Becoming a homeowner is one of the biggest financial decisions you will make, so it’s important to set yourself up for success. Homewise makes it simple: we offer everything you need to buy a home in New Mexico, all under one roof—from free coaching and workshops to real estate services to affordable, fixed-rate mortgages. We have a proven process of working with clients at all levels—from first time homebuyers to existing homeowners looking for their next new home. You can take the first step on the path to homeownership by contacting us today.
ADVICE AND GUIDANCE
Homewise is with you throughout the process. We can help you assess where you are in the homebuying process, what types of assistance you may qualify for, work with one of our friendly REALTORS® to find the right home for your lifestyle and budget. Homewise also offers affordable, fixed-rate mortgages with stable monthly payments that may be less than your rent. Our team is dedicated to putting your needs first as you find a home that’s just right for you.
Homewise’s goal is to help you access the best, most affordable financing available including special homebuyer assistance programs and help you find the home that best meets your needs. Your first step in this process will be to meet with a Homewise Home Purchase Advisor who will work with you to assess your current situation, taking into account your current income, debt, savings, and credit history. Your Home Purchase Advisor will work with you to determine the following:
- What kind of mortgage could you qualify for including special programs that have lower interest rates and that don’t have expensive add on costs such as mortgage insurance?
- Whether you qualify for down payment assistance or other assistance programs that make buying a home more affordable.
- If you were buying a home today, how much of a home could you afford — what we call your “purchasing power?”
- If needed, to what degree could you increase your purchasing power by taking into account potential changes to your debt, income, and savings?
Many Homewise clients are pleasantly surprised that they are ready to purchase a home after their first meeting with a Home Purchase Advisor. These clients have already qualified for financing and their next step will be to start looking for a home. Others will learn that they will need to work on some things in order to qualify for financing. Whether you are ready to purchase right now or will need to do some work, the next stage of the process is to determine your next steps.
“My Home Purchase Advisor was ready and excited to teach me and never made me feel burdensome. In fact, she encouraged my curiosity and was incredibly patient.”
Myriah
PROUD HOMEOWNER
Homewise is here to help you access the best and most affordable financing available – including special homebuyer assistance programs – and to guide you toward a home that fits your needs. Your first step in your path toward homeownership is to meet with a Homewise Home Purchase Advisor. Together, you’ll review your current financial situation, including your income, debt, savings and credit history.
CREDIT
For many people, the key to qualifying for a good mortgage (one with a good interest rate and no add-on costs such as mortgage insurance) is the need to address credit issues. Sometimes this means one’s credit rating is not high enough. Other times, it means you do no have a credit history and need to establish one. Homewise Home Purchase Advisors are adept at helping people improve their credit scores or establish a credit history, whichever is needed. For example, last year the typical Homewise client who had a credit score below 640 when they started working with a Home Purchase Advisor, improved their score by the time they purchased a home.
DEBT
Current debt (credit cards, auto loans, etc.) can affect one’s ability to purchase a home. Reducing current debt can improve your credit rating and help you qualify for a good mortgage. Reducing debt can also increase your home purchasing power giving you more options on the homes you can purchase. This is because the mortgage approval process takes into account your overall debt load – less other debt means you can borrow more for a home. Homewise Home Purchase Advisors know how to help you pursue a debt reduction plan. Last year the typical Homewise homebuyer reduced their monthly debt by an average of $200.
SAVINGS
While Homewise offers mortgages with low down payment requirements, a homebuyer still needs some savings. The typical Homewise buyer needs to save a total of about 2% of the homes purchase price for their portion of the down payment and closing costs. (In contract FHA mortgages require 3.5% for the down payment plus the closing costs, which could be another 2-3% of the purchase price.) Given the high cost of rent and other expenses, it is not uncommon for many households to have no or very little savings. Your Home Purchase Advisor can also help you work on a savings plan that effectively increases you savings often times a lot faster than you would expect. Some buyers may also qualify for a matched saving program in which the amount you save each month is matched by an equal amount (up to certain limits.)
FREE CLASSES
Your Home Purchase Advisor may recommend that you enroll in one of our free Homebuyer Education or Finanical Fitness for Life classes. Both are highly encouraged and designed to help you become a confident, successful homeowner.
Your Home Purchase Advisor will work with you until they can qualify you for the best mortgage financing Homewise can find for you. We can qualify many first-time homebuyers for special mortgage programs that typically have a lower interest rate than is generally available in the regular market.
Homewise also eliminates the added cost of mortgage insurance that is charged to any buyer with less than a 20% down payment. This is no small deal. While the typical buyer down payment on a Homewise mortgage is only 2% of the home purchase price, (and sometime less), there is no monthly mortgage insurance fee on the loan. In contrast, while the buyer down payment required for an FHA mortgage is 3.5%, the mortgage insurance fee added to the loan payment on a $250,000 home is about $250, paid each month over the 30-year life of the loan, a total of $90K!
Finally, many homebuyers qualify for down payment assistance programs that make buying a home more affordable. Some of these programs are limited to certain cities such as Albuquerque and Santa Fe, others are available statewide, and still others target certain professionals such as teachers and first-responders. To make things more complicated, some of these programs run out of funding for periods of time and other new programs become available. Homewise’s Home Purchase Advisors stay up to date with these programs and will make sure you can gain access to those for which you are eligible.
Now that you have qualified for a financing package that works for you, your next step will be to find a home priced within your purchasing power. Your Home Purchase Advisor will provide you with a Buyer Ready Certificate that shows important information that will guide you in your home search – information such as your purchasing power, the mortgage program and interest rate for which you qualify, and any homebuyer assistance for which you are eligible. If you are not already working with a Realtor, your Home Purchase Advisor can introduce you to a Homewise REALTOR® who can help you with your home search.
Homewise REALTORS® are salaried and non-commissioned, so their pay is not dependent on making a sale. They will take the time you need to find the home that is right for you. Homewise REALTORS® are also experts at affordable housing programs including those that provide very affordable homes to targeted income groups. If you are eligible for one of these homes, your Homewise REALTOR® will make sure you are on the waiting list for them and keep you informed when homes that work for you become available.
To add to the supply of affordable housing, Homewise also builds high quality, energy-efficient homes. Many of these homes are very affordable and available to households that meet certain income and other restrictions. Your Homewise REALTOR® or Home Purchase Advisor will let you know if you qualify for one of these homes. Other Homewise Homes are sold at market value and available to anyone, although you must occupy the home as your primary residence. Homes built by Homewise are just one option you can choose from. Homewise REALTORS® have access to all homes on the market and will help you find the right home for you and your family wherever it is.
The numbers provided above are rough estimates. Actual calculations are influenced by credit score and may vary depending on client.
“The receptionist was very efficient and very kind to everyone. She listened to my needs, and matched me up with one of your agents. I got a call from Jessica Singleton that evening, and began working with the best real estate agent ever!”
Karen
PROUD HOMEOWNER
UNLOCK POTENTIAL
Browse New Mexico Homes for Sale by clicking on the links below:
Once you have found the right home and are under contract, a Homewise Loan Originator will put your final financing package together and facilitate your final approval. They will collect necessary documentation from you, order the appraisal, and ensure that you are able to close on time. Time to celebrate!
“We felt like we were more than just a business transaction. It was much more humane and caring. Homewise wants people to be successful homeowners.”
Gabriel & Karla
PROUD HOMEOWNERS
ALBUQUERQUE OFFICE
500 2nd Street SW
Albuquerque, NM 87102
PHONE: 505-243-6566SANTA FE OFFICE
1301 Siler Road, Bldg D
Santa Fe, NM 87507
PHONE: 505-983-9473EMAIL:
CONTACT US.
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