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Dear Prospective Homeowner:
On behalf of Mi Casa, Inc., we would like to thank you for expressing interest in purchasing one of our homes.
Please make note of our new application procedures. Also note the new area median income for 2008; the new income guidelines may change your category on the notification list. If you are eligible for the program under the guidelines and would like to apply, you will need the following forms to get you started on the road to owning your own home:
- A completed copy of the Homebuyer Application.
- A copy of your most recent 2009 and 2010 Tax information. Please include all additional income, even if not reported on your IRS forms.
- Copies of your most recent pay stubs (equivalent to two months’ pay), or evidence of other income.
- A copy of a pre-approval letter from your financial institution (a pre-approval letter provides a ballpark estimate of the maximum mortgage you might afford).
Mi Casa will begin to accept the above documentation during the marketing period of the individual property. The marketing period of the individual property will begin at the Open House of the property. Documents can also be submitted at the Mi Casa office for up to two weeks after the marketing period. If you need assistance in acquiring the above items, one of our staff will be able to assist you.
Also, please be advised of the following points:
- We will continue to give priority to qualified first time homebuyers in the District of Columbia for the purchase of properties on our new pipeline. After priority is given to District of Columbia residents, the individual property is offered for sale to the first household that is most in need based on household size and income and the size of the property that is for sale. This process will be repeated, as necessary until an income eligible household is found for each property. Other restrictions of sale may apply.
- Each home must be completely renovated before sale.
- The homes will be sold at below market prices to low and moderate income buyers. Properties that are sold below market rate will carry a forgivable “silent second” mortgage. The buyer will need to repay this only if she/he sells the house before it is forgiven.
If you have any questions please contact Elin Zurbrigg, Deputy Director at (202) 722-7423 ext. 205 or by email at elin@micasa-inc.org.
Sincerely,
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Fernando Lemos
Elin Zurbrigg
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Executive Director
Deputy Director
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