Your Finances; Your Future


Choose a service from the Housing category
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
Delaware Community Reinvestment Action Council Inc. (DCRAC)
Foreclosure prevention, pre-purchase counseling, credit and budget counseling. Tax Controv...
First State Community Action Agency
First State Community Action Agency's primary service is to work towards the elimination o...
NCALL Homeownership Counseling
• NCALL provides homeownership education and counseling, financial coaching, financial edu...
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...
The Money School
The Money School offers FREE financial education classes and financial literacy resources ...
Without a doubt, buying a home for the first time is the greatest investment in the average person's lifetime. Home ownership can also be one of the most overwhelming times in an individual's life, especially if they aren't familiar with the process. Before you consider looking for a house to buy, it's important to take a few steps prior. You must ensure that you have a good enough credit score, determine how much you're comfortable investing in, save up for a down payment and closing costs (fees paid at the end of a real estate transaction), and getting pre-approved for a mortgage. It is our duty to provide explanations and tips to help you buy your first home, affordable housing, and what low-income housing is.

Buying a Home: The first big step you can make when ready to buy a house is to start as early as possible. Learn about every single real estate listing that you can and make a note of all the homes that you're interested in and see just how long it stays on the market. By doing this, you'll learn about the different trends in specific areas. As we said before, you need to know how much you can afford. Generally, lenders recommend looking for houses that don't cost more than 3 to 5 times their annual household income if you plan to make a 20% down payment. You'll also need to get pre-approved for a mortgage before you start looking for a home so you know how much you can spend.

Types of Loans: It can be quite overwhelming and confusing to figure out just how to pay for this new home. Luckily, there are several different types of loans to choose from. Federal Housing Administration (FHA) is available to first-time home buyers and any other types of borrowers. It allows you to make a down payment as low as 3.5% of the purchase price. However, it's required to pay mortgage insurance, which will increase your monthly payments. Another great option for first-time home buyers is getting a loan from the United States Department of Agriculture (USDA). To qualify, you need to be a U.S. citizen, have a dependable income for at least the past 2 years, and be able to make a monthly payment including, interest, insurance, and taxes. However, to get approved for this loan, the home you're purchasing should be move in ready and everything must be in working condition (ie. plumbing, HVAC, etc.)

Affordable Housing: For some, they don't have a lot of income coming in, so they may need a helping hand to find a place to live. Thankfully, there's plenty of affordable housing in Delaware. The Delaware State Housing Authority (DSHA) can help provide four affordable housing to those with low income, senior citizens, and people with disabilities. The four types of affordable housing are Public Housing, Housing Choice Voucher, Site-Based Subsidized Housing, and Tax Credit States. Their goal is to provide quality, affordable housing opportunities, and appropriate services to low-income Delawareans.

Low Income Housing: Regardless of your income, you can still find a place to live. Some apartments will base your monthly rent off of how much you make. So, if you don't make a lot, they'll charge within reason of how much you make. Affordable Housing and Low Income Housing in Delaware provide just about anyone with an option for housing. You can also get a non-government unit like Habitat for Humanity. They strive to help others with low to medium income build their homes. After all, a shelter is necessary for survival as it helps keep you healthy and emotionally secure knowing you have a place to call home.

Foreclosure: If you're unsure about what being foreclosed means, it's taking possession of a mortgaged property when the buyer doesn't keep up with the payments. Sounds pretty scary, doesn't it? You want to make sure to pay your monthly payments on time each month because the further behind you are, the harder it is to restore your loan to its original state and the more likely you are to lose your home. You also need to start prioritizing your spending. After paying for healthcare, you need to focus on keeping the home. Re-focus on your budget and figure out how you can cut back on spending so you can afford your mortgage. Finally, if contacted about a recovery, it's probably a scam! When a firm tells you that they can immediately stop your foreclosure, don't sign that document. You could essentially be giving up the title to your property and becoming a home renter. You could ultimately end up losing your home.

Whether you have a high amount of income, a low income, or even a medium income, there's an option for anyone to have shelter provided. Despite how risky it may be, with the right amount of planning and a proper budget, you can make one of the best and biggest financial decisions in your life.

Or choose a service from one of these Housing subcategories:
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...