Get Started
New to the homebuying process?
The Frayser CDC is your first stop on the path to homeownership. We give you the information you need to become and stay a successful homeowner.
Additionally, we are here to provide you with individualized resources and to connect you with your homeownership team!
FOR more information about our housing counseling, call 901.354.2778
Navigating the home buying journey can be challenging, but no one has to do it alone. Housing Counseling before, during and after you buy a home, individualizes your options and teaches you how to be successful in the long term.
The Frayser CDC assists individuals at every step of the home buying process.
Studies have shown that housing counseling for first time home buyers can reduce mortgage delinquency by up to 50%.
In preparation for obtaining your first home loan, we recommend talking to one of our housing counselors. Our team can walk you through understanding and overcoming many common obstacles to the home loan process, such as:
- Credit Issues
- Short Term Loans
- Reducing Debt
- Public Records
- Student Loans
In addition to Pre Purchase Counseling, you should take a Home Buyer Education Workshop, which will help you assess your home ownership readiness. In this 6-hour online ZOOM class, you will learn:
- Is homeownership right for you
- What can you afford
- How to understand and improve your credit score
- How to save for a down payment
- Additional resources for down payment assistance and good mortgage lenders
- The next steps down the path to homeownership
Upon completion of this class, you will receive a proof of completion certificate to take with you when you apply for a mortgage loan, or for down payment assistance. Most banks and programs require this training before you become a first time home buyer, so register today!
Frequently Asked Questions
I am a first time home buyer, how do I get started with buying a house in Frayser?
Get started by attending a home buyer’s education course. The top benefits of attending HBE are to; determine if homeownership is right for you, discover how much house you can afford, understand your credit score, save for a down-payment, to choose from affordable mortgage options and more.
How do I get a mortgage loan to buy a house in Frayser?
Contact our one of our housing counselors at 901.354.2778 to get connected with more information about Frayser Friendly mortgage loan programs that fit your finances.
How do I qualify for a mortgage loan pre-approval?
You must understand the four C’s of Credit to get a mortgage loan.
- Credit:: You must have a minimum credit score of 580 or higher along with an acceptable credit history.
- Capacity:: Stable qualifying income for a minimum of 2 consecutive years.
- Capital:: Have some money in the bank: savings/checking/401k
- Collateral:: The house that you find becomes the security for the mortgage loan
I got approved for a mortgage loan to purchase a house in Frayser, now what do I do?
Now that you know what you can afford because you have worked with a mortgage lender, it is time to contact one of the “Frayser Friendly” realtors to help you find that dream house in Frayser. Reach out to one of our housing counselors at 901.354.2778 to get connected with a Frayser knowledgeable realtor!
My credit score is below 500. What do I do?
If your credit score is below 500, this is not the right time for you to consider buying a house. Contact one of our housing counselors to find out more about strategies for rebuilding your credit, and for getting in healthy credit shape! Call 901.354.2778 today!
