HPS Program Pre-Approval

Members may ask the Bank to verify homeowner eligibility for subsidy by submitting a Pre-Approval Request that includes documentation that the loan to be restructured or refinanced meets all HPS program requirements. To obtain pre-approval, please complete and submit to the Bank all documents listed below:
 
Pre-Approval Forms

• 2008 HPS Program Pre-Approval Request (FC 2319) (PDF)
• 2008 HPS Program Enrollment Instructions (FC 2325) (PDF)
• 2008 HPS Program Enrollment (FC 2314) (PDF)
• AHP Household Income Qualification Workbook (.xls)
• HPS Calculator Workbook (.xls), which includes:
  • Instructions
  • HPS Calculator Worksheet
  • HPS Eligible Expenses Worksheet

The amounts in the HPS Calculator Workbook at pre-approval are preliminary. The final workbook must be sent to the Bank at the time of disbursement.

Income Qualification: Forms and Guidelines
The Bank requires that each AHP-assisted unit be income-qualified according to the AHP Income Qualification Guidelines (FC 2258) and that proper third-party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification (FC 2259). All guidelines and required forms are provided in the AHP Household Income Qualification Workbook (.xls), which includes:

• AHP Income Qualification Guidelines (FC 2258)
• Acceptable Forms of Verification for Household Income Qualification (FC 2259)
• Instructions for using the AHP Household Income Qualification Worksheet
• AHP Household Income Qualification Worksheet

The AHP Income Qualification Guidelines provide instructions on what, when, and how documents must be submitted. The member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third-party verification documents. The member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household.
 
For more information on the HPS Program, please read the HPS Program Product Profile.


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