Our Own Home

              Our Own Home aims to help people with blem-ished
credit or little credit history get a conven-tional
mortgage. The State Treasurer’s Office
partners with banks, credit unions, and savings
and loans and pledges 10 percent of the loan
value to the financial institution. Think of us as
an insurance policy for
the bank and a credit
enhancement tool to you.
We want to give the bank
the reassurance they need
to make the loan and
make you, the customer, as attractive a prospect
as possible.
We can also help people refinance an existing
mortgage if payments have been missed for cir-cumstances
beyond their control: job loss, exces-sive
medical bills, layoffs, divorce, etc. You can-not
refinance your loan just to get a better rate.
You must be at least one month in arrears, but
the actual number of missed payments the bank
can refinance is entirely up to the bank.
Remember: each bank has its underwriting
guidelines which Our Own Home tries to help
you meet. The bank will review your credit, dis-cuss
loan products with you, establish your inter-est
rate, set your loan terms, determine the type
of loan most
appropriate for
your individual
circumstances, etc.
STEP 1
Contact us to find a homeownership counseling
agency to determine if homeownership is right for
you. They can provide “pre-purchase counseling”
to familiarize you with the homebuying process.
To get ready for this step, make sure you request a
free copy of your credit report from Experian,
Equifax, and TransUnion.
STEP 2
If you feel you meet the program guidelines, call
one of our participating lenders and make an
appointment to talk to a mortgage specialist.
STEP 3
At that appointment, be prepared to provide
information about your job history, proof of
current salary, statements for all bank accounts
(checking, savings, certificates of deposit, money
markets, IRA, and 401K), etc. Your credit report
will also be reviewed. Ask the bank what other
types of information they will need from you.
STEP 4
If you qualify, the bank will begin the mortgage
loan application process and the Our Own Home
application will also be filled out. Your loan still
needs to be approved by the bank’s loan depart-ment.
STEP 5
Your bank will notify you of its decision. If
approved, the bank will contact you directly to
discuss the mortgage loan details.
What Is “Our Own Home”? How Does “Our Own Home” Work? How Can I Qualify?
Each bank has unique loan underwriting guide-lines.
We hope that using the Our Own Home
program will help you meet the financial and
creditworthiness guidelines of each bank. Because
each bank has its own rules, some banks might be
more flexible in their guidelines and thus a better
fit for your mortgage loan needs. If one of our
partners isn’t able to help you, you might get a
different answer from another participating lender.
In addition to the guidelines your bank has estab-lished,
you must meet the following requirements
within the Our Own Home program:
• You cannot qualify for a conventional mortgage
(e.g. - blemished credit, condition of the property,
etc.).
• You must live in the home that you purchase or
refinance.
• Maximum household income for the loan
applicant(s) is $75,000.
• Home value must not exceed county home
median value (log on to www.ourownhome.net
or call 1-888-803-4663 to check median values
by county).
To qualify for a refinance:
• You must be at least one month in arrears in
addition to the above requirements.
• You must demonstrate the missed payments
were due to circumstances beyond your control
(e.g. - job loss, excessive medical bills, layoffs,
divorce, etc.).
• You must also demonstrate you have the ability
to start making payments again.
“Think of us as an
insurance policy
for the bank and
a credit enhance-ment
tool to you.”
“Remember: each bank
has its underwriting
guidelines which Our
Own Home tries to help
you meet.”
“It’s great to know that this program is helping people say, ‘Welcome to my home.’ ”