What do you need to know if you want to become an owner?
The pandemic has touched nearly every facet of life, with the home buying market being one of many.
As rates have risen, according to WSFS, now is the time for first-time home buyers to look into buying.
WSFS has provided some advice for those looking to get started:
- Evaluate your options: Is renting or buying the best option? With rising rents and difficulties finding affordable housing, weighing your personal finances, current or desired location, and projected future earning capacity can help determine the answer.
- Know what you can afford: Once you’ve gone deeper into your finances, considering the different types of loans, specialized government programs for loans and buying a home are the next step. Once you have access to what you can afford, consider the monthly payment fees and see where you stand.
- Rediscover alternative loans: First-time home buyers may have the option of taking out adjustable rate mortgages to help offset the monthly costs associated with rising home values and interest rates. With each potential option, it’s essential to have conversations to determine the best one.
Even with that in mind, the process can still be expensive for many.
To help ease the burden, WSFS has a Down Payment Grant program that helps qualifying borrowers with up to $10,000 to help account for down payments and closing costs when buying a home. .
To be eligible for a WSFS Down Payment Grant, the borrowers’ income must be less than or equal to 80% of the Area Median Income (AMI) and the property must be located in Majority-Minority Census Tracts (MMCTs) in the following Greater Philadelphia counties. and Delaware region:
- Delaware–Kent, New Castle and Sussex
- New Jersey–Burlington and Camden
- Pennsylvania – Bucks, Chester, Delaware, Montgomery and Philadelphia
There is also the Neighborhood Opportunity Program designed to help individuals and families with limited income or who shop in low to moderate income areas.
Features include low down payment options, minimum reserves, homebuyer education program, competitive mortgage rates, and more.
“These grants provide borrowers with significant access to funds that can help them buy a home,” said Ron Dutton, senior vice president and director of community reinvestment for WSFS Bank. “We are committed to helping low-to-moderate income buyers in eligible geographies use these grants to find their dream home. »
WSFS down payment grant funds do not require repayment and can be combined with other down payment assistance programs, such as the First Front Door Down Payment Assistance Program, Fannie Mae Mortgage Programs and Freddie Mac and other state, county and employer subsidized housing. initiatives.
The WSFS Neighborhood Opportunity Program can also be combined with a Down Payment Grant and offers qualified homebuyers assistance with low down payment options, competitive rates and, in some cases, no mortgage insurance. to not only make the initial home purchase more affordable, but also to keep monthly payments more manageable.
For individuals looking to buy a home, there are many resources available to help them through the process.