A Non-Profit Organization

501c (3) Since 2000

For more information on the next upcoming classes or workshops, don't hesitate to contact us. We are your Community Home and Credit Advocates.

    Credit is an essential part of the home buying process. You really need to understand your credit report and not just your credit score. In many cases borrowers have erroneous information on their credit reports which affects the score. If you have a lower than average credit score does not mean that you won’t qualify to purchase. There may be some things on your report that if appropriately addressed, can be taken off the report or updated so that the score will be dramatically increased. You will need to get with someone qualified to help you understand your credit report and to identify any issues or concerns that may need to be addressed prior to or mid-stream of getting Pre-Approved for a loan. Your credit score may also be low because you may not have enough trade lines or credit established in order to determine if you’re credit worthy to purchase. There are many simple ways in which to establish credit in order to have appropriate scores and history. There are also many ways to fix or repair past credit mistakes.

Am I Credit Worthy?

    In Most Cases, you will need to have money saved when buying a home. There are many different reasons and sometimes you don’t need as much as you think saved but you will need some. As for down payment, there are programs that you can qualify for that can give you the funds needed for your loan. There are also programs that you can qualify for closing costs  there are and special situations where the seller can be allowed to pay some or all of your closing costs. You will normally need money saved for having an Appraisal done on the property that you’re interested in purchasing to ensure the property is worth its asking price. Appraisal fees can sometimes be paid at closing or rolled into closing costs. You will normally need money to put down on the house with your Real Estate contract. Your Realtor will guide you along the process. In some cases sellers require at least a few hundred dollars when submitting a contract to show how serious you are in purchasing and to bind a contract. You will need money to pay for your credit report that will determine also if you qualify to purchase at the time you’re interested in buying. Credit Reports are nominal fees and usually not more than $50.

Do I Need Money Saved?
Am I Ready To Purchase?

    There are many factors to determine if you are ready to purchase a home. If it takes you a month or 3 years, the main objective is to take the necessary steps in the right direction. Most Financial Institutions require a potential borrower to have the same job for at least 24 months, there are some cases when this is not the case. If you are self employed there are other criteria which a borrower must qualify but not as difficult as its been said to be. Some Home Buyers may go a different direction in home ownership by doing a Lease With the Option To Buy. In this case the Land Lord may count your monthly payments towards down payment as well as closing costs. There’s many benefits to this option, like using your monthly payments as a form of credit history. Sometimes you can buy from a seller with the seller financing. In this case, you would make your payments to the seller instead of the Financial Institution. Financial Institutions usually require a borrower to have 24 Month Rental History. That history normally need to be in "good standing". Rental history can sometimes be more detrimental to a purchase than income.

If You are thinking of or curious about Purchasing a Home but don’t know where to start or what questions to ask, please continue reading. In these economic challenging times there are a number of questions and concerns of whether or not the timing is right, make enough income, or have been on the job long enough as well as many other important questions that will be addressed here.

What Should You Know?

    Second Chance Life Skills and The Promised Land International Offers Credit and Home Buyer Education to give you the information and confidence you need in order to make your next move in the direction of Home Ownership. We offer 1 day to multiple education classes and workshops. When attending these workshops, rest assured that the information you are receiving is Industry Sufficient. We have counselors and associates to answer any concerns or issues that pertain to Credit Scores, History, Payment History, Home Education, Down Payment, Closing Costs, Appraisals, Title Companies and much more.

Home Buyer & Credit Education