Loan Application Process

Step 1 – Get Educated

All homebuyers receiving down payment assistance from the SCHA are required to complete a CHFA-approved homebuyer education class.  An unexpired class certificate that is valid at least through the anticipated closing date must be presented with the application.  For class options, please visit our Homebuyer Education page.

Step 2 – Talk to Your Lender

Not all lenders work with down payment assistance programs.  Be sure to talk to your lender to ensure they can work with the SCHA programs.  For a list of local lenders with experience financing deed-restricted housing, see the local lender list below.

Step 3 – Review the SCHA’s Available Programs

All potential applicants should review the guidelines for the available loan programs before moving forward with an application.  This will give you an idea of whether or not you qualify for your desired program before applying.  This will also give you the opportunity to make sure you are comfortable with the requirements of your desired program.

Step 4 – Apply

After reviewing the loan program guidelines and deciding to proceed, you will need to fill out the application and provide all required documentation.  Please be advised that we need to receive your completed application and all initial backup no later than 30 days prior to your closing to allow us adequate time to process and underwrite your loan!  Even though our down payment assistance loans are for a smaller dollar amount than your mortgage, we are subject to the same standards and regulations as your primary lender.  We will need to allow adequate time to process and underwrite your loan in accordance with these standards and regulations, as well as our program guidelines.  There is a lot of backup documentation required, so be sure to start gathering everything as early as possible.  Please also be aware that we will be requesting additional information, such as updated bank statements, homeowner insurance policy information, the property appraisal, etc. throughout the process.  If we don’t receive this information in a timely manner it could affect your closing date.  The good news is that your primary lender will likely be asking for the same information so you will hopefully have it handy.