Prospective homebuyers should be knowledgeable
about the process of buying a home.

Buyers need to understand how to obtain financing and the responsibilities of owning a home. Please take the time to review the DPA Alliance Homebuyer's Guide. This information will educate you and help you to become a smart home buyer.

Are You Ready to Buy a Home?

Prospective homebuyers first need to determine if they can qualify for a home. All buyers utilizing DPA Alliance Corporation's downpayment assistance services must first meet the eligibility test for our gift funds as determined by a professional mortgage loan officer.

As a 501(c)(3) nonprofit organization, DPA Alliance Corporation must restrict its gift funds to individuals who otherwise meet the guidelines for an affordable mortgage loan program, but do not have the necesssary downpayment and/or closing costs required, and cannot otherwise afford to purchase a home without such assitance.

In addition to pre-qualifying you for our program, a professional mortgage loan officer can also determine your ability to afford a home, and qualify for an affordable mortgage loan program using standard underwriting guidelines that best suit your individual circumstances. A loan officer can also prepare a Good Faith Estimate of the costs involved in purchasing a home, and a budget to help you decide whether or not you are prepared to assume the financial responsibilities of owning a home.

Unlike renting, every expense in maintaining and repairing a home falls on the homeowner. New homes typically have a one to two year warranty that covers defects during that time period, however, routine costs and maintenance can add substantially to the final cost or the monthly cost of owning a home. Be certain to research costs for items such as HOA fees, homeowner's insurance, landscaping, fencing, window coverings and other items you will need for your home.

Visit this link for worksheets on preparing a budget: Budget Worksheet

Visit our Links Page for additional information and instructions regarding qualifying for and buying a home.

Find a Real Estate Professional

It is important that you have a competent real estate professional assist you with the purchase of your home. The best place to find a good real estate professional is within your circle of friends and associates. Chances are, some of the people that you know have had either direct experience with a real estate professional, or know someone else who has. Ask them for a referal. You'll be happy that you had a knowledgeable professional to help you navigate the sometimes complex process of buying a home.

Find a Home

This is the fun part! Take a drive around the various neighborhoods you are considering. Create a priority list of the neighborhoods you like best. Then, decide on the style of home you want - is it a rambler, a two-story, a townhouse? Make lists of "must have" and "would like to have" features and give this information to your real estate agent. These lists will help your agent refine the list of homes to preview. Also, ask for your agent's opinion about resale value to help you determine which home may be the wisest purchase.