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Community Development

CHIP Program
Getting Started  

Constance Bones, CHIP Program Coordinator
701 North 7th Street
Phone: 913-573-5127
Fax: 913-573-5115
Email: cbones@wycokck.org

Office Hours are Monday thru Friday, 8 a.m. to 5:00 p.m.

GETTING STARTED:

READ this informational packet in full to get a better understanding of the CHIP program

INCOME

To help determine if you qualify monetarily for CHIP assistance reviews the HUD income chart below:

HUD INCOME GUIDELINE CHART 2013

FAMILY SIZE

50%

80%

100%

1

$24,950

$39,900

$49,900

2

$28,500

$45,600

$57,000

3

$32,050

$51,300

$64,100

4

$35,600

$56,950

$71,200

5

$38,450

$61,550

$76,900

6

$41,300

$66,100

$82,600

7

$44,150

$70,650

$88,300

8

$47,000

$75,200

$94,000

PLUS 8 ~ADD

      $    2,850

            $   4,550

      $    5,700

 

HOW TO ESTIMATE BUYER(S) INCOME:

  • Review (s) W’2s for the last tax year
  • Add buyer(s) current hourly wages X’s – 2080 hours
    • (40 HOUR WORK WEEK X 52 WEEKS)
    • Project forwardtoday’s date & forward one year
    • (52 Weeks/12 Mo/2080 HRS) = AVERAGE SALARIED EMPLOYEE
  • Review (s) check stub – and use all gross income
    • NOTE: Overtime bonus’s tips and any income from other entities such as: Child support, alimony, SSI, part time employment, etc. will be requested and used to determine buyer(s) household income

SHOPPING FOR A LENDER:

  • Call several participating Consortium Lender before selecting a lender  (OPTIONAL)
  • Each lending institution generally has its own processing guidelines; therefore, it would be to buyer(s) advantage to call several lenders to find out their processing procedures, guidelines, fees, etc.      

QUESTIONS TO ASK:

  • What are lenders current interest rates?
  • Can the loan be bought down (interest rate)?
  • What will be buyer(s) upfront fees?
  • What (IF ANY) additional products lender offers to coincide with CHIP?
  • What are the lenders credit score guidelines?
  • How the lenders product is an advantage to you?
  • Remember:.. (Click on Link) 



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