1. HP Applicants will complete a City of Shasta Lake
. Homebuyer Program Interest Form
This will enable housing staff to quickly review preliminary information.
2. Program Staff will mail a complete application packet including the: Application Instructions, Housing Application, & Required Document Checklist
3. Only original applications and all supporting documentation will be accepted. If the application is incomplete or the applicant is deemed ineligible, a letter will be sent to that effect.
4. All HP applicants must complete a First Time Homebuyer Seminar prior to close of escrow. Program Staff will provide a authorization certificate and schedule to the applicant at the eligibility interview.
5. If the applicant is determined eligible, a meeting between the applicant and program staff will be scheduled and an eligibility letter will be provided to the applicant. The eligibility letter is not a loan commitment. When the eligibility letter is issued, the applicant may enter into a contract to purchase a home contingent on receiving first mortgage and HP financing. No purchase contracts dated prior to the eligibility letter will be accepted.
6. The applicants Real Estate agent and Lender will carefully review the checklist for lenders and RE agents
, to properly find a home that will conform to the program guidelines. Once a purchase agreement is executed, RE and/or HP Applicant will forward a copy of the executed purchase agreement to Program Staff. All homes must pass a Code Compliance Inspection. This inspection is provided by the City and is no charge to the applicant.
7. Program Staff will provide RE Agent and Applicant a letter of all items that will need to be received prior to loan committee. These items must be completed in a timely manner.
8. Loan Committee meetings are schedule on an as need basis. Following HP loan approval, HP loan documents and escrow instructions will be sent to the title company. The executed documents must be received back to the HP Program Staff for review prior to release of funds.