Step 1 – Get Pre-Approved By A Lender

Complete a HUD certified workshop, find a house, and make an offer! This is all to be done before submitting a FTHP Application.

Step 2 – Complete and submit the FTHP Application

Once you have received a pre-approval letter from your lender.

Step 3 – Conditional Approval

As soon as your eligibility has been confirmed, Charaliz Isaac at the Brockton Redevelopment Authority will issue a conditional letter of approval and contact you with the next steps, including scheduling of the HOME inspection.

Step 4 – HOME Inspection

The HOME Investment Partnerships Program (HUD) requires a HOME inspection of the home to certify that the property meets HUD’s quality housing standards. The fee for this inspection (typically $300) will be deducted from the City’s loan amount.

At a minimum, the home must meet all applicable Federal, State, and local housing quality standards and code requirements, and the home must not contain any specific deficiencies as those proscribed by HUD in the Uniform Physical Condition Standards inspection procedures as pursuant to 24 CFR 5.705.

You will be provided with a copy of the inspection report. If the property does not meet HOME condition standards, repairs will need to be completed before the City can issue the loan. After the repairs are made, we will re-inspect the property to certify that the repairs were made.

Properties built prior to 1978 must be visually assessed to identify and stabilize deteriorated paint.

Step 5 – Underwriting

Preliminary commitment letter sent to buyer offering conditional approval contingent on satisfactory FTHP inspection. *NOTE: Borrower must have 1.5% of their own funds going toward transaction. If earnest money does not cover this, include amount they must bring to the closing as a contingency in order to satisfy this requirement.

Step 6 – BRA Final Approval

Final commitment letter to Buyer with copy to NHS authorizing NHS to disburse funds on behalf of the BRA. Closing documents to be sent to closing attorney forsignature by Buyer at the closing. NHS will forward their Mortgage and Note to BRA so they can send everything together to closing attorney.

Step 7 – FTHP Disbursement

NHS to disburse the authorized FTHP loan amount to the participant. NHS will advance FTHP loan amount to buyer and will invoice the BRA for reimbursement.

Step 8 – File Completion

Lender is to send Closing Disclosure and Loan Commitment Letter to the BRA. Then this is done, the closing attorney and/or lender is to provide the BRA with all BRA/FTHP recorded HOME Mortgage and signed Note.

Step 9 – Enjoy your new home!

Ready to make your move?

While these are the most common steps people take when buying a house in Brockton, Massachusetts using their down payment assistance program. Whether you’re knee-deep in the home buying process already, about to begin looking, or have further questions about how buying a home works, reach out to us for more information.