After a homebuyer lottery
If the application passes, MOHCD will send out conditional approvals. Approved buyers should receive approvals about 10 days after the lottery results are posted online.
If you get a conditional approval, you must go into a "contract to purchase" within 10 days. You also have to work with your lender on loan approval. This process includes:
- Opening escrow
- Ordering an appraisal and home inspection (for resales)
- Providing current or updated financial documents as soon as we ask for them. They include:
- 3 months of your most recent bank statements
- 3 years of your most recent tax returns
- 3 most recent paystubs
You must also meet with your housing counselor to get a certification of completion. You may also do a pre-closing interview with your counselor.
Your mortgage loan officer will send the lender package (including the appraisal and loan approval) to MOHCD for final approval to close escrow. For BMR units, escrow is 60 days.
You'll be able to do one last walkthrough of the property.