Become a homeowner by getting a loan
An important goal for refugees is becoming a homeowner.
If you want to become a homeowner, you need to go through a specific process of buying a house.
As refugees, we’ve been running to avoid crises from various sources, and we long to have a place where we can be at home. A place where it’s safe to raise our children and celebrate our own cultures. But the journey of buying a house as a refugee is long and confusing. Here, I will share my experiences when my family and I decided to buy a house.
Working with a realtor
The first step we did as a family when buying a house is to connect with a trusted realtor. There are many realtors across the nation, some of them who are great at their job and some of them who are not so good. We are lucky enough to find an individual with thirty years of experience in real estate. It’s important to ask around with neighbors and community leaders to find someone who is credible. A good realtor helps you shop for a house until you find one that fits your family’s needs.
Applying for a mortgage loan
The second thing we did as a family is to apply for a loan. Our realtor helped us through the pre-approval letter, where we figure out if we can actually afford the house. Once we got pre-approved, we were then ready to apply for a housing loan. There are several housing loans and each state does it differently. We got approved for the FHA loan which is a government-insured mortgage designed to help home buyers with lower incomes. This allowed us to make lower down payment for the house.
Making the offer
This is the part where the seller and purchaser work to make sure that the house is in good condition before closing the sale. We were given an opportunity to inspect the house and make a recommendation for some things that can be improved. Since we had less experience and it was our first time buying a house, our realtor brought a home inspector and he looks to through the entire house and reported to our realtor. Before closing, the previous owner was given 30 days to fix what’s broken and get the house in good shape so we could move in.
Paying the mortgage as a homeowner
Then, once we got approved for the loan or mortgage loan banker, our realtor and my family discussed how we will pay for the monthly mortgage. During this time, we collected our income verification for the people who will be on the loan. Then, we signed the lease, and we were given the keys to the house to move in. The home buying experience as a refugee can be hard, but if you got a trusted realtor and bankers on your team, it will make things a lot easier. I wish you great success on your journey to become a house owner.