientele.
Ramsey County staff work with the lender who is responsible for evaluating client eligibility, verifying household income, etc., working with the buyer and title company to assure that program requirements are addressed, and making documentation available for review by FirstHOMEProgram staff, HUD and related designees.
Lenders may reserve funds on behalf of eligible buyers for up to 60 days while they look for a house.
Lenders should complete and forward the Check Request Form at least 14 days prior to the scheduled closing date. Checks are typically issued to the title company. If there is not enough time before closing, lenders may need to arrange to pick up the check or “front” the FirstHOME assistance.
Forms may be sent electronically, especially the appraisal and longer documents.
Prior to issuing a FirstHOME check, the file must include:
Reservation /Application and the HUD 1003.
Declaration of Household Income – IRS 1040 Qualification.
FirstHOME Disclosure and Certifications.
Buyer-Seller Voluntary Transaction Certification.
Copy of the property appraisal.
Copy of the property inspection conducted by an approved inspector.
On closing, the lender is responsible for assuring that the title company forwards the original note, final settlement statement, warranty deed and a copy of the recorded second mortgage to FirstHOME staff.
FirstHOME program documents should be sent to:
Ramsey County Community and Economic Development
15 West Kellogg Boulevard
Saint Paul, MN 55102
Fax: (651) 266 8039