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Home Ownership Program FAQs

You may have a lot of questions about the Home Ownership Program. Below are a few of the most commonly asked questions.

How much does it cost to enroll in the Home Ownership Program?
May I bring a credit report received from another source?
Do you offer sessions on weekends?
I have really bad credit; may I still enroll in the Home Ownership Program?
What is discussed at the first session?
How long are the sessions?
Where are the sessions held?
I do not have a job right now; may I still enroll in the Home Ownership Program?
I thought the program was called Mortgages for Mothers?
Is the Home Ownership Program just for mothers?
Is there a minimum income I need to enter the program?
What is considered income?
How long will the program take?
What am I responsible for doing in-between meetings?
What should I bring to each session?
Am I eligible for the 3-2-1 Home Program for down payment and closing cost assistance without enrolling in the Home Ownership Program?
 



How much does it cost to enroll in the Home Ownership Program?
The only fee for the Home Ownership Program is the cost of your credit report.

May I bring a credit report received from another source?
No. We use an up-to-date Tri Merge credit report that provides the most complete picture of potential credit issues including public records, payment history and contact information for creditors.

Do you offer sessions on weekends?
Sessions are scheduled to meet the needs of our customers during normal working hours.

I have really bad credit; may I still enroll in the Home Ownership Program?
Of course! 95% of the participants in the program have credit issues. One of the primary purposes of the program is to assist you in clearing up negative credit issues.

What is discussed at the first session?
You will be given a copy of your credit report which will be discussed along with your total financial situation. We will also create a budget.

How long are the sessions?
Program participants will attend an initial one-one-one session, homebuyer education group class sessions and workshops. The initial one-on-one session will last between 45 minutes and one hour. Classes are about an hour long and workshops are about two hours long.

Where are the sessions held?
At the Dollar Bank corporate offices located in downtown Pittsburgh at Three Gateway Center. (We are located next to the Wyndham Grand Hotel and across the street from the former State Office Building.)

I do not have a job right now; may I still enroll in the Home Ownership Program?
We suggest you delay enrolling in the program until you secure permanent employment and meet the minimum income requirements listed below.

I thought the program was called Mortgages for Mothers?
Mortgages for Mothers is the name of Dollar Bank’s yearly workshop presented to encourage homeownership; this program’s name is the Home Ownership Program.

Is the Home Ownership Program just for mothers?
Absolutely not! The program is open to all potential first time homeowners.

Is there a minimum income I need to enter the program?
We require a minimum of $26,000 a year. If you receive rental assistance through a local housing authority, the minimum income may be lower, based upon their homeownership program requirements.

What is considered income?
Qualified income may include salary and wages, social security, Supplemental Security Income (SSI), court mandated child support payments and pensions. Section 8 and housing voucher payments may also qualify. Department of Public Assistance payments are not eligible.

How long will the program take?
Each situation is different and the time it takes to correct your credit issues depends upon your credit history, the financial resources you can commit to eliminating negative debt and saving for certain down payment costs.

What am I responsible for doing in-between meetings?
You are responsible for contacting (through letters and phone calls) your creditors and for maintaining contact with your Dollar Bank Credit Counselor.

What should I bring to each session?
Always bring a pen and notebook to take notes. A calendar will help you keep track of important dates and appointments. We suggest that you begin organizing your financial papers and bring copies of any specific documents when they are requested.

Am I eligible for the 3-2-1 Home Program for down payment and closing cost assistance without enrolling in the Home Ownership Program?
No, these funds are only available to qualified families that have enrolled in the Home Ownership Program and successfully fulfilled its requirements.

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1-800-828-5527
Dollar Bank representatives are available Monday - Friday from 8:00 AM to 8:00 PM and Saturday from 9:00 AM to 3:00 PM.

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