First Time Homebuyer
Upon completion of the program a
“Certificate of Completion” for the First Time Home Buyer’s Program
will be provided to the borrower.
"Realizing the American Dream" Workshop
This pre-purchase homeowner education workshop is designed to inform potential homeowners of the necessary steps toward realizing the dream of many Americans, owning a home of their own. Realizing the American Dream is a curriculum designed to help participants decide if they are ready to buy a home, to set goals for budgeting and managing credit, to shop for a home and obtain a mortgage as an informed consumer and finally to know the basics of home maintenance and how to manage their finances. This eight hour course is offered on a monthly basis. The following is a sample of an 8-hour course.
Are you Ready to Buy a Home?
- The advantages & disadvantages of owning a home
- Setting goals
- How to budget & save
- How much you can afford to pay for a home
- The importance of good credit when you try to borrow money
- How to find the right house in the right neighborhood.
- How to make an offer
- The steps to getting a loan
- How you can maintain and protect your home after you move in
Budgeting and Credit
- Knowing where your money goes
- Setting goals/ Budgeting to meet your goals
- Cutting costs and finding ways to save
- Planning, so that unexpected expenses are less of a threat
- Understanding credit and protecting your credit rating
- Fixing credit problems
Shopping for a Home
Buying a home is a complicated process. The sale of property is controlled by federal, state, and local laws. The purchase requires a legal contract between buyer and seller. Long term financing through a bank or mortgage company is standard and there are at least five different kinds of insurance involved in the average home purchase.
Getting a Mortgage
- How a lender decided whether or not to give you a mortgage loan
- Calculating how much you can borrow
- Who makes mortgage loans/ The different types of loans that are available
- Shopping for the best loan
- The loan application/ The loan approval process/ What to expect at closing
Keeping Your Home and Managing Your Finance
- Making your home safe and energy efficient
- Keeping your home in good repair
- Deciding when and how to remodel
- Getting involved in the life of your neighborhood
- Protecting your investment
- Budgeting for home ownership
- Keeping records and paying taxes
- Understanding refinancing
- What to do if you cannot make your payments