Application - 9 Park Ave Logo
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  • 9 Park Avenue

    North Central Troy| Troy, NY 12180

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  • example of design a showing four bedrooms upstairs and an office and pantry on the first floor
    • 1,739 square feet
    • Four bedrooms on second floor
    • Flex/office space on first floor
    • Two full baths

     

    • Unfinished, full basement
    • Additional back entry
    • Pantry and storage space on first floor
    • Kitchen with stove, fridge, microwave, and dishwasher
    • Granite countertops! 

  • Self-assessment

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  • 2023 HUD income guidelines by household size. Click the image to go to HUD's website.

  • You must live or work in Albany, Rensselaer, or southern Saratoga County for at least one year in order to qualify for our program. Find your local Habitat for Humanity organization here: https://www.habitat.org/volunteer/near-you/find-your-local-habitat 

    • Initial disclosures 

    • What information do we collect?
      Habitat only collects pertinent information in order to evaluate your actual need for the Habitat homeownership program, your ability to repay an affordable loan and other expenses of homeownership, and your willingness to be a partner according to Habitat for Humanity policy.

      How long do we keep your information on file?
      Habitat retains records of every application for 3 years from the date of receipt. Applications that become part of a homeowner's file are retained indefinitely. 

      How do we protect your information?
      All sensitive personal data is stored on a password-protected system to which only relevant, trained staff have access. It is never shared with third parties unless you give us your informed consent via a Third-Party Disclosure Form and is available to you at any point should you wish to see it.

      What if we make changes to this policy?
      If materially substantial changes are are made to our organizational policy, we will notify you via the email address you provide in this application. Otherwise, the privacy policy stated here will remain in effect.

    • E-signature disclosure

      An e-signature is simply your electronic signature. Agreeing to the terms and conditions means you give us permission to accept your e-signature as if it were handwritten or non-digital, so you can complete the application online.

    • Privacy policy information

      In summary: We keep your private information private!

    • Program terms and conditions

      Please read through the entire program agreement information, which outlines the expectations Habitat has from homebuyers and what homebuyers can expect from Habitat.

  • About our program and this application

    I agree to {the program terms and conditions}. I understand an offer of partnership is reliant on my reciprocation of Habitat's partnership as outline in the agreement. I understand if I were to purchase one of the homes in this application, I will have to sign an agreement to occupy the home as my principal residence for 30 years or to resell to another low-to-moderate buyer.
  • Arrows showing the application procress: Completeness, Program review, Credit check, Bank pre-qualification, Selection pool, and Selection

  • Review for Completeness 

    In order to fairly review your application, we must have all necessary information. If there is something missing from your application, we will contact you via the email address provided in your applicaiton. In the case your email is invalid, we will mail the notice to the address you provided. It is the responsability of every application to ensure your application is complete by the application deadline. Applications incomplete by the deadline will not be further considered.

     

    Program Review

    Every Habitat application is reviewed for the following criteria: Being in need of better housing (80% or under AMI; lives or works in our service area); Willingness to partner (completes application, agrees to program terms provided in application); Able to afford an affordable mortgage (financial review - has steady income that can sufficently support an estimated mortgage payment; has at least $1000 in savings).

     

    Credit Check

    Applicants that meet program criteria will have a soft credit pull to assess financial and credit history, as well as criminal background information to ensure their name does not appear on a sex offense registry. Criminal history is reviewed on a case-by-case basis using NYS's HUD guidelines. This is at no cost to you. If your credit and background check reveals circumstances that make you ineligible for Habitat at this time, you will receive a notice explaining why. The credit report will be available to you upon request.

     

    Bank pre-qualification

    Program-qualified applicants will be informed of their next steps regarding mortgage pre-qualification. A pre-qualification letter is required in order to be entered into the application pool.

      

    Selection - Rolling

    This application will be open until a qualified buyer is under contract for the purchase of 9 Park Avenue. 

     

    Application denial

    If your application is denied, you will receive a letter stating so within 30 days of when the application decision was made. Typically, you can expect an update on your application in 10-15 business days. Applications are reviewed as fast as possible to ensure everyone has time to complete their application by the deadline. If your application is denied, you will receive via email or USPS post with personalized feedback on how to approve for upcoming application cycles.

    If you believe there has been a mistake in how your application was evaulated, please email us right away, so we can address any possible mistakes. Habitat does not have a grievence procress, as every application is evaluated with the provided information. You may request the evaluation data for your application. If you feel like your application decision was the result of illegal discrimination, please seek assistance with your local fair housing office.

     

  • Applicant & household information

    • Applicant information 

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    • Co-applicant 
    • Household information 

    • Please list any depndants or others who will be living with you in your home.

      Remember: Habitat is looking for ways to qualify you. The more information you provide, the easier it is for us to figure out how to do that.

       

      Who is a household member?

      Anyone who you plan to live with you in your home on a full- or part-time basis. All household members will be assumed full time unless otherwise stated. 

      Dependant adults (such as those you claim on your tax filing, like an older relative you care for in your household or an adult child in college) count toward your household size. Make sure to list their dates of birth, so we can determine age. In the income section, make sure to list any household income these dependant adults receive. 

       

      Why does Habitat need this information?

       We use this information for a few different things in order to evaluate your applicaiton. 

      1. HUD uses household size to determine what percentage of the Area Median Income a household falls within. 
      2. To determine if the household may be overcrowded for the homes available. 

       

      How doesn't Habitat use this information?

      We do not share this information outside of our homeownership program department. This information is kept confidential to relevent Habitat staff. 

      Beyond ensuring a household will not be overcrowded, Habitat does not use household composition to make a decision regarding an applicant. We affirm and embrace all the ways a household may be comprised, including single-person households, multiple-adult households, and more. We are only obligated to ensure there is no overcrowding.

      Know your rights! It is against fair housing policy for a creditor or housing provider to ask you about your familial status, including your plans to have children. Learn more here.

       

    • Homebuyer education and mortgage pre-qualifcation

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  • Financial Information

  • INCOME

    You must subimit supporting documents for your financial information in order for your application to be considered complete. 

     

    All adults in the household are required to submit the following documents whenever applicable:

      • Most recent two months (8 weeks) of pay stubs
      • Most recent two months of bank statements (all accounts, all pages)
      • 2024 - Most recent tax return and W2, 1099,  or other relevent documents
      • Annual award letters or court orders for other income

     

    There is a file upload box at the end of each section.

    • Applicant income 

    • Note: If you were required to file, we must have a copy of your 2024 tax return by the application deadline. Applications missing a 2024 tax return when necessary by the application deadline will be considered incomplete.
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    • Income sources 

    • Remember, we are looking for your GROSS INCOME - that's what you make before taxes and deducations. 

      You can estimate your monthly and yearly income using our review tool here. 

      An example paystub showing where to find gross income.

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    • Co-applicant income 
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    • Other household income 
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  • Debts and Assets

  • Habitat homebuyers must be able to prove a steady income that can affordably support a monthly mortgage payment. This means the mortgage is no more than 30% of gross income and total debt obligations are no more than 43% of monthly gross income.

    It does not do anyone any good if we sell you a home you cannot afford. Therefore, this section will collect information about your monthly debt obligations. While we will not factor in your current rent to your DTI (debt-to-income) calculation, this information is important to give us an overall picture of your finances. Rent can also be used to establish alternative lines of credit if needed. 

    We estimate a monthly mortgage payment for these homes to be about $1,600, including principal, interest, insurance, and taxes. Your actual mortgage payment will depend on your individual finances and your lender. Please speak with a mortgage lender about an estimated housing payment. 

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  • Your debt and liability information is used to determine ability to afford an affordable mortgage. 

    You do not have to submit documents for this section. We require applicants to authorize a credit check, which will validate debts. 

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  • Assets

  • In order to qualify, applicants must have at least $1,000 in an established savings account by the application deadline, as proof of funds to cover the up-front costs of purchasing a home. Usually, homebuyers pay about $2,500 out of pocket before closing, with about another $1,000 in cash at the closing table. Your lender will require proof of these funds before your closing.

    Your bank statements also help us determine your monthly debts and liabilities. You will need to upload your most recent two months of bank statements for all accounts below. Bank statements are what the bank sends you at the end of every month, not a transaction history you get at the counter. 

     

    Why does Habitat need this information?

    Your account statement contains vital information for us to verify for you eligability for our program. We use your bank statements to verify assests (your savings account) as well as check for monthly debt obligations you may have forgotten to include in your application. What we don't do is judge your spending habits! We are only looking for recurrent payments or deposits and to verify for your income/debts. 

    During the mortgage procress, the underwriter for your loan will comb through your accounts much more carefully. They are required to do so by law, and often, mortgage applicants will have to provide letters of explaination for transactions that appear in their account statements. Pre-purchase counselling with a HUD-approved housing counselling agency can help you prepare financially.

    Account owner/s: Whose name is on the account? Listed all account holders.

    Ending Balance: How much is in the account at the end of the month? Use your monthly statement. (Ending balance)

  • An example bank account showing where to find the account number and ending balance.
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  • Please note: We will need all pages of the monthly statement your bank sends you each month. The bank statement is not a transaction history that you can get from a teller.

    We do not need credit card statements for your application. 

  • Declarations

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  • Demographic Information

  • PLEASE READ THIS STATEMENT BEFORE COMPLETING THE SECTION BELOW:


    The purpose of collecting this information is to help ensure that all applicants are being treated fairly, that the housing needs of communities and neighborhoods are being fulfilled, and to otherwise evaluate our programs and report to our funders.

    For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex and race) in order to monitor our compliance with equal credit opportunity, fair housing and home mortgage disclosure laws.

    You are not required to provide this information but are encouraged to do so.

    You may select one or more designations for “Ethnicity” and one or more designations for “Race.” The law provides that we may not discriminate on the basis of this information or on whether you choose to provide it.

    However, if you choose not to provide the information and you have made this application in person, federal regulations require us to note your ethnicity, sex and race on the basis of visual observation or surname. The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application.

    If you do not wish to provide some or all of this information, please check below.

    This information will be kept on file, but not reviewed at any point your application is being reviewed for eligability. We are pledged to the letter and spirt of equal housing opportunity.

    • Applicant Demographic Information 
    • Co-Applicant Demographic Information 

  • Equal Credit Opportunity Act Notice

    The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that monitors compliance with this law concerning this company is the Federal Trade Commission, Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.


    You need not disclose income from alimony, child support or separate maintenance payment if you choose not to do so. However, because we operate a Special Purpose Credit Program, we may request and require, in order to determine an applicant’s eligibility for the program and the affordable mortgage amount, information regarding the applicant’s marital status; alimony, child support and separate maintenance income; and the spouse’s financial resources.


    Accordingly, if you receive income from these sources and do not provide this information with your application, your application will be considered incomplete, and we will be unable to accept you to participate in the Habitat program.

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  • Just one more thing...

  • Federal Fair Credit Reporting Act (FCRA) Disclosure 

    For applicants that appear to meet all other program criteria, Habitat will conduct a "soft" pull credit check. The program we use is called American Tenant Screen, which pulls credit information from Equifax. Your credit report is used to review the following:

    1. Idenity verification
    2. Appearance or nonappearance on a sex offence registry
    3. Credit history

    If Habitat pulls a credit report for you and the findings of the credit report affect your application decision negatively, you will be informed so and provided contact information for Equifax to resolve any disputes. A copy of the report can be made available to you upon request. 

    Habitat only pulls credit reports for applicants who meet all other criteria, and is a last step before becoming program qualified. Not all applicants will have their credit pulled. 

    Criminal history on a credit and background check will not result in an automatic denial, and each case will be evauluated wholistically using HUD's guidelines. Appearance of a criminal record is kept confidential.

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  • Please make sure your application is complete and you have uploaded all required documents.

    Income

    Paystubs for past 8 weeks for all non-dependant adults

    Award letters for goverment assistance or court-ordered income

    Complete Tax Return (1040) filing - not a tax transcript - and your supporting documents, such as W2 or 1099-NEC or 1099-MISC.

     

    Bank statemets

    All pages of the last two months of monthly bank statements for all checking/savings accounts.

    This is what the bank sends you every month. We cannot accept a screen shot of your bank app. If you have e-notices, you should be able to find the e-statement in your online bank account/app. (You may screenshot this if it is legible.) We cannot accept account transcripts either (the document you get at the bank from a teller). 

     

    Additional documentation

    You must also submit copies as relevent for 1) Homebuyer Education or 2) Pre-approval for a mortgage.

     

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