Getting ready to buy a house is already complicated but, for people with low-moderate incomes, the idea of getting a home mortgage can seem a daunting task. Renting comes with its headaches and stresses, but it can feel easy compared to navigating insurance and property taxes. Besides, credit scores, down payments, closing costs, and pricey mortgages can pose enormous obstacles. Fortunately, that’s why there’s the “Address Yourself” program! Here’s our guide to help you get ready for one of the biggest commitments of your life.
Step 1: Understanding What It Takes
The first thing to consider before signing up for homeownership is what are the requirements and how do I meet them? You’ll need to get access to the right information, learn all the things you need to know, and then develop a personal plan that corresponds to your unique situation. The truth is unless you have the money to pay for everything up front, you’ll need an efficient way to get through the challenges of credit score, mortgage payments, and budgeting. That’s where our Address Yourself program begins. Once you sign up with Address Yourself, our first step is to set you up with our expert counselors at Navicore Solutions, or Puerto Rican Action Board (PRAB). Together, our counselors carefully review your finances, and create a customized action plan that gets you credit ready, reduces your debt, and helps you budget for sustainable homeownership.
Step 2: How to Pay for a Home
Once you understand the requirements for homeownership, and our counselors judge that you’re ready to move on to the next steps, the second obstacle you need to consider is how to pay for closing costs? Our Address Yourself counselors will make sure that you’re ready to take on a mortgage that aligns with your budget but, you still need a way to pay for the upfront/closing costs every mortgage requires. Even though closing costs depend on the specifics of your mortgage deal, typically, you’re looking at $7,000 – $15,000 in upfront costs. At this point, Address Yourself will make sure you’re not alone. We’ll help you cover your closing costs with Down Payment Assistance grants. We currently provide potential homebuyers with $2,000-$10,000 in closing cost assistance for the nine coastal counties in New Jersey. Additionally, our credit union partners can match your savings up to $7,500 once you sign up with them.
Step 3: Getting a Sustainable Mortgage
The last obstacle to consider in your journey to homeownership is where to get a sustainable mortgage from? A sustainable mortgage is simply a mortgage deal that provides you with monthly payments in line with your budget, income, and personal debt level. Unfortunately, for people with low-moderate incomes, finding a sustainable mortgage can be tough – but Address Yourself has partnered with four credit unions to offer sustainable mortgage products designed especially for families and individuals with low-to-moderate incomes.
In recent years, the path to stable homeownership for families and individuals with low-middle incomes has not always been available – the Address Yourself program is bent on addressing that situation. To get started: call 732-640-2061 ext.310 or ext.116 to discuss your homeownership goals or fill out this online form (here) to submit your contact information and schedule a call with our Address Yourself team.