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Gateway to Home Ownership Frequently Asked Questions

 

How does Gateway to Home Ownership work? Top of Page

  • Borrowers will be referred to Gateway to Home Ownership through WHEDA Homebuyer education classes, participating lenders, wheda.com and Home credit counseling organizations.
  • Borrowers will receive face-to-face education and counseling to fit their financial needs.
  • Upon completion of the education, counseling and customized action plan, the Gateway to Home Ownership credit counseling agency will give the borrower a Certificate of Completion and refer them to a lender.
  • The lender will complete a WHEDA Home Loan application and preapproval. Note: to be eligible for the expanded credit guidelines, the Certificate of Completion must be included in the loan package.

What credit counseling agencies are in the Gateway to Home Ownership Network? Top of Page

Here is a list of approved credit counselors that provide expanded credit repair assistance and Homebuyer education.

How long does it take to complete the Gateway to Home Ownership program?  Top of Page

It depends on the financial readiness of the borrower. Just like every individual is unique, each person has a different level of understanding of the Homebuying process and a different credit history. Gateway to Home Ownership provides education and counseling depending on a borrower's particular need. The entire process can take between one to six months, or longer if necessary.

 
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