Eligibility and buying
Am I eligible to buy one of these homes?
If you currently rent a home in one of our communities, yes. It doesn’t matter whether you’ve lived there 15 years or one month.
Do I need to qualify for a home loan?
Yes. You must meet the affordability standards set by your state’s housing finance agency, then become mortgage ready and get approved for a mortgage. See the Requirements page for details.
What do I need to become mortgage ready?
Generally a credit score of 640 or higher, at least two established lines of credit, and enough income to pay the mortgage. Every household is different, and we’ll go through yours in detail.
Can someone who doesn’t live in the home buy it?
Yes, if they meet the affordable housing guidelines and can get a mortgage under the same standards.
Can a family member buy my home?
Yes, as long as they qualify under the affordable housing guidelines and can get a mortgage.
What if I don’t want to buy my home? Will I have to move?
No. You won’t be required to move, and your lease will be honored.
What if I want to buy but don’t qualify?
We’ll do everything we can to help you qualify. Recent bankruptcies or a lot of negative credit can make it harder, but we’ll review your case together and decide honestly whether we can get you mortgage ready.
When can I buy my home?
Homes become available once their 15-year compliance period ends. See Available homes for communities open for sale now.
Is this program only in Ohio?
No. We work with nonprofit owners of LIHTC homes in several states, including Asbury Glen in Anderson, Indiana.
Credit and mortgages
Can I use my own mortgage officer?
Yes. We do recommend talking with our designated mortgage officer, who has deep experience in affordable housing, access to down payment programs few others offer, and knows how to work through common loan challenges.
Why is my Credit Karma score different from my mortgage officer’s?
Credit Karma uses VantageScore, while most mortgage lenders use FICO. They usually move together but can differ, so check a FICO score before a lender pulls your credit. See Get mortgage ready.
Will checking my own score hurt my credit?
No. Checking your own score is a soft pull and doesn’t affect it.
Should I pay off old debts or dispute them first?
Always dispute anything incorrect before you set up or negotiate a payment plan.
Who is behind Affordable Housing Depot?
[Describe Affordable Housing Depot and RenuHomes: who you are, your role with these homes, and your experience helping renters become owners.]
Still have questions?
Ask us live on Zoom, Monday, Wednesday, and Friday.