The process of buying a home can feel overwhelming, but here are some tips to help you get started on your homebuying journey.

Q: I want to buy a home. How do I start?

A: HomeSight’s homebuyer counselors will create a personalized road map for you. Ready, Set, Go for your financial dreams today!

Your first step to buying a home is signing up for free homebuyer counseling. Homebuyer counselors specialize in helping families achieve their dreams of homeownership by giving clients personalized financial planning services.

HomeSight’s HUD-certified counselors Pat Montgomery and Wanda Maldonado listen, advise, and help clients make informed decisions about finances and home purchasing abilities. The best part? It’s all free. There’s no cost to our clients. As a nonprofit Community Development Financial Institution (CDFI), it’s what HomeSight does.

Below, we’ve compiled Pat and Wanda’s general tips and advice for homebuying. It’s a general gameplan that includes their most common FAQs. To make your own, personalized financial plan for the future, make an appointment with Pat or Wanda by creating an account here. Our HUD counselors will help you achieve your goals!

Ready: Take Charge of Your Credit

• Minimum credit score: Pat and Wanda frequently tell clients to aim for a minimum credit score of 620, as it can significantly improve your chances of qualifying.

• Manage your credit use: Credit use is a key factor in your credit score. Aim to keep your credit use below 30 percent. This means using less than one-third of your total credit limit. For example, if your credit limit is $10,000, try to keep your balance below $3,000.
• Clean up your credit report: A clean credit report is crucial. Ensure your credit report is free of collections, charge-offs, or public records like bankruptcy or unpaid taxes. Remove any charge-offs and collections promptly. Also, challenge any errors on your credit report to ensure it accurately reflects your financial situation.

Set: Prepare Financially

• Keep at it: Improving your credit is an ongoing process that requires diligence and proactive management. Just as you can’t stay in shape by doing one pushup, you must stay vigilant and attentive to your finances and credit.

• Start saving: When preparing to buy a home, it’s recommended you have enough money on hand for the down payment, plus one percent of the home’s sale price, for inspection and appraisal expenses that may come up. Pat and Wanda can help you determine what you can afford and how much you’ll need to save to reach your goals.

GO: Get started!

• Plan for graduation: Once you have created your plan and started to reach your essential mile markers, Pat and Wanda will prepare you to graduate into HomeSight’s lending program, which can offer purchase assistance and specialized loans. There’s no cap and gown: just the knowledge and confidence you need to create a secure, financially sound future. To get started with counseling today, by visiting HomeSightWA.org.