HomeStretch Affordable Homeownership

HomeStretch is a region housing development organization that serves the counties of Antrim, Benzie, Grand Traverse, Kalkaska, and Leelanau. The prospective homebuyer must live or work in one of the five service area counties, have an income that is equal or less than 80% of the area median income, not currently be a homeowner, and qualify for a conventional mortgage.

Application Process:

If you would like to purchase one of HomeStretch’s high quality homes, you must first review the qualifications. Be sure your total household income does not exceed the limit for your household size and that you meet the eligibility requirements listed. Please fill out the Home Purchase Application and all of the MSHDA forms. You can review the qualifications and print the application and other forms on the HomeStretch website (listed below) under “Qualifications” and “Home Purchase Application”.

The entire application process has been changed due to new directives from MSHDA and HUD. The forms, sequence of application processes, and verification requirements have all be revamped, so be sure to read the new directions and use the new forms.

Once you have the forms, complete them as quickly as possible. The Home Purchase Application is to be completed by the applicant/co-applicant. The MSHDA forms need to be completed according to the directions on each form. Be sure all adults in the household sign the Authorization for Release of Information and Privacy Act Notice and provide their Social Security number. Each adult member of the household will also need to complete and sign the MSHDA Checklist and provide verification of any “Yes” answers. The date on the Checklist is critical. The application and any other forms must be dated on the same day or after the date on the Checklist. Complete only the top portion (Section A) of the MSHDA Verification of Earnings and Verification of Resources forms. If there is more than one wage earner or account, if you have more than one job, or have accounts at more than one institution, print or copy enough forms as we must have a form for each employer and/or financial institution. Be sure the wage earner and/or account holder signs the form in the appropriate place. You must provide a fax number and contact person for each Verification of Earnings and Verification of Resources form. New derivatives dictate that HomeStretch must send the forms directly to your employer(s) and financial institution(s). You may not take the form to be completed or pick it up afterward. However, you may wish to advise your Human Resources contact to expect the form and ask that they return the form quickly.

Once you have all of the forms complete, mail, fax, or bring the forms to the HomeStretch office. The office is located at:

3104 Logan Valley Road
Suite 300
Traverse City, MI 49684

The fax number is (231) 947-6258.

HomeStretch will review the applications and verifications forms for completeness, compliance with earning and resource limits, and other criteria. Eligible and qualified applicants will have their names added to the Homebuyer Waiting List. You will be notified of your place on the list and asked to contact our Sales Facilitator to being the purchase process. HomeStretch will be there to help you every step of the way to make sure your homebuying experience goes as smoothly as possible.

Waiting List:
The Waiting List is comprised of those who have applied and who pass a preliminary screening for qualification and eligibility.

Homebuyers on the Waiting List are expected to be actively preparing to purchase a home. This could include clearing up credit, obtaining a pre-approval for a mortgage, attending pre-purchased classes and saving for a down payment, so that they will be able to make immediate advantage of the opportunity to purchase a home when their name is reached. Many issues, especially credit issues, can take six months to a year to clear up, resulting in dissapointment when a potential homebuyer has to pass on an opportunity to purchase a home due to the length of time necessary to obtain financing. It is hoped that a Waiting List will encourage potential homebuyers to take the necesary steps to ensure they will be ready when a home is available.

The order of the Homebuyer Waiting List was established in a random drawing of all timely and qualified applicants from the initial application window for Carlisle and Midtown homes. All subsequent applications were reviewed and those which passed the preliminary screening for completeness and eligibility were placed at the bottom of the list in the order in whcih the applications were received. We will continue to take applications until further notice.

All potential homebuyers in the originial drawing were notified of their position on the list. Once all currently available homes have closed, we will notify all those on the Homebuyer Waiting List of their new number and give information on steps to take to be ready to purchase when their name is reached. Those who had to pass on one of the current homes will stay at the top of the list for the next project.

 

Note: The program descriptions on this website were developed in 2009 for general information purposes only. NWMCOG/Community Housing Choices makes no guarantee of the continued accuracy of this information. Please contact the agency for official confirmation of available assistance and your eligibility for assistance.

Contact Information:
Name:
Address: 3104 Logan Valley Road, Suite 300, Traverse City, MI 49684
Phone: (231) 947-6001
Email:
HomeStretch Affordable Homeownership Website
HomeStretch: Agency Page, Website