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Community Development

CHIP Program
Getting Started  

 

 

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 2014

 

FAMILY SIZE

80%

1

$39,150

2

$44,750

3

$50,350

4

$55,900

5

$60,400

6

$64,850

7

$69,350

8

$73,800

Subject to Change

 


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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Address Hours Constance Bones Phone Numbers
City Hall 8:00 am to 5:00 pm Program Technician II P: (913) 573-5127
701 N 7th Street Monday - Friday Email F: (913) 573-5115
8th Floor      
Kansas City, KS      
66101      
 

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