After you submit your Eligibility Form you are notified within ten days whether or not you are eligible for the program. It is more like you are on the "waiting list" after you have been approved while you find a property.
Word of warning I have had trouble meeting debt to income requirements for a single family home (after adding in taxes, insurance, mortgage and interest it can run those monthly numbers up). If you are considering a lower cost condo you may have better luck.
Debt to Income clause:
The Borrower must obtain a purchase mortgage through a participating lender which meets the following criteria:
a. Maximum 33% housing-to-income ratio
b. Maximum 40% total debt-to-income ratio... more