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Money Matters Blog

Tuesday, April 28, 2015

Help For First Time Homebuyers

Nicolette Rybski thought her dream of home ownership was years away. But now she’s the proud owner of her first home, with the help of Community Financial and a special program called HOP, which stands for Homeownership Opportunities Program.

HOP helps with down payment and closing costs for first-time homebuyers who are at or below 80% of area medium income. Community Financial is one of the only financial institutions in the area certified to handle HOP.

After completing the home buying process, Nicolette felt others would benefit from what she learned, so we sat down to talk about her experience.

“I wish I had known about a lot of things much sooner in the process,” Nicolette said. “I learned there was a lot I didn’t know and I felt lucky that Community Financial worked with me and helped me figure it out.”

Here are some of Nicolette’s tips for first-time homebuyers:

Get organized. 
“One of the first things I learned was the importance of keeping your financials in order. Before shopping for a home, organize your financial documents and review your credit report so you know where you stand.”

Prepare a budget. 
“If you need help with this, ask Community Financial. HOP provided a first-time homebuyer class that was so informative I wish I had taken it sooner.”

Get pre-approved. 
“Don’t wait until you find the perfect home to start the mortgage process. It’s important to get pre-approved so you’re in a better position when you find the right home.”

“I'm in awe of owning my own home,” said Nicolette. “I can't believe how far I've come. It's such a big goal that I've set for myself and to have achieved it, I'm so proud it (makes me) tear up.”

“The Community Financial team was genuinely happy for me and you don't find that often. Some banks are just in it for the money and it felt like Community Financial was really concerned about helping me. To have found a credit union that genuinely wants to help someone make a good life for themselves is really amazing.”

To find out if you could qualify for HOP or learn more about financing a home, contact Community Financial to speak with a mortgage specialist.

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