Owning your own home is the American dream, but that saying is missing the adjective "affordable." If owning your own home is your dream, too, you can make it a reality, but don't make the mistakes people made a few year ago. You need realistic goals, sound advice (like here at The Debt Free Advocate), careful planning, and clear understanding of the costs involved in owning a home.
Just like anything else, the more you know about homeownership, the more successful you'll be at obtaining you dream.
Our new series will help you decide if homeownership is right for you and whether you can truly afford to buy a home at this time. We will also help you decide how much of a home you can afford and what mortgage lenders are looking for when approving a loan. We will also show first time homebuyers and low to moderate income borrowers how they can stretch their borrowing power with various types of loan products. Mortgage products that make potential homebuyers dreams come true.
People in debt may have heard of or may be using the National Foundation for Credit Counseling (NFCC). What you may not is the NFCC is also approved by the U.S. Department of Housing and Urban Development (HUD) and is a national intermediary for local housing counseling agencies. Some loan programs will require you to contact them, but regardless of the loan program a good way to get started on your journey is to have a counseling session with a HUD approved agency. You can contact the NFCC for a referral to a HUD approved, NFCC member agency at (866) 846-2227.
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