frequently asked questions

Homeownership FAQs

Do all lenders require homebuyer education?

Most first-time homebuyer programs and some lenders require homebuyer education. Ask your lender if it’s required early in the process. We believe homebuyer education is a good idea for everyone!

Do I receive a certificate if I complete homebuyer education?

Yes. Certificates are good for one year.

I’m closing soon – can CHN accommodate my closing schedule?

Yes! Please indicate this on your Homeownership Profile.

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

No! The Believe Mortgage does not require you to be a first-time homebuyer.

How much of a down payment do I need?

Eligible Believe Mortgage buyers can put down as little as 3% of the purchase price. You may be eligible for down payment assistance programs. Your Homeownership Center team will advise on the availability of these programs.

What kind of documents do I need to provide when applying for a mortgage?

Everyone’s situation is different. Once the Homeownership Center team understands your particular situation, you’ll receive a list of documents required to move forward with a loan application.

How much should I expect to pay in closing costs?

The amount of your closing costs depends on a variety of factors. Our lending professionals will guide you through the closing process and explain what costs go into the purchase of your home.

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

You may be eligible for down payment assistance, or our Homeownership Coach can help you identify other resources or actions to take to increase your savings towards a down payment.

What if I have bad credit?

Most mortgages require a certain base credit score for approval. If your credit profile does not meet loan guidelines, our Homeownership Coach will work with you to identify ways of increasing your credit rating, reducing debt and taking care of discrepancies on your credit report.

How long does it take to buy a home?

Situations vary. Expect about 30-60 days from signing a purchase agreement to receiving your new home's keys.

Is renting or buying a home better for my finances?

In the long run, homeownership is better for your bottom line, and sometimes, your mortgage payment can be cheaper than rent. Homeownership is one of the best ways to build wealth for you and your family.

I already bought my home. Can the Homeownership Center still help me?

Yes, we can help. We have HUD-certified housing counselors who can work with you to understand your mortgage statement and other documentation, file your taxes, refinance your home, and assist you if you’re unable to make your mortgage payment.