Bishop sheen ecumenical housing foundation’s home ownership program
On the following pages, you will find information regarding the Bishop Sheen Ecumenical Housing Foundation’s Home Ownership Program:
- Description and criteria for qualification to receive Home Ownership Loan.
- 3 page Application for consideration to receive Home Ownership Loan.
It is very important that you read this information carefully and keep it. Approval and future monies will come from Sheen Housing if all steps of the process are followed by you, your real estate agent, lender and attorney.
Please note that changes in program regulations may change without notice. Therefore, if you have any questions, please feel free to call (585) 657-4114, and ask for the Housing Counselor.
Sheen Housing uses this application for all first time homebuyer programs. Please return both the completed and signed application form and the signed disclosure statement to Sheen Housing via mail, fax or email.
Fax: 585-657-4167
Email: hc@SheenHousing.org
Mail: P.O. Box 460, Bloomfield, NY 14469
We will contact you as soon as possible regarding the next steps in the process. Until then, please be cautioned about proceeding with the purchase process until after you have received preliminary approval from Sheen Housing
General criteria for families
Bishop sheen ecumenical housing foundation’s home ownership loans
- Sheen Housing is a not-for-profit agency dedicated to helping low-income persons become first-time homeowners. All applicants applying for money will repay monthly, at no interest, all money borrowed. The money borrowed from Sheen Housing is for closing costs only. Sheen Housing will secure this loan with a second mortgage.
- Each household is required to attend pre-purchase counseling and education class(es). Applicants will be assigned a Counselor who will assist them with Sheen Housing’s program and the home buying process. All criteria is subject to approval of Sheen Housing, availability of funds and adherence to current regulations.
- If your income falls at or below the limits listed** for your family size, you may qualify to participate in Sheen Housing’s Closing Cost Program. If your income is above that for your family size, you will not be eligible to participate in the closing cost loan program but may still be eligible to receive counseling and education.
| Family Size | Maximum Income |
| 1 | $ 53,200 |
| 2 | $ 60,800 |
| 3 | $ 68,400 |
| 4 | $ 75,950 |
| 5 | $ 82,050 |
| 6 | $ 88,150 |
| 7 | $ 94,200 |
| 8 or more | $ 100,300 |
Sheen Housing’s mission is to serve families who are most in need. Therefore, we will process eligible families with the lowest income first. We cannot provide assistance to families who are receiving closing cost assistance elsewhere.
Sheen Housing provides a two for one match program to eligible families. (Example: Family has $500; Sheen Housing can provide $1,000.) This money is to be used for appraisal, credit report fees, attorney, escrows and other closing related costs. This money cannot be used to pay points or as “buy down” funds. This will be discussed further at the pre-purchase class.
The maximum amount of financial assistance from Sheen Housing will be $3,000 loan and will require a $50 monthly payment.
**Income is subject to change without prior notice.
- Applicants will be pre-approved by a lender for a 30 year fixed rate loan under FHA, Rural Development, VA or CRA product guidelines and have acceptable credit .
- Applicants will choose a real estate agent and attorney to help them. Make
certain you feel comfortable with them. - Applicants will choose, after approval by Sheen Housing, a single family home that must meet FHA or RD appraisal standards or comply with code of the area for health and safety standards. DOUBLE and MOBILE homes are NOT acceptable. Sheen Housing will not accept families with purchase offers before written approval from Sheen Housing.
- Sheen Housing will not pay points or “buy down” fees
- All purchase offers must include the following statement: “This offer is further contingent on 1) a portion of the closing costs coming from the Bishop Sheen Ecumenical Housing Foundation, Inc. in accordance with current guidelines (not to exceed $3,000 maximum). The monies will be secured by asecond mortgage which will bear no interest. This second mortgage will be due on sale or transfer. 2) The seller will pay for the cost of repairs required by thelending institution.” (Agents will discuss this with seller and agree to capamount).
If the purchase offer does not say “buyer shall have the right, after reasonable notice to seller, to inspect the property within 48 hours before the time of closing”, please write it in the offer. - The real estate agent and attorney must be in contact with Sheen Housing throughout the process and provide both applicant and Sheen Housing with a copy of the Fact Data Credit Report, Copy of 1003 (mortgage application), Verification of Funds/Assets, Verification of Income/Employment, Lender Approval/Pre-Approval Letter, Appraisal, Purchase Offer and an Itemized List of Costs (Good Faith Estimate) and mortgage commitment.
- Sheen Housing will notify the family of their eligibility for Sheen Housing’s program. Sheen Housing will also inform the family of their loan repayment amount once a specific financial commitment has been made