FAQ

Am I ready to be a homeowner?

Are you currently paying rent? Do you want something that is truly YOURS? Chances are you could afford a home for what you are already paying in rent. There are many first-time homebuyer programs available to qualified buyers that allow you to finance 100% with no money down. When you own a home, you take pride in ownership, establish yourself in a community, build better credit, and grow equity and wealth in your portfolio. Homeownership is a commitment — and if you're ready to take that step, we are here to help.

Is renting or buying better?

When you rent, your landlord benefits. You pay each month but have nothing to show for it beyond a roof over your head. Homeownership allows you to build equity and wealth for your future, establish better credit, and gain stability. It also gives you more freedom and choice. When renting, you typically have little say over any changes to the property. When you own your home, you can personalize it however you wish and truly make it your own. Of course, homeownership comes with responsibility and upkeep — but if maintained properly, you should see your home's value grow over time.

What is the lender's formula?

A lender's formula takes into account your monthly and annual income alongside your debt obligations to determine what you can comfortably afford in a mortgage payment. Reach out to any qualified lender from our financing resources and get started on your path to homeownership!

What do I look for in homes?

Before browsing listing services, you'll first want to get pre-qualified with a lender. You may use any of the lenders featured under our Financing tab, or you may work with your personal bank or another lender you're comfortable with. Either way, knowing what you can afford and which loan type you qualify for are critical first steps. The loan you qualify for will determine what homes you can consider. For instance, a first-time buyer USDA 100% loan may exclude certain zip codes. Some loans prohibit double-wide homes. If you're looking for a fixer-upper, you may need additional cash since not all programs will finance a home requiring significant repairs.

Do I need a home warranty?

If you're purchasing a new construction home, the builder is required to provide a one-year home warranty. If you're purchasing an existing home, a home warranty can be a smart investment — typically costing less than $500 per year — and will cover certain components of the home with a low deductible.

What should I expect at closing?

Closing day is an exciting milestone where you'll sign the loan documents and receive the keys to your new home! Remember to bring valid photo ID. At closing, proper identification (such as a driver's license) is required before signing any documents. Sellers typically sign their paperwork separately from the buyers. Plan for this process to take approximately one hour on average.

What is pre-approval?

When you're ready to buy a home and have connected with a loan officer of your choice, the loan officer will issue you a pre-approval letter. This document states the amount you are qualified to borrow and the type of loan you qualify for. It's important for two reasons: First, it ensures you're looking at homes within your approved price range. Second, a pre-approval letter strengthens any offer you submit, demonstrating to sellers that you are financially qualified to purchase. The pre-approval letter will accompany every offer sent to a seller.

What should I offer?

The right offer amount depends on several factors, most importantly market conditions. How competitive is the marketplace right now? Is it a seller's or buyer's market? Are there more buyers than available homes in your price range, or more homes than buyers? A comparative market analysis reveals current sales trends in a particular subdivision or neighborhood and serves as a valuable guide when determining an educated offer.

Can I ask you for advice?

ALWAYS ask! No question is a bad question. It's far better to ask too many questions than not enough. Purchasing a home may be the single largest investment you make in your lifetime. Make sure you fully understand every step — even if you need to ask the same question more than once.