Frequently Asked Questions

Many people have questions about our services and buying a home in general. Here’s a list of the most common questions we hear at Homewise. If you don’t find the answers to your questions in this information, please contact us. We’re here to help you become a successful homeowner!

Do I have to be a first time home buyer to qualify?

Homewise services are available to all prospective home buyers, whether you are a first time home buyer, you currently own a home or you've owned a home in the past.

Can I still buy a home with debt?

You can still buy a home if you have reasonable debt. If your debt is high and will affect your ability to buy a home, Homewise can help you develop a plan to reduce your debt. You don’t have to wait until after you have reduced your debt to call Homewise. We can help you reduce your debt as quickly as possible and in a way that works for you, your budget, and your family.

Can I buy a home on my own?

Homewise can help you buy a home on your own. We have programs for any family size, including individuals.

How much do I have to make to buy a home?

The amount of mortgage loan you may qualify for depends on your household income, your credit score, your amount of debt and down payment. When you meet with a Homewise Home Purchase Advisor, we will determine the amount of a mortgage loan you pre-qualify for and explore ways to increase your purchasing power if necessary. Homewise has a variety of special financing and assistance programs available. The amount and availability vary and are determined at the time that you are ready to buy your home.If you are a first responder, Santa Fe Public School or Christus St. Vincent employee, we have additional special programs available. We also offer services for higher income levels and review every client on a case-by-case basis. Homewise will help determine the home price you can afford and if you are eligible for down payment assistance or other special financing programs.

What if don’t have enough money for a down payment?

Homewise has access to mortgage programs that have low down payment requirements. And we can often provide down payment assistance that can help you even more. If you have don’t have savings, Homewise can help you save – a good habit for everyone to have – through special programs like SaveSmart, a Homewise program that makes saving easy.

Can I buy a home after a bankruptcy or bad credit?

We work with many individuals who have filed for bankruptcy or have other credit challenges. Our staff will work closely with you to find the best way to re-establish good credit.

Can I still buy a home with bad credit?

Many people who think they have bad credit are pleasantly surprised to find out that their credit is still good enough to buy a home. Homewise will assess your current credit status to see if it will affect your ability to obtain a mortgage. If your credit is not where it needs to be, Homewise can help you improve it so you can buy a home. Thousands of customers who first came to Homewise with low credit scores are now proud homeowners.

Where are the homes you sell?

We can help you buy a new or existing home in Santa Fe, Albuquerque, Rio Rancho and surrounding areas. Homewise can also help you purchase a new-built home in an established development or a foreclosure or short sale home. Your Homewise Realtor can help guide you through the different options. When you are ready to work with a Realtor, they will show you all of the options available to you in your price range.

Are there really affordable homes for sale?

We think you will be impressed by the range and quality of affordable homes available on the market. We work with home builders, have access to search through all available existing homes for sale, and even build our own homes. Once we have determined what you can afford, a Homewise Realtor will show you homes in your price range.

Can you help me finance a piece of land?

Homewise does not currently help finance tracts of land. Our mission centers on helping individuals and families purchase a primary residence where they can grow equity and financial well-being.

Can I get a loan to build a home on my land?

Homewise does not finance individual home constructions on private land.

How long does your process take?

Situations vary depending on a customer’s financial picture. Some individuals are ready to look for homes right away and some need to take time to work on improving credit and other financial issues. Some people find a house they like right away and others take a bit longer. After you meet with a Home Purchase Advisor, you will have a better idea of how long it will be before you are ready to buy a home.

Why should I buy when it’s cheaper to rent?

In the long run, buying a home has always been a better deal than renting. Here is why: If you rent and pay $850 per month for 10 years: You spend $102,000 You get $0 equity If you buy and pay $850 per month for 10 years: You spend $102,000 You get $88,541 total equity And while it is typical for rent to increase each year, with a fixed-rate mortgage you know what your home payment is going to be for the next 30 years. For more information on renting vs. owning, read our white paper Now is the Time: How the Housing Crisis has Created an Unprecedented Opportunity for Working Families to Achieve Financial Security.

Can I get a mortgage loan with a co-signer?

Sometimes customers believe they need a co-signor. However, after meeting with a counselor they discover ways they can purchase a home on their own. When you meet with a Homewise Home Purchase Advisor, we will look at your financial picture and give you an estimate of how much you pre-qualify to borrow. You might be surprised at how much you’ll qualify for on your own. We’ll take the time to help you qualify for a lower interest rate loan which will save you considerable money over time. If you have a partner who will also live in the house they can be on the mortgage loan.

What if I have some money in the bank?

Having money for a down payment is a great asset! We will help you look at ways this can help you buy a home.