To be considered for membership of Fulmor Heights Home Ownership Association, the potential “member” must meet specific financial and income standards, have accepted the offer of membership and interview with the Membership Committee, who in turn will present their recommendation to the Board of Directors, the final decision making body of the Association.
Standards for Membership
- Applicant must be at least twenty-one years of age
- One week’s gross income must meet or exceed the home’s monthly charge
- Good credit history for the past three years
- Credit rating should be at least 625
- No bankruptcies for the past three years
- Overall debt and monthly payments must be in proportion to income
- Provide formal proof of income, investments and assets to the Membership Committee, consisting of: W-2 forms from prior two years, Tax returns from the prior two years, Last four pay stubs (if applicable), Savings, Checking, Money Market Accounts, Stocks, Bonds, IRA’s, CD’s, Real Estate Holdings, Pensions, Social Security and any other source of income.
- $80.00 application fee, additional credit check for spouse is $57.00
- Application fees include the cost for list maintenance and credit checks processed. No one shall be listed on or added to a contract without a credit check, unless approved in writing by the Board of Directors. All fees are subject to change as the cost of credit checks increase.