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ADDI
Home
Frequently Asked Questions
Eligibility
Requirements
Property Eligibility
Homebuyer Eligibility
Assistance Available
Required Downpayment
Combined Qualifying Ratio
Loan-To-Value
Home Inspection
Lead-Based Paint
Taxes and Insurance
Stacking of Funds
Eligible Closing Costs
Repayment
Subordination
Non-Discrimination
Privacy
Appeals
Loan
Processing
Application Package
Processing
Closing
Loan Cancellation
Lender
Resources
Lender FAQ
Underwriting Guidelines
Lender Checklist
ADDI vs HOME-BUY
Downloadable Forms
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Loan Application
Package
The Community Development Office will generally follow the WHEDA HOME Program underwriting guidelines unless otherwise stated in this handbook. The first mortgage lender must submit the following information to the Community Development Office for review:
- Completed loan application (FHLMC, FNMA or equivalent application form)
- Release of Information Form
- Good Faith Estimate of Settlements Costs
- Appraisal Report
- Credit Report
- Verification of Income (Verification
of Employment form and one month or three months of pay stubs)
- Verification of Deposit (six-month
average for checking accounts and current balance for savings account)
- Verification of Rent (only applicable
if alternative credit documents are needed)
- Offer to Purchase
- Homebuyer Training Certification (community homebuyers program or self study guide certificate)
- Other pertinent information to underwrite a loan (i.e. divorce papers, child support documentation, bankruptcy discharge papers and schedule of debts, late payment explanation, etc.)
- Condominium Insurance Warranty (if applicable)
- Copy of the most recent tax return and all schedules
- Downpayment Funds Borrower's Affidavit
- Downpayment Funds Borrower's Authorization
- City of Madison Conflict of Interest Statement
The complete loan application package should be submitted to:
Pam Rood, Grants Administrator
Community Development Office
Madison Municipal Building, Room 280
215 Martin Luther King, Jr. Blvd.
PO Box 2985
Madison, WI 53701-2985
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