Navigating the Path to Homeownership: Mortgage Resources for New Buyers
Between rising inflation, low housing inventory, and higher home prices, today’s housing market can leave prospective homebuyers feeling discouraged. The good news is that there are many resources available to help put the dream of homeownership within re
Andrew Roberts, Mortgage Sales Manager at Wright-Patt Credit Union (WPCU), loves helping people navigate their journey and explore home financing options for their unique situations. “The home lending experience has changed over the past decade,” explained Roberts. “I want homebuyers to understand that they have options, and we’re here to help them every step of the way.”
Take a look at these helpful resources he shared for new homebuyers:
Mortgage Tools for New Buyers
Buying a home is a major decision. Having the right tools can give you the confidence you need to take the first steps in your homebuying journey.
Not sure where to start? One suggestion is to use WPCU’s mortgage calculators to help estimate your monthly mortgage payment, home closing costs and down payment. WPCU mortgage calculators can be found on WPCU.coop under the Helpful Resources tab at the top of the page. “Not all mortgage calculators include factors such as private mortgage insurance (PMI) or accurate property tax figures, even the ones you may find on popular real estate websites,” explained Roberts. “It’s good to have an idea but talk to an experienced mortgage professional to get the most accurate information based on your financial situation before house-hunting.”
Local Housing Assistance Resources
As Roberts shared, many local programs are available to help make buying a home more affordable and attainable for first-time homebuyers or borrowers with limited resources. A few of these programs include:
Ohio Housing Financing Agency (OHFA)
— OHFA works with local lenders, including WPCU, to offer several affordable loan options designed especially for homebuyers with low and moderate incomes.
Homeownership Dayton
—Multiple different down payment assistance programs are available for qualified first-time homebuyers in the Dayton area.
Welcome Home Program
— This program offers grants of up to $15,000 to fund down payment and closing costs for lowand moderate-income homebuyers.
NEW No Down Payment, No Mortgage Insurance Program from WPCU
— Normally, private mortgage insurance is required for borrowers who take out a conventional home loan with a down payment of less than 20% of the purchase price. However, WPCU’s new no down payment, no mortgage insurance program is a conventional loan program designed to make home-buying more affordable for our members. The program features no income or location restrictions, making it accessible to more prospective homebuyers.
“I’m very excited about this program because it’s breaking down barriers to homeownership,” said Roberts. “It helps put first-time homebuyers or borrowers with limited resources on a more level playing field, making them more competitive in the market.”
Start Your Home Buying Journey Today!
Wright-Patt Credit Union believes everyone deserves the chance to become a homeowner.
If you’re interested in one of these assistance programs, including WPCU’s new No Down Payment, No Mortgage Insurance Program, talk to a WPCU mortgage loan originator today. We’ll help you understand the options you qualify for and guide you through every step of the entire mortgage process.
To get started, visit WPCU.coop/MortgageHelp, call us at (937) 912-7680 or visit your nearest Member Center.
See how WPCU can help make it easier for you to achieve the dream of homeownership!
The content provided in this article is for educational and informational purposes only.
Mortgage loans processed by myCUmortgage, LLC, NMLS ID 565434 - a wholly-owned subsidiary of WrightPatt Credit Union, Inc, NMLS ID 510034. All loans subject to credit approval and property appraisal.
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