Do I need to be a first-time homebuyer?
No. However, you cannot own other real estate at the time you purchase the OFS home, and you must reside in the home. If you currently own a home, you must sell it as a condition of buying an OFS home.

Can I offer less than the asking price?
Yes. Operation Fresh Start negotiates on price via the Offer to Purchase process.

Once I own the home, can I add on to it?
Yes. You have the same rights, within City zoning and building codes, as other owners. OFS houses are often built to have basements which can easily be converted into living space. After you own the home, adding a dishwasher or air conditioner, for example, will add to its value without increasing your mortgage.

What are the CDBG Loan Underwriting Requirements?

• Loan to value ratio: Your total amount of mortgage cannot exceed the appraised value of the property.
• Debt- to-income ratio: Your total monthly debt (including car loans, student loans, etc., cannot be more than 36% of your monthly gross income. Your monthly PITI payment must equal 30% of your gross monthly income. Exceptions to these ratios may be granted on a case-by-case basis by City of Madison CDBG.
• Asset limit: The total amount of your liquid assets (cash, stocks, bonds) cannot be more than $15,000 or 12 times your monthly PITI payment, whichever amount is greater.
• The borrower must demonstrate the ability to repay the first mortgage.
• The borrower must provide all financial data and other relevant information required to document eligibility for a loan and must provide written permission to obtain verification of such information from appropriate sources.

To whom do I send the Offer to Purchase?
Please address your offer to Judy Olson at Operation Fresh Start, 1925 Winnebago St. in Madison. Judy's contact information is:

• Fax: 608-244-8162.
• Office Phone: (608)244-4721
• Cell Phone: (608)444-1002
• e-mail: jolson@operationfreshstart.org

Do you take offers written by real estate agents?
Yes. We will pay the standard 3% commission to buyer's agents.