FLOW CHART

SECTION 8 HOMEOWNERSHIP PROGRAM

NOTE: SHHP must have all the paperwork (underlined below) in order to make a mortgage payment on behalf of homebuyer.

• Housing coordinator briefs person/family interested in homeownership.
• Interested family fills out pre-qualifying and income/assets/obligations forms and returns to SHHP.
• SHHP reviews submitted forms to determine eligibility.
• If eligible, SHHP sends recipient/housing coordinator a Certification of Section 8 Homeownership Eligibility, program guidelines, Statement of Homeownership Obligations and a list of homeownership counseling agencies (applicant or housing coordinator may check CHFA homepage at www.colohfa.org for up-to-date counseling list).
• Family signs and returns Statement of Homeownership Obligations and Certificate of Eligibility to SHHP.
• Homebuyer takes required homeownership counseling classes from CHFA approved agency; on satisfactory completion of homeownership counseling course, coordinator/homebuyer sends SHHP a copy of the homeownership counseling certificate.
• Homebuyer begins preliminary discussions with real estate professional and lenders after classes have been successfully completed.
• Coordinator/homebuyer provides necessary income and other documentation to CHFA-approved HomeAccesslender for this program (i.e., Citywide Financial – Anne Lovett 303 365-4055; Commercial Federal – Jennifer Barta 303 202-5328; and US Bank – Norma Andersen 303 331-1088.)
• Lender pre-approves the homebuyer based on documentation required by lender.
• Homebuyer continues working with real estate professional to find home; makes an offer on the home - offer is accepted.
• Homebuyer and lender make formal HomeAccess loan application to CHFA.
• Homebuyer contacts professional home inspector to conduct inspection.
• Homebuyer sends completed inspection report to SHHP; SHHP reviews/approves inspection report.
• Homebuyer/coordinator sends a Section 8 utility allowance form based on new home utility requirements to SHHP.
• Lender submits Good Faith Estimate of Settlement Costs to SHHP.
• SHHP prepares final payment standard calculation and submits to lender
• Housing Quality Standard (HQS) inspection completed by housing coordinator NOTE: This MUST be completed prior to homebuyer taking occupancy of home. Housing Coordinator sends copy of HQS inspection to SHHP. Home must pass HQS.
• Homebuyer closes on home.
• Coordinator/homebuyer sends copy of contract of sale to SHHP.
• SHHP and homebuyer begin mortgage payments.