After 2 years as renters, Monet and Brian added up the cash they had spent on renting. The shocking amount propelled them to explore homeownership.
Being millennials, they started their research on a cell phone where they came across HUD-approved counseling agencies. Monet thought “HomeFree-USA” was a cute name. She signed up for and attended a free class called, “5 Homebuying Secrets Everyone Ought to Know.”
After the class, Monet and Brian continued to work toward homeownership on their own. Monet started improving their credit. She researched lenders, applied for mortgages and was pre-approved by two lenders. She interviewed Realtors, found a good match and found a home they wanted. Unfortunately, the offer they made on the home was rejected. It became clear that they needed to increase their budget to find a suitable home.
More research. Another class at HomeFree-USA.
Coincidentally, a colleague mentioned that HomeFree-USA had guided her to a 40-year conventional mortgage loan. It looked like the ideal next step, but her lenders didn’t offer that type of mortgage. So, Monet picked up the phone. She knew what they needed. Not only did HomeFree-USA refer them to the perfect loan, the HomeFree-USA lending partner also had a closing cost grant for first-time buyers. Their persistence paid off with extra cash.
Monet and Brian’s 3 tips to homebuying success: 1) know exactly what you can afford in a monthly mortgage payment. 2) make the necessary sacrifices to stash away your cash; and 3) start saving for your down payment today.