1.  How do I know if I am eligible for this grant?

 

   To be eligible for this grant you must be a permanent city employee who have             passed his/her six month probationary period and is                                        

    purchasing a home in the specific or general target area.

 

2.  How do I know if my application was approved?

 

    Once you submit an application,  you will receive a letter notifying you that your are pre-

    approved for the grant pending on the documents you must submit.

 

3.  I received a notification that my application has been pre-approved, now what

    do I do?

 

     This is a very important step and if you miss this, it can jeopardize your chance of

     receiving this grant.  Now that you know you are pre-approved, you or your

      lender must submit the following information to Human Resources:

     (This can be in a form of a prelimary closing cost statement that has all of the

     following information)

 

1. The name of the City employee approved for the mortgage

2. The address of the property being purchased

3. The cash amounts required for prepaid and closing costs

4. The cash amount to be applied to a down payment

5. The date of the closing

6. Name of the title Company

7. Name and address of title company

 

4.  I have submitted all the required documents.  How soon can I receive the

     awarded grant?

    After submitting your documents, please allow at least two weeks for processing.  It is

    your responsibility to follow up with HR and your lender to make      sure they do not

    need any additional information from you.  You will then be notified when the check is

    being processed and when it is ready for you to pick up. 

 

5.  Will they issue the check to me or the lender?

     The check will be issued to your title company reflecting the awarded grant.  You will have to pick up the check at the HR Department to bring with you at closing.

 

6.  Will I need to submit any additional documents after closing?

     Yes.  Within 30 days of closing, you must submit copies of final closing papers to

     Human Resources.  You must also file an Affidavit of Homestead  Exemption within

     90 days of closing.