If you're a first-time homebuyer, you might be eligible to receive a $7,500 grant through the Federal Home Loan Bank Grant Program to provide down payment or closing cost assistance. To qualify, you must meet grant program requirements, including:
- Financing your home loan through Dupaco
- Meeting household income eligibility limits
- Using a fixed-rate loan to purchase your home
These grants are offered on a limited first-come, first-served basis. A Dupaco mortgage loan officer can help you apply for one during your application process.
Have questions? Need assistance?
Contact our Mortgage Lending Department at firstname.lastname@example.org, or give us a call at 800-373-7600, ext. 204.
Buying a home is a big step, but you can do it! If this is your first time becoming a homeowner, you probably have a lot of questions. You’ve come to the right place – because Dupaco has answers to questions like “Where do I start?” and “How quickly can we close?” and everything in between.
Renting vs. Owning
If you’re renting, you don’t have any long term responsibility for the place you live in. When something breaks or stops working, you’re usually not the one paying for it. But here’s the thing: when you’re paying rent, you’re basically helping somebody else pay their mortgage. Eventually, you’ll move out with nothing to show for it but your memories – while the person who owns the place will have used your rent payments to build up their equity (which means money in their pocket later).
Instead of supporting somebody else’s investment, why not make your own? If you understand your budget and purchase something you can afford, your mortgage payment can be similar to what you pay for rent each month now. (Hint: Here are 8 things you should know if you plan to buy your own house.) So as you pay down the loan and build equity as a homeowner, you’ll have the flexibility to borrow more easily for other needs in the future or even get money back when you decide to sell.
Estimate your budget.
A good rule of thumb is to spend no more than 30% of your monthly income on housing.
Work on your savings. Even first time buyer loans with low down payments require some money up front.
Check your credit score. Higher scores usually equal better rates, so take steps now to strengthen your credit.
Build Your Team
Buying a home can seem overwhelming but you don’t have to do it alone! Your team should include a financial expert who can help you understand your loan options, advise you on your credit and help you with a savings plan (that’s Dupaco!); a real estate agent who can help you evaluate neighborhoods, homes and property values and negotiate on your behalf; and friends or family members who can help you maintain your perspective and enjoy the process.
Mortgage Learning Center
- Mortgage payment
Principal, interest, insurance and more… We’ll break it all down here.
- Rent vs. buy
Compare the costs of renting vs. buying your next home.
- Home affordability
Find out how much home you can afford.
- Loan term comparison
See how your loan term, interest rate and more impact your overall costs.
- Home refinance
Calculate whether it makes sense to refinance your home loan.