If you're a first-time homebuyer, you may be eligible to receive a $1000 R.W. Hoefer Foundation grant for down payment or closing cost assistance. To qualify, you must meet grant program requirements, including:
- Financing your mortgage through Dupaco
- Meeting household income eligibilty limits
- Completing an online homeownership course
These grants are offered on a limited basis. A Dupaco mortgage lender can help you apply for one during your mortgage loan application process.
Have questions? Need assistance?
Contact our Real Estate team at firstname.lastname@example.org or 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. As you pay down the loan and build equity as a home owner, 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.
- Should you rent or buy?
- How much home can you afford?
- Calculate a monthly mortgage payment or early payoff
- Compare two mortgage loans
- Adjustable Rate Mortgage (ARM) analyzer