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Frequently Asked Questions

How can I qualify for an NHS 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?

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
NHS loan products require a minimum of $500 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, the income limits are 100% of median income (family of 4 - $53,600). NHS' 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 NHS purchases prior to settlement and can help you determine your level of readiness. You can find out more by calling the NHS office at 570.558.2490.