If your credit scores are above 620 (the minimum to qualify for the $500 Down Payment Program), the prequalification process can be completed in about 24 hours or less.
Now, home buyers with credit scores below 620 will experience a delay. The delay could be as little as 60 – 90 days to 6 – 12 months. It really depends on what is hurting your credit.
Working with a Realtor can help determine what you need to do and speed up the process.