{"id":10525,"date":"2021-04-29T15:01:46","date_gmt":"2021-04-29T15:01:46","guid":{"rendered":"https:\/\/chenoafund.org\/?p=10525"},"modified":"2026-03-24T14:18:19","modified_gmt":"2026-03-24T14:18:19","slug":"how-to-buy-a-home-you-love-and-can-actually-afford","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/how-to-buy-a-home-you-love-and-can-actually-afford\/","title":{"rendered":"How to buy a home you love and can actually afford"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; row_position_desktop=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; flex_gap_desktop=&#8221;10px&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text css=&#8221;&#8221; text_direction=&#8221;default&#8221;]\n<h1 class=\"wp-block-image size-large\"><strong>How to buy a home you love and can actually afford<\/strong><\/h1>\n<!-- \/wp:post-content -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">Buying a home for the first time can seem out of reach and unachievable. The stress and responsibility of owning a home can be really discouraging and seem not worth all the troubles that you have to go through just to have a place to live. What good is a home if you can\u2019t enjoy it and if you don\u2019t have the budget to make memories? Think about it. You may have heard that you need to put a 20% down payment, spend thousands in closing fees, and other related expenses. Sounds a little overwhelming right? The following are some useful tips to consider.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:heading {\"level\":3} -->\n<h3><strong><span class=\"has-inline-color has-vivid-red-color\">Find The Right Real Estate Agent<\/span><\/strong><\/h3>\n<!-- \/wp:heading -->\n<!-- wp:image {\"id\":10528,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" height=\"538\" width=\"1024\" decoding=\"async\" class=\"wp-image-10528\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/blog-image-2.png?resize=1024%2C538&#038;ssl=1\" alt=\"blog image 2\" data-pin-description=\"blog image 2\"><\/figure>\n<!-- \/wp:image -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">We all know there are tons of great real estate agents out there, agents that are very experienced and that can get you situated in a home fast. But are they the right fit for your home finding needs? You need a real estate agent that understands your needs and pain points and that provides the right houses to fit your budget and lifestyle demands. Be up front with the agents you meet and let them know your budget, and make it understood that you\u2019re firm on what you can afford. Failing to do this may leave you vulnerable when you fall in love with a house that is outside your budget. The last thing that you need is a dream house becoming a nightmare with a monthly mortgage payment that is choking your budget and creating financial stress. When you\u2019re up-front and communicate your strict budget range, you will set the standard and help your real estate agent consider the right houses to comfortably fit your budget range and lifestyle. Remember, your agent may be very helpful when you buy the house, but your agent won\u2019t be there each month when it comes to paying your mortgage, so make sure that you establish your budget, rather than having your agent establish a budget for you.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\"><strong><span class=\"has-inline-color has-vivid-red-color\">Choose the Right Mortgage Company<\/span><\/strong><\/h3>\n<!-- \/wp:heading -->\n<!-- wp:image {\"id\":10529,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" height=\"538\" width=\"1024\" decoding=\"async\" class=\"wp-image-10529\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/IMAGE-3.png?resize=1024%2C538&#038;ssl=1\" alt=\"IMAGE 3\" data-pin-description=\"IMAGE 3\"><\/figure>\n<!-- \/wp:image -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">Choosing the right mortgage company can leave a lasting impact on the length of your mortgage payment terms. Make sure that you don\u2019t choose just any mortgage company. You need to do your homework to research and compare your home loan options. Comparing interest rates and terms offered by different mortgage companies will allow you to make an educated choice and potentially save you money over the course of your mortgage and help make your monthly payments more affordable each month.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\"><strong><span class=\"has-inline-color has-vivid-red-color\">Expect the Unexpected When Being A First Time Homeowner<\/span><\/strong><\/h3>\n<!-- \/wp:heading -->\n<!-- wp:image {\"id\":10530,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" height=\"538\" width=\"1024\" decoding=\"async\" class=\"wp-image-10530\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/image-5.png?resize=1024%2C538&#038;ssl=1\" alt=\"image 5\" data-pin-description=\"image 5\"><\/figure>\n<!-- \/wp:image -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">For most homebuyers, you&#8217;re going to be exhausting a lot of your savings for the down payment, which means that your safety net will not be as reliable as it was before you became a homeowner. This means that the rest of your savings should be set aside as an emergency fund. Think of the worst-case scenario that you would need an emergency fund for, like losing your job, the water heater breaking, needing a new roof, or needing electric and plumbing repair\u2014the types of surprises that may arise and take a huge chunk of money to resolve. You want about a 6-month salary cushion in your emergency fund. This will allow you to avoid living paycheck to paycheck, which has the added benefit of making owning a home way more enjoyable.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\"><strong><span class=\"has-inline-color has-vivid-red-color\">Prepare for Future Changes and Challenges Ahead<\/span><\/strong><\/h3>\n<!-- \/wp:heading -->\n<!-- wp:image {\"id\":10532,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"wp-image-10532\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-29-at-11.46.42-AM.jpg?w=1080&#038;ssl=1\" alt=\"Screen Shot 2021 04 29 at 11.46.42 AM\" data-pin-description=\"Screen Shot 2021 04 29 at 11.46.42 AM\"><\/figure>\n<!-- \/wp:image -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">When buying a home, the first year as a family might seem simple to plan for, but don\u2019t forget five years down the road, where you may have a variety of other changes to your budget and lifestyle. Always think ahead and plan for your future; think of your home as a long-term investment that you can scale with you as your family grows. Consider that you may need to take on additional expenses such as childcare, clothes, food, and other costs that will challenge your budget. By factoring in future expenses now, you will set yourself up and be ready to add on additional costs without creating a shock to your budget.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\"><strong><span class=\"has-inline-color has-vivid-red-color\">What They Don\u2019t Tell You<\/span><\/strong><\/h3>\n<!-- \/wp:heading -->\n<!-- wp:image {\"id\":10533,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" height=\"538\" width=\"1024\" decoding=\"async\" class=\"wp-image-10533\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/image-6-.png?resize=1024%2C538&#038;ssl=1\" alt=\"image 6 \" data-pin-description=\"image 6 \"><\/figure>\n<!-- \/wp:image -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">When you buy a house, your biggest challenges usually come within the first 5 years. That\u2019s when you\u2019ll find things that need to get replaced or fixed most often. To prepare for this, try to familiarize yourself with the roof, plumbing, electric, ventilation, and appliances of your home. When you have someone look into these before you buy a home, make sure they go over everything with you and give you an estimate on how long certain features about the house will last and if you should consider negotiating that certain things be fixed before closing is set. This prepares you to avoid any possible disasters or fixer-upper surprises after you purchase the house.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">Wow, that sure was a lot to prepare for, but it\u2019s worth it in the long run. Buying a house is all about establishing your roots and creating a place where you can make memories that are passed down for generations. The key is to make your house a blessing and not a curse. Make sure to find a house that is within your family&#8217;s means, and make sure that you can enjoy life with financial balance so that you can enjoy your home now and not just once it\u2019s paid off. This is why CBC Mortgage Agency may be able to help give you access to the <strong><span class=\"has-inline-color has-vivid-red-color\">Chenoa Fund<\/span><\/strong>, a down payment assistance program. Our goal is to increase nationwide affordable and sustainable homeownership, with a focus on creditworthy, low- and moderate-income individuals that are looking to become homeowners. All of the programs offer at least 3.5% down payment assistance. Programs like our <span class=\"has-inline-color has-vivid-red-color\"><strong>DPA Edge: Soft Second Produc<\/strong>t<\/span> offer the ability to provide 5% down payment assistance or the option to only use 3.5% down and flex the other 1.5% towards closing costs. Discover CBC Mortgage Agency\u2019s Chenoa Fund and see if you can get the down payment assistance you need with the right loan.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">CBC Mortgage Agency &#8211; NMLS 1186381<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">For licensing information go to: www.nmlsconsumeraccess.org.<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:gutentor\/e6 {\"gID\":\"g96f592\",\"e6Img\":{\"id\":10538,\"sizes\":{\"thumbnail\":{\"height\":150,\"width\":150,\"url\":\"https:\/\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-150x150.jpg\",\"orientation\":\"landscape\"},\"medium\":{\"height\":300,\"width\":280,\"url\":\"https:\/\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-280x300.jpg\",\"orientation\":\"portrait\"},\"large\":{\"height\":562,\"width\":525,\"url\":\"https:\/\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-957x1024.jpg\",\"orientation\":\"portrait\"},\"full\":{\"url\":\"https:\/\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-e1619712320263.jpg\",\"height\":107,\"width\":100,\"orientation\":\"portrait\"}},\"url\":\"https:\/\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-e1619712320263.jpg\",\"alt\":\"\"}} -->\n<div id=\"section-g96f592\" class=\"wp-block-gutentor-e6 section-g96f592 gutentor-element gutentor-element-image\">\n<div class=\"gutentor-element-image-box\">\n<div class=\"gutentor-image-thumb\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"normal-image\" src=\"https:\/\/i0.wp.com\/chenoafund.org\/wp-content\/uploads\/2021\/04\/equal-housing-opportunity-logo-1200w-2-e1619712320263.jpg?w=1080&#038;ssl=1\" alt=\"equal housing opportunity logo 1200w 2 e1619712320263\" data-pin-description=\"equal housing opportunity logo 1200w 2 e1619712320263\"><\/div>\n<\/div>\n<\/div>\n<!-- \/wp:gutentor\/e6 -->\n<!-- wp:paragraph {\"style\":{\"typography\":{\"fontSize\":\"18px\"}},\"textColor\":\"black\"} -->\n<p class=\"has-black-color has-text-color\" style=\"font-size: 18px;\">Illinois Residential Mortgage License #MB.6761292.Illinois Department of Financial and Professional Regulation, Division of Banking, 100 West Randolph, 9th Floor, Chicago, IL 60601 &#8211; 1-888-473-4858<\/p>\n<!-- \/wp:paragraph -->\n<!-- wp:spacer {\"height\":33} -->\n<div class=\"wp-block-spacer\" style=\"height: 33px;\" aria-hidden=\"true\">&nbsp;<\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:paragraph -->&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n<p>&nbsp;<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; row_position_desktop=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; 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