Application and Recertification Support

Application review will not start until the following documents are received.

• A loan pre-approval letter from a lender dated within the last 30 days.

And one of the following:

• A loan application from the lender, sometimes called Form 1003, dated within the last 30 days. This must be based on income, assets, and credit reports and provided by the lender. Forms filled out by applicants without lender approval will not be accepted.
• A credit report dated within the last 30 days can be used in the place of the loan application.

If you’re retired, disabled and paying cash OR not listed on the loan you must submit a credit report dated within the last 30 days.

A copy of an approved form of photo identification for each adult household member. Approved forms of photo identification include:

• State Driver’s License or ID Card
• Native American Tribal Document
• Military ID Card
• U.S. Coast Guard Merchant Mariner Card
• Passport or Passport Card

Contact staff for acceptable alternative forms of identification.

The application fee is $25 per household. Payment can be with a check or online, the application includes details on how to pay.

The fee can be waived for households experiencing financial hardship. Please contact the program to learn more.

Households recertifying for the program do not need to pay a fee.

The Immigration Status Affidavit and a photo ID are requested from all adults in the household. This is not required to apply to the program but may be required to purchase some homes in the program. Households will be qualified for more homes if this information is shared.

All households must watch the Homeownership Program Orientation Video and complete the associated test before applying. Learn more about this requirement.

All households must complete any Colorado Housing and Finance Authority (CHFA) approved homebuyer education class and submit the certificate showing class completion. This certificate must be submitted before entering a home selection. This class can be completed after applying to the program. Learn more about this requirement.

All applicants must submit employment verification for each job. ‘Job’ includes all W2 wage earned income.

Acceptable forms of verification include one of the following:

• A Verification of Employment Form completed by the employer.
• Applicants must complete Part A of the form before submitting to employer. The employer will then submit the completed form to the program via the email listed on the form.
• Instead of a verification form, employers may send a letter verifying employment.
• This letter must be on letterhead and include the annual gross wage, start date of employment, pay schedule, expected wage increases, physical location of work, and any overtime, bonuses, tips or commissions.

Occasionally, some employers will not complete a verification form or letter and instead use an outside company to verify employment (The Work Number, InVerify, etc.). If this happens, applicants must complete an authorization form to allow work records to be checked directly by the program.

Copies of two months of the most recent pay stubs for each job are required. If commission income is earned, 12 months of pay stub history are needed.

• A year-to-date or six month profit and loss statement, whichever is longer, is required.
• A statement of projected profit and loss for the next 12 months is required and must include an explanation of projection rationale.
• Six months of the most recent business checking statements are required. In addition, the most recent business savings statements are required.

Visit the Guide for Self-Employed Applicants for more guidance.

For each type of retirement income you receive, a most recent letter or statement is required. Examples include:

• Social Security/Supplemental Security Income letter
• Pension statement
• Annuity statement
• Retirement account statements showing income or distributions
• VA Benefits letter
• Investment income statement

For all public benefits received, a most recent letter or statement is required. Examples include:

• Social Security Disability
• Private disability insurance payments
• Unemployment compensation
• Worker’s compensation
• TANF

Money received regularly from friends or family is called gift income. Gift income needs to be documented, and this can be done with a letter from the person giving the money. The letter should list the gift amount and frequency (weekly/monthly). It should also confirm the money does not need to be paid back. Finally, it should describe how the person giving the money is related to the person getting the gift.

The money spent on child care in order to work can lower a household’s income. This deduction is only made if it benefits the household. Most households with child care costs do not pursue this deduction unless they are close to the income limits.

To document the money spent on child care, households must submit the Verification of Child Care Form. Applicants must complete the release on the form before submitting to the child care provider. The child care provider will then complete the form, sign, and return the form to the applicant to submit with their application.

If you are elderly or disabled, some money spent on medical costs can lower a household’s income. This deduction is only made if it benefits the household. Most households with medical costs do not pursue this deduction unless they are close to the income limits. Households who do this typically have an ongoing medical condition with ongoing costs.

The medical costs need to be over 3% of total income. Insurance premiums are included. To document the money spent on medical costs, households must submit the Verification of Medical Expense Form. Applicants must complete the release on the form before submitting to their medical provider. The medical provider will then complete the form, sign, and return the form to the applicant to submit with their application.

Two years of the most recent Federal tax records are required. State taxes are not required. View a list of tax documents to include.

For self-employment income, three years of the most recent Federal tax records are required.

Two years of W2s are required for all current and previous jobs. The W2s should match the tax records provided.

If you have self-employment income, three years of W2s are required.

Some people do not need to file taxes. If this is the case, an explanation of why they do not need to file taxes is required.

Six months of most recent statements are required for checking accounts. Deposit explanations are required. Please write a short description for deposits over $50. Payroll deposits or account transfers do not need a description. Deposit explanations are used to document that there is no additional income.

For all other accounts, the most recent statement is required. Examples of other accounts include:

• Savings Accounts
• Money Market Accounts
• Health Saving Accounts (HSA)
• Trust Funds
• Cryptocurrency Accounts
• Investment Accounts (including stocks, bonds, mutual funds, etc.)
• Retirement Accounts (including IRA, roth IRA, 401k/403b, annuities, pensions, etc.)
• Life Insurance with cash-out value
• If any household member is a beneficiary of a trust, provide a copy of the trust documents

Money given to help with down payment needs to be documented. This can be done with a letter from the person giving the money. The letter should list the gift amount and confirm that the money does not need to be paid back. Finally, it should describe how the person giving the money is related to the person getting the gift.

Money given by an organization to help with down payment needs to be documented. A letter or statement listing the amount and other details of the assistance is required.

If an applicant owns another home or property, it needs to be sold before buying a home in the program. The amount you profit needs to be included in your assets total. To document this, households must provide:

• The most recent mortgage statement.
• An objective value for the home. If there is a signed contract to sell, a copy of the contract should be submitted. If there is no signed contract to sell, the most recent county assessor’s value or a recent home appraisal can be used.

Applicants who have sold a home or property in the last three years must submit documentation of the sale and provide information to show the household no longer owns the home or property, and the amount of money they got from the sale. To document this, households must provide:

• A sale settlement statement, final closing disclosure, or other documentation of the monetary consideration received.
• A copy of the warranty deed, quit claim deed, or other similar deed showing the legal termination of ownership interest in the property.

If a person has signed a contract to buy a home, a copy of the contract is required. This is not needed for most households. Most households finish the application before signing a contract.

Applicants need to wait until a divorce is legally finalized before applying to the program.

Applicants who have been divorced within the last three years need to submit:

• A copy of the final divorce decree.
• A copy of the separation agreement. This agreement shows how assets and debt were divided.

The divorce paperwork needs to be the final version and should be signed by the judge. If the divorce decree references separate documents within it, those documents must also be provided.

Documentation, such as a separation agreement, that shows money received regularly from a former spouse is required.

Documentation, such as a separation agreement or child support order, that shows money received regularly from a former spouse to support children is required.

If you pay child support, that does not need to be documented.

Documentation, such as a parenting plan, that shows the amount of time children spend in the applicant’s home is required (nights per week/month). This is used to verify household size.

Disabled applicants can receive accommodations with the application process and/or specific home features. To request accommodation, fill out the first page of the Disability Accommodation Verification Form and submit the form to the program. The program will send the form to the care giver to be completed. After finishing the form, the care giver returns the form to the program.

Interested applicants must join the program’s waitlist. A link to the application will be emailed to you when it is your turn.

Sometimes the program can accept alternate documentation if statements or documents are not available. Screenshots of a webpage may be acceptable if they include the account holder’s name, account number, current balance and date. For a checking account, screenshots must also include dated transactions and running account balance.

If more information is required, staff will request the missing information via email. Program staff aims to review all applications within approximately ten (10) business days. Applicants must submit any additionally requested information within 30 days of their initial application submission. It is important that applicants quickly reply to staff requests to stay within this timeframe. If program staff does not receive all required documentation within 30 days, the applicant will be found ineligible and will need to reenter the waitlist and cannot reapply for six months.

A complete application includes all required information, statements and documents that pertain to you.

Required information, statements and documents may differ by applicant based on individual/household circumstances. For example, if you’re not self-employed you don’t have to submit self-employment documentation.

You will be notified within approximately ten business days if your application is incomplete.

Some program deadlines are linked to the date an application is marked as complete.

Applications are considered ineligible if all required information is not submitted within 30 days of the date you submitted the application. If this happens, you can’t reapply to the program for six months.

It depends. Between the online application and time needed to collect all required information, statements and documents, an average simple household (one person with one job) spends about four hours applying to the program. Larger households with more jobs and assets usually take longer.

This timeframe does not consider the time needed to get pre-approved for a loan.

Applications are usually reviewed within two weeks. If an application is incomplete, this increases the time it takes to review and process. Within 30 days of turning in an application it should be fully reviewed and processed.

After an application is submitted it is reviewed by the program. This can take about two weeks. You will be notified within approximately ten business days if your application is incomplete. If you qualify, you will receive a certification letter via email. Once you have your certification letter, you can enter the fair selection process for homes you qualify for.

Households are certified for 12 months. All households must submit a recertification to stay in the program.

To stay certified, households must apply for recertification. Recertification can be submitted through the Neighborly Recertification Portal or by turning in required information, statements and documents at the program office.

Most households apply for recertification about 5 to 6 weeks before their certification expires but you can recertify as early as 6 months before your certification expires. Check your certification letter for exact dates and deadlines.

Sometimes a household’s income or assets change during the year. If there has been a large change households may want to recertify early. Households who would like to do this should contact the program first.

Most of the time the program cannot make changes within the first six months of certification. However, if a household's income goes down involuntarily, then changes may be allowed. Households in this situation should contact the program to learn more.

A household’s income and assets must fall within the income and asset caps for each home through the time of closing on a home. Household income and assets are verified during the closing process. If you are over the income and asset cap for a certain home, you cannot purchase the home, and you should not enter the fair selection process.

After a household has purchased a home, income and asset caps no longer apply.

The program uses the Boulder County Homeownership Programs Common Application. This application is used by many programs including:

• City of Boulder
• City of Longmont
• Elevation Community Land Trust
• Flatirons Habitat for Humanity
• Thistle Communities
• Boulder County Down Payment Assistance Program

Within the application, applicants can choose which programs they would like to apply to. Once your application is fully processed and you receive a certification letter, the program will share your application with partner programs you have selected.