For example, Soules noted that his office recommends that the property selected should not be more than 20 years old, which hopefully will eliminate the need for extensive repairs once purchased. It must have a least 100 amp electrical service and generally should be a single-family dwelling. Townhouses, condominiums or duplexes may be considered, but only on a case-by-case basis. 

When purchasing an existing home the buyer needs to provide a Home Inspection Report issued by a certified, independent inspector. The inspection is done at the buyer’s expense but the seller is responsible for correcting any deficiencies or code violations. 

As part of its desire to help the purchaser make a good investment, the HOP also requires the following: The house must have a 7-10 year life expectancy on the roof, smoke detectors, ground fault interrupters for kitchens, laundry and baths, hand rails on stairs, a minimum of 100 amp electrical service with breaker electrical entrance and a relief valve extension on the hot water heater. 

If the property has a septic or well system, the seller must provide an inspection report that verifies the systems are in good working order. Safe water tests not over 30 days old must be provided prior to the expected closing date. 

Prior to closing the HOP also needs a copy of the real estate appraisal, an Owner’s Policy of Title Insurance (provided by the seller), a Home Warranty Plan covering all existing proponents of the property for a minimum of one year, a Home Data Information Sheet and the legal description of the property. Once the above concerns are met the HOP will coordinate the various services needed to close on the property. 

Soules added that the HOP does offer Down Payment Assistance and those owning a home for at least two years are eligible for up to $5,000 to upgrade the property. 

With home ownership come the following stipulations: Should you sell the property in less than five years you will be required to pay back the entire amount of the loan. If selling the home and buying a new one the amount of money owed the Nation will remain in an escrow account to applied toward the purchase of the new home. You may not use your home as collateral on any loan for the next five years, other than the mortgage loan itself. You may not request any repairs from HOP for the period of two years from the date of approval. 

Soules emphasized that the owner is responsible for insurance and any taxes on the property.