FAQ's
My Credit Score probably isn't very high, am I left out?
Home Buyer Advantage only requires that you be approved for a mortgage by an approved lender. A number
of mortgage products do not require lenders to consider Credit Score during underwriting. The best way to find out
if you qualify is to visit an approved Home Buyer Advantage lender.
Can I use Home Buyer Advantage to buy a house that costs more than the mortgage amount I qualify for?
No. Home Buyer Advantage is designed to ensure you have a mortgage payment you can safely maintain given your income. The Home
Buyer Advantage grant will help reduce the purchase price at loan closing, leaving you with smaller mortgage principal and a lower
monthly mortgage payment.
I think this program would be great for me. What is my first step?
First, make sure you qualify based on your total household income. If you have questions about whether your
income qualifies, the best thing to do is visit an approved Home Buyer Advantage lender.
Second, find an approved Home Buyer Advantage lender.
Third, get pre-qualified for mortgage through an approved lender. The lender will give you the dollar amount,
of the mortgage you qualify for, based on your income and debts.
Fourth, make sure the selling price of the home you purchase must be at or below the mortgage amount
you qualify for. Once you know the mortgage amount you qualify for, either contact a real estate professional to help you
find a foreclosed or abandoned property or begin searching on your own. There is a list of foreclosed properties,
as well as, some additional website links for foreclosed properties on our website.
Once you find a home, return to your lender and complete the loan process.
Move in!