First Time Homebuyers Program FAQs
(Frequently Asked Questions)

First Time Homebuyers Homepage | Qualifications | FAQs | Houses For Sale

  1. I'm not sure I should buy now, or try to save more for a bigger down payment later. Why should I buy now?
  2. Interest rates are relatively low right now, so chances are that you can actually buy more house now, when your mortgage payments will be lower, than if you waited until rates go up.

  1. How much will this really cost me?
  2. First time homebuyers can often buy with as little as 3% down. There will also be associated closing costs, such as inspections, etc. that will differ depending on the house.

  1. How long will the process take?
  2. Pre-approval can happen in less than a week. Finding the right home for you will take longer. A lot depends on how devoted you are. Weichert, Realtors© - Donahue Partners will provide you with your booklet of available property as soon as you are pre-approved. From there, you will need to take time to drive around checking out houses and areas. After that, setting up appointments will take a couple of weeks. The time between and offer, and a Purchase and Sales Agreement should take a few weeks, then about 6-8 weeks to closing. If you are determined, the whole process can take as little as 2 1/2 months. I've seen it take over 6 months, also.

  1. Why should I bother?
  2. Owning your own place is the American Dream. But there are also a lot of financial benefits to owning, such as the equity you begin to accumulate in the house. Also, there are specific generous tax benefits to owning over renting.

  1. I've missed/been late with a few payments (credit card, etc) in the past. Will that stop me from getting approved for a loan?
  2. There is really only one way to find out. Not trying is the only sure way to not getting a loan. When our mortgage broker calls, be honest with him/her. That's the best way to go into this.

I am sure you have many other questions, and please feel free to ask them, via email or by calling (508) 548-5412 and asking for Dennis Murphy.

The next step is up to you!