Requirements for a Loan Application

  • Payment on all mortgages must be current
  • Property taxes, water/sewer and trash fees must be current (if not, a signed payment plan with the Holbrook Treasurer must be in place)
  • Homeowners insurance policy premium payments must be current
  • You must have 20% equity in your home (i.e. your mortgage balance must not be more than 80% of the current assessed value of your home, or have an appraisal not more than 6 months old
  • Applicant's income must fall within the Department of Housing and Community Development Income Guidelines