Buying a Home
How can CCCS help some buy a home? CCCS provides free one-on-one home buying counseling sessions. The counselor will provide clients with a budget, credit report analysis, and an action plan to achieve homeownership. CCCS also provides a free all-day home buying workshop that provides an overview of the home buying process. Upon the completion of the one-on-one session and/or the all-day workshop, the client will receive a certificate required by down payment programs.
How much down payment is required for a home? The larger the down payment, the lower the mortgage payment will be. The size of the down payment depends on the cost of the house, the type of mortgage, a person’s credit history, and other factors. There are also upfront deposits and closing costs that complete the sale.
What if a buyer has very little to put towards a down payment? There are federal mortgage programs that exist to help home buyers that have this problem. Through the completion of home buying counseling or the home buying workshop, someone can receive a certificate for one of the down payment programs.
Who lends money for homes? Home loans can come from banks, credit unions, private mortgage companies, and various government lenders. Different lenders offer a variety of interest rates and loan fees. Talking to an expert helps people find the right loan for their situation. Take your time and look around for the best deal.
What information is required when applying for a mortgage? Regardless of income, keep good financial records when applying for a loan.