Homeownership FAQs : Neighborhood Housing Services

Homeownership

How much down payment will I need in order to buy a house?
That depends on the price of the house, the type of loan you wish to get and several other factors. For instance, FHA loans require only 3.5% down payment. Your counselor can guide you.

I have accumulated a lot of student loans while in college. Can I still buy a house?
Possibly so. Of course, it will depend on your overall debt burden, monthly income, credit rating and other factors. Our counselors will guide you.

I know that my credit is not as good as it should be. Will I still be able to become a homeowner?
Quite possibly. Through counseling and education, you will learn the credit and financial requirements of the home buying process. You will also receive training on the skills and resources that can help you maintain your credit and finances after reaching your goal of homeownership.

I’ve heard that there are “programs” to help first time homebuyers with down payment and closing costs. How does that work?
There often are various programs available from governmental agencies, nonprofits and local banks. Often, this aid is geared to certain income levels. As you progress through the stages of the NHS process, your counselor will let you know of any programs that may work for you.

I’ve heard that there are sometimes grants or other types of assistance for first-time homebuyers.
Yes, there may well be some sort of assistance available when you are ready to buy. NHS counselors know about each of the programs that are available in the area and the criteria for the programs; your counselor will be able to discuss these options with you.

Last year I filed bankruptcy. My friend said now I will never be able to buy a house. Is that true?
Not at all. You will have to wait several years during which time you must re-establish your credit. This can be discussed in detail with your counselor.

What does it cost for my NHS counseling session?
Nothing. You pay only for your credit report.