- MEET WITH A HUD APPROVED COUNSELOR.
Take a homebuyer education class or speak to a home-buying counselor so you are familiar with the process and paperwork. If you end up using any Down Payment Assistance, you can take an online or in-person class with CalHFA. Find more information at www.calhfa.ca.gov under “Homebuyers”.
- OBTAIN A MORTGAGE PRE-APPROVAL
The best way to determine how much you can afford is to contact The Power is Now Mortgage Services. They can check your credit and review available programs. You will need to provide W2s, pay stubs, bank statements, and other financial information. The Power is Now Mortgage Services knows CalHFA programs and wants you to succeed. Call 800-401-8994 or visit www.thepowerisnow.com
- FIND A VIP REAL ESTATE AGENT
Knowledge is power. A VIP agent is endorsed by The Power Is Now and has a wealth of knowledge just for you! They can answer most of your questions about neighbourhoods, homes and navigating through the buying process to the best deal. A referral by The Power Is Now is your best chance for an experience agent who has been vetted verified by The Power Is Now.
- MAKE OFFERS AND START THE PROCESS
Once you find a home, your agent will present a written offer for negotiations. Once a price is agreed upon, you’ll sign a contract and begin the paperwork for the loan. The home will undergo an inspection, appraisal and title check to make sure there are no surprises. Next you’ll work with The Power Is Now Mortagage Services for reverification of credit, document preparation and to set up an escrow account that pays your homeowners insurance and taxes each month as part of your payment.
- LOAN CLOSING AND MOVING IN
When your loan is ready to close the Escrow officer will call you to schedule an appointment to sign your documents. The Closing Disclosure you receive should show the same terms on the loan documents you will sign. Once you signed, the documents are reviewed by the lender and your loan is funded. Once your loan is recorded you are the new owner and can move in. You can now begin realizing the benefits of homeownership!