Despite rising costs, rates of interest and excessive demand, housing advocates from Dallas Area Habitat for Humanity are encouraging individuals who wish to discover a residence within the DFW market to not hand over.
Blaine Cowart, VP of Home Ownership Services for the nonprofit, says they’re having some success serving to some households going by means of their homebuyer counseling packages discover reasonably priced houses within the open market.
Cowart says they wish to assist extra individuals. She informed NBC 5 that one of many greatest misconceptions about Habitat is that it is just for individuals focused on shopping for a Habitat residence.
“So many people assume that Habitat can only support you if you’re looking to buy a Habitat home. But that’s not true. Actually, at Dallas Habitat, we are a HUD-certified housing counseling agency. We counsel about 300 families every year towards mortgage readiness. And so at the point that families become mortgage ready, meaning they have stable income and employment history, good credit, we’re talking you know, 620+ credit score, low debt and a decent amount of savings, usually about $3,000 saved for the upfront cost of homeownership. At that point, families actually have two options with us. They can buy one of the homes that we build if that’s a good option for them,” Cowart defined.
Cowart says if shoppers are trying inside a special value vary or a special location, they’ll additionally assist households store the open market.
“And so we do that in partnership with our lenders that we work with, loan officers who have products, specifically for first-time buyers, and then also with realtors who know the markets that our buyers are looking to work in. And so again, it’s about building the right home buying team this year. And then in the past year, we’ve served a little over a dozen buyers who have bought on the open market,” she mentioned.
Saturday, Dallas Habitat is internet hosting a free Home Ownership Fair to teach potential consumers. A panel of consultants from actual property companies and mortgage lenders together with different distributors might be accessible to reply questions and assist attendees study native sources that provide numerous varieties of homebuyer help.
“We don’t anticipate that interest rates are going to get any lower than they are today. So our word of advice to families is, you know, the best time to buy a home really was probably two to three years ago. The second best time to buy a home is when you’re ready. And if you are otherwise ready today, you know, take the first step,” Cowart mentioned.
Cowart encourages potential consumers to do their analysis and work with brokers, counselors and packages that can assist them navigate this difficult market.
The digital Home Ownership Fair is Saturday from 9 a.m. to 2:30 p.m. Find registration particulars right here.
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