Frequently Asked Questions

Why don’t mortgage brokers offer these programs?
The federal government has many branch agencies that administer Home Grant Funds and State Administered Mortgage Revenue Bond programs. These programs are very closely guarded to the extent that they do not allow for traditionally “brokered” transactions and have an absolute borrower paid origination fee cap, intentionally eliminating the possibility of anyone in the lending business from taking advantage of first-time home buyers and the opportunities that these programs present.

Why haven’t I seen a government ad for these programs?
Pursuant to the Department of Housing and Urban Development (HUD) and the Economic Redevelopment Agencies of most counties, providing any sort of advertising, whether it be print, publication or by internet, is strictly regulated and in most cases prohibited in an effort to protect the public from abusive or predatory lenders.

Are there income or home purchase limits?
Yes. Limits vary by state and county. However, guidelines and limits were increased in 2007 to compensate for higher housing prices and to allow more potential home buyers to qualify.

Is Home-N-5 a government program?
No. Home-N-5 is a process that assists first-time home buyers from pre-qualifying to close of escrow. Our program utilizes funding offered through the Housing Finance Agency, Federal Home Grant programs, financial institutions, non-profit and private agencies as well as community organizations.

Who can apply for the Home-N-5 program?
Any U.S. citizen 18 years of age or older that has lived in the state of application (the most current year), has not owned a primary residence within the last 3 years, has stable employment and that meets certain credit and income guidelines.

What about my credit and income?
Home-N-5 is designed with flexible income and credit qualifying. If you are over the age of 18, are a U.S. citizen or resident alien and have reasonably decent credit, stable employment and a household income that meets program guidelines, you may qualify; otherwise, if you have credit issues that need to be addressed, we can certainly help.

How difficult is qualifying?
Home-N-5 programs are tailored to each individual’s specific financial situation and do not have cast-in-stone qualifying requirement. Our program is flexible with regards to credit and income qualifying, so if you have a household income between $30,000 and $120,000 per year, we encourage you to apply for a government mortgage bond program.

Why should I pre-qualify?
You should pre-qualify prior to beginning your home search because it makes good practical sense. Why should you look at homes that you are not qualified to purchase? There are thousands of homes available through our Participating Realtor® members, and locating the right realtor is as important as locating the right home. Pre-qualifying allows us to establish a home purchase price and gives us the ability to finalize your down payment assistance, financing and monthly payment budget.

How do I pre-qualify?
Complete the on-line Pre-Qualify form so we can review your income, monthly expenses, and fixed debt. Once you are pre-qualified, we’ll send you our Home Buyers Application Kit so you can complete your application and send us the required documents for approval.

Will I have to put any money down?
As a general rule, these programs offer all of the funding for your home purchase which may include closing and transaction costs. You will have certain expenses such as appraisal and escrow deposit which are typical with any real estate transaction.

When can I shop for a home?
You can begin home shopping after you are formally approved. A Participating Realtor® will access homes that meet your specifications and are in neighborhoods where you want to live.

How will I find a home?
Home Buyer Service works with professionally trained Participating Realtors® in all areas, who take the time to show you homes in the areas that you specify, and are experienced at working with our entire Home-N-5 program.

How does Home Buyer Service get paid? Since we are neutral to your financing and purchase transaction (we don’t charge a commission) it allows us to be completely objective when assisting our customers with their home financing and purchase goals. There is a nominal Independent Transaction Assistance (ITA) fee which is paid by the property seller at the close of escrow.

Back to Top