Discussing New Haven Homeownership With Bridgette Russell

On April 6th, Bridgette Russell, Managing Director of our HomeOwnership Center, spoke on the WNHH radio show, Mornings with Mubarakah. You can listen to the show in its entirety here.

On the show, Mubarakah asked Bridgette to share some tips that future homeowners should be taking before they purchase a home. We thought it'd be great to share those steps with you on our blog.




Tip #1: Finding a Great Coach
One of the greatest changes to NHS' HomeOwnership Center has been the implementation of our online portal, COMPASS. Gone are the days of paper applications and hundreds of phone calls! When you visit the NHS website, you will see a box on the left-hand side titled "Compass". Upon clicking that link, you will be able to create a profile, start an application, upload documents, and register for classes.

Question: Are NHS' services offered for free?
Answer: You may register for any NHS class at no cost whatsoever. You don't need to be a New Haven resident either. However, should you choose to go through our Homebuyer Development program, you'll be asked to pay a small one-time fee. You can pay the fee online and at that time, schedule a one-on-one appointment with your very own housing specialist.

When you meet your housing specialist, they will do a soft-pull of your credit report. The housing coaches will always start there to get the best sense of your 3 credit bureau scores. Your coach will then give you a road map and put you on an action plan that will work specifically for your situation.


Tip #2: Do Not Fall in Love With a Home Before You Know What You Can Afford
Oftentimes, many homebuyers immediately go out and start "shopping" for their new home without fully thinking through how much they can afford. Then they're disappointed when they realize that the home may be a bit out of reach.

Start first with knowing and understanding your credit score. Take a look at your debt to income ratio. Prequalify with a lender so that you can fully understand how much you can afford. If you follow these steps, you'll be able to find the right home in the right price range for your budget.


Tip #3: Pay Down Those Credit Cards
Even if you're paying your credit cards on time every month, they could still be affecting your credit score. The magic number Bridgette likes to tell NHS clients is 30%. You want to have a balance on your credit card that is only 30% of your total limit. This will prove to your creditors that you are handling your credit wisely.


Tip #4: Take Advantage of Down Payment Assistance Programs
The NHS housing specialists know about all the programs available to future homebuyers. By looking at your particular situation, they can tell you which programs you're eligible for and which programs you can layer on top of one another, making your home purchase more affordable.

For this and many more tips: 

Visit www.nhsofnewhaven.org and create your COMPASS profile. Begin your homeownership journey with NHS of New Haven today.