As we continue strengthening the program and ensuring it remains a sustainable resource for the borrowers and communities we serve, we have updated certain qualifying criteria for new applicants. These changes were made thoughtfully, with careful consideration for our borrowers, our referral partners, and the program’s long-term success.
As a reminder, NeighborWorks Waco offers a full range of loan products in addition to our portfolio program and proprietary down payment assistance, and we are always happy to help identify the best financing solution for each borrower’s unique circumstances.
Qualifying criteria for NeighborWorks Waco’s Portfolio Mortgage Loan Program:
All borrowers seeking eligibility for our portfolio program must meet the following criteria*
- 2-year employment history: does not need to be in the same job; acceptable employment gaps include maternity/paternity leave, bereavement, school, and illness.
- All borrowers must have $1,000 in an account that is verifiable by NeighborWorks Waco at the time of contract.
- A Home Warranty policy must be put in place before closing.
- All buyers must complete an in-person Home Buyer Education workshop at NeighborWorks Waco, if available; otherwise, an online class is acceptable.
- All buyers will be required to take in-person Homeownership Counseling with our housing counselor before closing.
- Current housing payment history: on-time payments, no arrears, no eviction events or notices in the last 12 months.
- Satisfactory credit behavior through alternate lines of credit: supplied accounts must be current and paid on time.
- No public records on credit report: Federal tax liens, delinquent federal debt, child support payments.
- Bankruptcies require a 12-month waiting period, satisfactory re-establishment of credit through alternate credit lines, and a letter of explanation.
* NeighborWorks Waco reserves the right to add, change or modify this list at any time and without notice, this list is not all inclusive and additional items may be required.
For questions, contact Martha M. Johnson, Mortgage Loan Officer (NMLS #72225), at 254-327-5400 or via email at mjohnson@nw-waco.org.
