Mortgage Pre-qualification :
We think it makes sense to get pre-qualified for a mortgage before taking on the eligibility worksheet. Getting pre-qualified is a quick process that can usually be accomplished over the phone. Any mortgage broker or your personal banker can probably do it for you, though we recommend Alan Smith at Vision Mortgage: (609) 238-0277. Why get pre-qualified? It motivates you to complete the application if you do qualify, and saves you hours of work if you don't.
Getting income certified in doesn't guarantee you a mortgage. Mortgage approval depends on your credit rating, other fixed commitments (such as student loans, alimony, or child support payments), and your income. While being prequalified doesn't guarantee you'll get a mortgage commitment, it does increase the odds substantially.
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Suggestions for filling out the worksheet:
- Before you go to the trouble of filling out the eligibility worksheet, you probably want to get pre-qualified for a mortgage first. (see box to left).
- Several of the affidavits in the worksheet need to be notarized. Make sure you sign the pages in the presence of the Notary. HHG will notarize these pages at no charge if you make an appointment to drop off your application. Make sure to leave the signature blank until you meet with us, and bring ID. Everyone required to sign the document (i.e. yourself, and your spouse) must be present to sign them in the presence of the Notary.
- When providing bank statements for the income verification sections, you need to provide copies of statements that show the bank account and account holder's name. Many statements printed online are NOT acceptable, unless they are PDF facsimiles of the paper statements.
- There's no point in mailing an application that isn't fully complete. You're much better off holding onto the application until it's done.
- Make sure you keep a copy of the Eligibility Worksheet and all supporting documents. When you're approved and go to apply for a mortgage, you'll need to give the mortgage broker much of the same information, so it will save you a lot of extra work if you keep a copy.
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What is the process for applying? Anyone who purchases a deed restricted affordable home must prove that their family income does not exceed the income limits established for the property. This process, called income certification, is managed by HHG (the developer of Trenton Ferry) working in conjunction with the Housing Affordability Service, an office of the NJ Housing Mortgage Finance Agency. You will need to complete an application called the "eligibility worksheet", and return it along with the required documentation which includes such items as tax returns, bank statements, etc. You must submit the application on paper to HHG. We will review it for completeness, and when complete, submit it to HAS. DO NOT submit a worksheet directly to HAS, as this could delay completion of your application.
