Becoming a homeowner is within your reach. With the right tools, guidance, and resources–we can make that dream happen, together.

Rent or buy?

Deciding to rent or buy is a big decision! Learn how the costs of stack up monthly and over time.

 

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6 ways to navigate a competitive market

The current market has made it exponentially more challenging for buyers. Here are 6 tips to help give you an advantage.

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Next steps to becoming a homeowner.

The “right” home offers a combination of things you’re looking for. Review these 3 tips to help prepare to find your dream home.

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11 STEPS TO HELP YOU BUY A HOME

11 STEPS TO HELP YOU BUY A HOME

DOWNLOAD GUIDE (pdf)

As a first time home buyer, you may need some assistance along the way. Get helpful tips and advice about steps to take before you apply for a loan, select the right real estate professional, how to get pre-approved for a mortgage, how much home can you afford, make the offer, and more!

Resources and Tools:

Income-Based Programs
See if you qualify for special income-based programs that could help make home ownership possible.
Home Ownership Course
Framework,2 a Homeownership course from the Department of Housing and Urban Development (HUD).
Homebuyer Checklists
Download a PDF of three important homebuyer checklists: Mortgage Application, Home Buying Worksheet, and Budget Worksheet.

FAQs:

Should I choose a mortgage professional vs. an online lender?

While there are benefits of working with an online mortgage lender, a local mortgage broker can provide personal, one-to-one guidance, and make the entire home buying process easier.

What should my credit score be to buy a house?

Most lenders have a baseline credit score to buy a house approve or deny a mortgage. Any score in the 700s or above is considered excellent. If your score drops into the 600s, you may be considered a risk for some lenders. Some mortgages such as FHA are designed for those with scores as low as 500. 

What is PMI and do I need it?

Private Mortgage Insurance (PMI) is a type of insurance that may be required if your down payment is less than 20% of your home’s purchase price. As a first-time home buyer, it is one option if you don’t have the money for the full down payment.

What is the average down payment on a house? 

With the variety of mortgage products and incentives created to help make the dream of home ownership attainable, the average downpayment threshold has shifted with some mortgage programs allowing no downpayment or as little as 3%. In 2019 the average down payment for first time home buyers was around 6%. 

What are closing costs (and do I have to pay them)?

Closing costs are a variety of expenses above the purchase price of your home, such as attorney fees, title search, taxes, and lender costs. See if you’re eligible for our closing cost assistance program or other first-time home buyer grants.

How much will property taxes cost?

First-time homebuyers are often surprised at the cost of property taxes. Before purchasing a home ask what the estimated taxes will be on the property. And do your research ahead of time, so you can add these expenses into your budget.

What are mortgage points?

Mortgage points (also known as discount points) are fees paid directly to a lender at closing in exchange for a reduced interest rate. It can help lower your monthly mortgage payments.