- What is a Buyer Ready Plan?
A Buyer Ready Plan is created for each family and states the goals that need to be accomplished in order to qualify for a mortgage amount that will purchase the type of home the family desires. The goals may address issues of budgeting, debt/credit repair, savings, and increasing the family's earning ability. Each goal is broken down into a progression of smaller, manageable steps for the family to work toward. When all the goals have been met, this is a good indication that the family may be ready for to purchase their home.
- Does participating in the First-Time Homebuyer Program automatically qualify me to buy a home?
Participating in the First-Time Homebuyer Program and finishing a Buyer Ready Plan does not mean that a family automatically qualifies to purchase a home. Completing the plan shows that the family has taken all the steps necessary to become Buyer-Ready, meaning that the family has become stable financially & in their employment enough to meet the qualifications a mortgage lender may require to receive approval for financing. This also is a good indication to the family that they may be at a point where they are able to support a mortgage payment without putting their budget in financial stress.
- Does First-Time Homebuyer Program provide financing?
The Program offers only homeownership counseling and does not provide mortgage financial or closing cost assistance. The family's counselor can advise them on the type of mortgage that is best for them and what financing options are available in their community.
Tabor does offer Matched Savings Account Programs that families can use to save for the purchase of a home or for home repair. Tabor will match every dollar the family saves by $1 or $3 depending on the type of savings account. The maximum amount of dollars that can be matched is $2,000. For more information please refer to Tabor's Matched Savings Programs.
First-Time Homebuyer Services Index
