SAVING MONEY to contribute to your home purchase is vital to obtaining a home loan. Even if you plan on acquiring CLOSING COST OR DOWN PAYMENT ASSISTANCE; lenders want to know you have savings. Usually, there’s still a residual amount you’re responsible for at closing.
DPA CAN COME FROM STATE OR LOCAL SOURCES and could either be a LOAN OR A GRANT. Ask your Mortgage Lender about finding those programs. They have different requirements you must know before you put in an offer.
FINDING A MORTGAGE LENDER THAT’S THE RIGHT FIT FOR YOU IS IMPORTANT. If you already have an account with a Credit Union or Bank, you should start there, since you already have a relationship with this institution. IT’S WISE TO COMPLETE AT LEAST 3 APPLICATIONS; as not all lenders offer the same products.
IT’S ALSO IMPORTANT TO FIND A REALTOR YOU FEEL COMFORTABLE DOING BUSINESS WITH. Purchasing a home is a big deal. Elements like communication, knowledge and reliability are important qualities to look for.
ATTENDING AN OH CAN HELP YOU GET A FEEL OF THE HOME YOU WANT. This experience will help distinguish size, area and area cost. So when it’s time for you to shop for a home, you’ll know exactly what you want and don’t want!
1.SaVE aS mUCH aS yOU pOSSIBLY CAN
2. RESEARCH DPA PROGRAMS
3. tALK TO MORE THAN ONE MORTGAGE LENDER
4. FIND A CAPABLE AND KNOWLEDGEABLE REALTOR
5. ATTEND OPEN HOUSES IN YOUR DESIRED AREAS
