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 AM I ELIGIBLE?
HomeStretch and its partners have established a list of criteria for prospective homebuyers. In general, the prospective homebuyer must live or work in one on the five service area counties, have an income that is equal to or less than 80% of the area median income, not currently be a homeowner, and qualify for a conventional mortgage.
To read more details and view an income chart, click on the Qualifications link in the navigation bar on the left.
ARE THERE ANY HOMES AVAILABLE?
We have completed construction of the first of three homes to be built on Main Street in Honor. These homes will have three bedrooms, a two-car garage, separate living and dining rooms, a kitchen with all necessary appliances, basement, and a family friendly deck. The first home is completed and ready for occupancy. We will begin construction of the second home when the current home is sold and the third when the second home is sold. See our Homes for Sale and Project Updates page to track construction progress and see more details.
There are also some homes in our program which are being sold by the original buyer. One home is on River Street in Benzonia and two others are in Kensington Park East on Woodward Avenue in Traverse City. The owner of a home in Empire has also informed us that her home is for sale. See our Homes for Sale page for any details we may have on these homes.
If you are interested in purchasing a home through HomeStretch and are not already on our Homebuyer Waiting List, read the next two sections on the “Homebuyer Waiting List “and “How Do I Apply?”
Applicants who do not have the opportunity to purchase one the the homes when they become available will remain on the Homebuyer Waiting List.
HOMEBUYER WAITING LIST
HomeStretch has eliminated the Homebuyer Mailing List and established a Homebuyer Waiting List. The Waiting List is comprised of those who have applied and who pass a preliminary screening for qualification and eligibility.
The change was made to give potential homebuyers a more realistic idea of when they will have an opportunity to purchase a home and to establish a list of families and individuals who are ready to purchase. Homebuyers on the Waiting List are expected to be actively preparing to purchase a home. This could include clearing up credit, obtaining a pre-approval for a mortgage, attending pre-purchased classes and saving for a down payment, so that they will be able to take immediate advantage of the opportunity to purchase a home when their name is reached. Many issues, especially credit issues, can take six months to a year to clear up, resulting in disappointment when a potential homebuyer has to pass on an opportunity to purchase a home due to the length of time necessary to obtain financing. It is hoped the change to a Waiting List will encourage potential homebuyers to take the necessary steps to ensure they will be ready when a home is available.
The order of the Homebuyer Waiting List was established in a random drawing of all timely and qualified applicants from the initial application window for the Carlisle and Midtown homes. All subsequent applications were reviewed and those which passed the preliminary screening for completeness and eligibility were placed at the bottom of the list in the order in which the applications were received. We will continue to take applications until further notice.
It is hoped that the Homebuyer Waiting List will give potential homebuyers a clearer idea of when they will have the opportunity to purchase a home, enabling them to prepare in advance so that future homes can be sold quickly.
In order to be considered for the Homebuyer Waiting List, you must follow the procedure in the next topic, “How Do I Apply?”
HOW DO I APPLY?
If you would like to purchase one of HomeStretch’s high quality homes, first review the qualifications by clicking on the Qualifications button in the navigation bar on the upper left of this page. Be sure your total household income does not exceed the limit for your household size. (If your income exceeds the limits, MSHDA has recently adopted a new method of determining countable income. This new procedure, the 1040 method, does not count some types of income, such as child support, and allows some deductions from your income, such as IRA contributions. Please call us if you appear to be over income but have itemized deductions on your income tax.) Check that you also meet the eligibility requirements listed. Then, click on the Home Purchase Application button and print the application and all the MSHDA forms. Every effort has been made to design the page so that each form prints out on a single piece of paper, however variations in browsers and printers may affect this. Simply click on the “Print” button in your browser’s toolbar to print the forms. As the forms take up all the space on the page, there are no links to any other part of the site. To return to this page, click on the “Back” button in your browser’s toolbar.
The entire application process has been changed due to new directives from MSHDA and HUD. The forms, sequence of application processes, and verification requirements have all been revamped, so be sure to read the new directions and use the new forms. Those who are already on the Waiting List under the old system will be given the new forms as part of the purchase process.
Once you have the forms, complete them as quickly as possible. The Home Purchase Application is to be completed by the applicant/co-applicant. The MSHDA forms need to be completed according to the directions on each form. Be sure all adults in the household sign the Authorization for Release of Information and Privacy Act Notice and provide their Social Security number. Each adult member of the household will also need to complete and sign the MSHDA Checklist and provide verification ( for example, proof of Social Security, pension, bank accounts, etc.) of any “Yes” answers. The date on the Checklist is critical. The application and any other forms must be dated on the same day or after the date on the Checklist. Complete only the top portion (Section A) of the MSHDA Verification of Earnings and Verification of Resources forms. If there is more than one wage earner or account, if you have more than one job, or have accounts at more than one institution, print or copy enough forms as we must have a form from each employer and/or financial institution. Be sure the wage earner and/or account holder signs the form in the appropriate place. You must provide a fax number and contact person for each Verification of Earnings and Verification of Resources form. New directives dictate that HomeStretch must send the forms directly to your employer(s) and financial institution(s). You may not take the form to be completed or pick it up afterward. However, you may wish to advise your Human Resources contact to expect the form and ask that they return the form quickly.
Once you have all the forms completed, mail, fax, or bring the forms to the HomeStretch office. Our office is located at 3104 Logan Valley Road, Suite 300. Our mailing address is:
HomeStretch
3104 Logan Valley Road
Suite 300
Traverse City, MI 49684
Our fax number is (231) 947-6258
HomeStretch will review the applications and verifications forms for completeness, compliance with earning and resource limits, and other criteria. Eligible and qualified applicants will have their names added to the Homebuyer Waiting List. You will be notified of your place on the list and asked to contact our Sales Facilitator to begin the purchase process. We will be there to help you every step of the way to make sure your homebuying experience goes as smoothly as possible.
Don’t miss this once in a lifetime opportunity to enjoy all the benefits of owning your own home.
WAITING LISTS
If you are interested in renting one of our affordable apartments, see our new Rentals and Rental Vacancies/Application pages for information on how to be added to the Rental Waiting List.
The forms needed to be added to the Homebuyer Waiting List are available on this site. Click on the Home Purchase Application tab at the left or on the link at the bottom of the page to view and print the forms. You may also call or visit our office to receive the forms. Be sure to include your full name, address, and telephone number with your request.
You may request to be on both the Homebuyer Waiting List and the Rental Waiting List.
You may also call or write to HomeStretch to request an application to be added to one or both lists.
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