A Look at Homebuyer Programs
6/11/2014, 2 p.m.
There are several reasons why individuals are hesitant to start the process of purchasing a home. Over the years, certain myths have mounted surrounding homeownership. Some include the idea that you have to make a lot of money, or that you need a 700 credit score to own a home. Other myths exaggerate the amount you need saved for the down payment. Industrial Bank is doing its part to help put those myths to rest. Let’s consider the case of Darryl Smith.
Darryl Smith is a 30 year old single male, who is currently employed with the federal government. Darryl has worked for the government over the past 5 years, and has an annual salary of $70,000. Darryl currently lives in the District of Columbia, where he pays rent in the amount of $1,450 per month. Darryl has been a resident of Washington, DC all is life and he has a future goal of purchasing a home in Washington, DC. A few weeks ago, Darryl Smith attended a homebuyer’s seminar where he met a mortgage professional at a local community bank. During their initial conversation, Darryl was introduced to several Homebuyer Grant Programs that were being offered to clients purchasing in Washington, DC. At the time, Darryl was unaware of these programs and insisted on setting up a meeting with the loan officer right away.
Darryl and the loan officer set up an appointment for the following week to discuss the steps to home ownership. As a result of the very successful meeting, Darryl was pre-qualified for a loan at $220,000, with a monthly payment at roughly $1,500 per month. Darryl was also qualified for several first-time homebuyer grants that would eventually pay for 100% of his required down payment. Darryl Smith stayed engaged in the process and within three months he settled on his first home here in Washington, DC. Darryl Smith’s dream of homeownership became a reality and it all started by having the initial conversation with his community bank.
Even though Darryl’s story is fictional, it represents a vast majority of clients in today’s market. We see clients like Darryl all the time, who have the dream of home ownership, but are unaware of the programs that are designed to help them. The first step in the process is to meet with a representative at your local bank to discuss the home buying process. At the end of this meeting, you should leave with a better understanding of the process and the homebuyer’s programs for which you qualify.
Industrial Bank has been a trusted partner in the community for over the past 80 years, and during those 80 years, we have continued to provide affordable mortgages for individuals who may have thought home ownership was not possible. We offer a variety of loan products to help individuals, just like Darryl Smith, reach their goals. Our knowledgeable mortgage professionals are ready to work with you to explain all aspects of the home buying process. We know that the home buying process may be daunting, but if you align yourself with a bank that has your best interest in mind, and one that will take the time to make sure that you understand and are fully comfortable with the process, you will find that purchasing your first home is not nearly as overwhelming as it seems. As a community bank, our products cater to individuals with an income as low as $40,000 annually, a credit score as low as 620 and as little as $2,000 in savings. We have the right loan products to help you achieve your dreams. Feel free to call the Mortgage Department at 202-722-2000, ext. 3214 to set up your appointment today and start taking the steps to successful, long-term home ownership.