Welcome to our community! Here are the current criteria for purchasing a home with us. These guidelines are designed to ensure you find the perfect fit for your new home.
Purchasing Criteria
Credit Score 550-574:
Down Payment: 15%
Housing Debt-to-Income Ratio (HDTI): 37%
Debt-to-Income Ratio (DTI): 50%
Credit Score 575-624:
Down Payment: 10%
Housing Debt-to-Income Ratio (HDTI): 37%
Debt-to-Income Ratio (DTI): 50%
Credit Score 625 or Above:
Down Payment: 5%
Housing Debt-to-Income Ratio (HDTI): 37%
Debt-to-Income Ratio (DTI): 50%
Min. Household Income:
Recommended combined income of $55,000+
Background Screening:
Required for all applicants.
Note: These criteria are current as of April 1, 2024, and are subject to change without prior notice.
If you have any questions or need further clarification, please contact us. We're here to assist you in finding your home in our community!
How It Works
The home-buying process in our community is straightforward and efficient. Here's a step-by-step guide:
1. Submit Applications:
Complete and submit the community application.
Complete and submit the lender application (if planning to finance your home).
2. Application Review:
Community will analyze your background screening to determine eligibility for the community.
* If you are not financing your home the community will analyze your income and debts to determine ability to pay your site lease.
Lenders will analyze your income and debts based on your full application to determine eligibility for the home you wish to purchase.
3. Timeline:
The time from start to finish depends on the promptness of document submission. The process can be completed in as little as 4-7 days depending on purchase and financing arrangements.
Document Checklists
Community Required:
Signed Purchase Agreement/Sales Contract
Completed community application
Government-Issued ID
Prior year W-2
Most Recent 30 Days of Pay Stubs
Third-Party Financing Required:
For W-2 Wage Earners
Most Recent 30 Days of Pay Stubs
Government-Issued ID
Social Security Card or ITIN Number
Prior 2-years W-2's
Prior 2-months of Bank Statements (proof of down payment funds)
For 1099 Contractors/Self-Employed
Government-Issued ID
Social Security Card or ITIN Number
Prior 2-years 1099’s
Prior 2-years Tax Returns
Prior 2-months of Bank Statements (proof of down payment funds)
For Retired/Disability/Other Income
Government-Issued ID
Social Security Card or ITIN Number
Social Security Award Letter
Pension Award Letter
Any Document Stating Monthly Income Earned
Prior 2-months of Bank Statements (proof of down payment funds)
Prior 2-months Bank Statements to Show Proof of Income Earned
*Additional documents may be needed based on what is provided.
Please Note: These criteria are current as of 4/1/2024. They are subject to change without prior notice.
If you have any questions or need further clarification, don't hesitate to contact us.