Requirements for a Loan Applications
- Payment on all mortgages must be current
- Property taxes, water/sewer & 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 (ie; your mortgage balance must not be more that 80% of the current assessed value of your home, or have an appraisal not more than 6 months old
- Applicants income must fall within the Dept of Housing & Community Development Income Guidelines