Workshop Helps Potential South Carolina Mortgage Applicants Live the Dream
More pieces of real estate available for purchase and a bevy of price cuts make today’s South Carolina housing market ripe for first-time home buyers, local real estate agents say.
And several first-time home buyer workshops on the Grand Strand, offered by The Home Ownership Resource Center and First Federal Bank, can help renters get closer to achieving the dream.
“A 20 percent down payment and perfect credit are no longer the industry standards for getting a mortgage. Today, in most situations $500 is all an individual needs to put down in order to purchase their first home,” said Theresa Ross, certified consumer credit counseling professional.
“Get the Facts” will be a one-hour free informational session held tonight in Conway, S.C. Government-backed mortgage giant Freddie Mac created the “Get the Facts” program.
On December 2, the resource center will hold a free, day-long seminar on homeownership that takes participants through each step. Realtors, closing attorneys and mortgage lenders will explain what they do, and participants can get pre-qualified.
Participants can also set up personal credit counseling sessions and learn to read their credit reports.
“We help them from start to finish. We walk them through the whole process to qualify to get the best home purchase loan possible,” Ross said.
Ross said it’s important to look at your budget and decide what kind of mortgage you can afford.
“We want people to be able to live in their homes and not for their homes. Lenders always qualify you for more than what you can afford,” she said, adding that people become versed in credit scoring.
“I highly recommend people [check their credit] once a year irregardless of whether they are applying for credit. I had a lady the other day who had 12 lines of credit that were not hers.”
Rachel Broadhurst, president of Century 21 Broadhurst, said her company recently held a first-time home buyer workshop. She wants renters to know that in this buyer’s market, they’ll have more time to look around and are likely to find a good price.
“It’s time for them to start to looking around because there’s some good buys coming up out there right now. People are trying to get rid of inventory so there’s a lot to choose from,” Broadhurst said.
She said the main fear of first-time buyers is rejection - that they won’t be pre-qualified - and the other problem is the lack of money to put down.
“Many don’t know that they really can buy their own place. The home mortgage rates are staying good. Prices are down and there’s more to choose from,” she said.