Single Family Homeownership Programs
Frequently Asked Questions about the Single-family Homeownership Program:
Q: What is the first step I should take if I would like to buy a house from the Greater Metropolitan Housing Corporation (GMHC)?
A: Call GMHC's Marketing Representative, Paul Sigurdson, Counselor Realty, 612-723-2502, to receive a list of available homes, or view our current listings on this site. Once talking with Paul, you will be provided with a Pre-qualification form to assist in determining your affordability for house payments and credit situation.
Q: What if I have some past credit issues?
A: There are several options. We have lenders that use alternative credit programs at reasonable market rates. There may be certain requirements that you pay off some old accounts or re-establish good credit. The important thing is to get started by filling out and sending in the Pre-qualification form. That way, you can be set up on a game plan that will lead you to owning a home!
Q: Are there income limits on purchasing a home through GMHC?
A: Yes. Depending on the housing program, your income and family size can affect your qualification to buy. This is because there are publicly funded housing monies used to build the homes. Again, please submit the Pre-qualification form to find out your qualifications.
Q: How much money do I need to have for down payment and closing costs? I don't have a lot of money.
A: There are down payment and closing costs assistance loans available to get you in for as little as $1,500 - $2,000 cash out of your pocket. In addition, there are 2nd and 3rd mortgage programs available on some of the properties, (Gap loans and Affordability loans) to allow you to buy a home for an amount higher than you are qualified for. Paul is an expert in evaluating your unique situation and finding a solution that will lead you to owning a home.
Q: What if I have already talked to a mortgage company and am already in the process of getting qualified?
A: Congratulations, you've got the ball rolling! Credit reporting agencies allow you to "shop" for a mortgage without being penalized for having more than one credit check done. We want you to get the best possible mortgage to fit your needs. When you send the completed Pre-qualification form back, please include the name and phone number of the mortgage representative you have talked to. We can compare the mortgages and help you determine which mortgage is the best deal for you.
For the past 30 years, GMHC has built high-quality affordable housing that has helped hundreds of people attain their dream of owning a home of their own. We are very interested in helping you with that goal, and appreciate your cooperation in submitting your financial information when requested.