Homebuyer 411 06 19 2013

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PowerPoint Presentation:

Homebuyer 411 Get Informed about Buying a Home

Are You Behind the Wheel?:

Are You Behind the Wheel? In the Game of Life…

The Wheel of:

The Wheel of Financial Fitness

Homeownership Basics:

Homeownership Basics Let’s get the 411!

PowerPoint Presentation:

You can’t buy a house unless you have almost perfect credit and it is very difficult to improve your credit rating. True or False?

The 411…:

The 411… You can buy a home even if you have had past credit problems. You can improve your credit by: Establishing credit and using it responsibly Paying your bills on time Checking your credit report for errors Keeping your credit card balances low

What lenders are looking for…:

What lenders are looking for… On-time payment history for at least 12 months. No bankruptcy in the last 2 years and no foreclosure in the last 3 years. No unpaid judgments. No unpaid collections. (If they are in payment arrangements, they may accept those.) Preferably a middle credit score of 620 or higher. Preferably four good tradelines . Tradelines are debts you are paying as agreed.

No Credit?:

No Credit? Rent Telephone/cell phone Cable Utilities Insurance policies Child care School tuition Medical bills Credit re-building accounts offered by local banks. Lenders may accept these alternatives to show on-time payment history:

Bad Credit?:

Bad Credit? Our Homebuyer Advisors Can Help You Read and understand your credit report. Dispute errors on your credit report. Create a plan to rebuild your credit and boost your credit score. Make a spending plan to address your debts. Negotiate with creditors to possibly reduce your debt.

PowerPoint Presentation:

You must work at the same job for at least three years to qualify for a mortgage. True or False?

The 411…:

The 411… The most important thing is to have a steady, stable income, not a certain number of years with the same employer. Most lenders would like to see 2 years of employment history within the same field. Lenders also accept other forms of income besides wages, such as self-employment income, Social Security, disability benefits, income from certain kinds of investments, etc.

PowerPoint Presentation:

You can’t buy a home if you’re not a US citizen. True or False?

The 411…:

The 411… Most people can buy a home in the United States – you don’t have to be a US citizen.

PowerPoint Presentation:

You need a down payment as large as 20 percent before you can buy a home. True or False?

The 411…:

The 411… There are many types of mortgages which require low down payments. Many lenders offer loans with only 3.5% as a down payment. On a $100,000 house, that’s $3,500. You may be eligible for a special program that requires even less of a down payment, or helps provide funds toward the down payment.

PowerPoint Presentation:

Lenders share your personal financial information with each other and the government. True or False?

The 411…:

The 411… Your privacy is protected by law. Lenders must get your permission to share your personal financial information with anyone. http:// www.fdic.gov/consumers/privacy/yourrights

Overcoming Barriers: Success Stories:

Overcoming Barriers: Success Stories

The Advantages of Homeownership:

The Advantages of Homeownership Control Appreciation Fulfills individual and family needs Tax benefits Stable housing costs Sense of pride Stability for families

The Responsibilities of Homeownership:

The Responsibilities of Homeownership Property taxes and homeowners insurance Adapting to changing costs Preparing for emergencies Home maintenance Landscaping and yard care Neighborhood and community involvement

Steps to Homeownership:

Steps to Homeownership Get the 411. Meet with a homebuyer advisor to determine what steps you need to take to achieve homeownership. Determine how much you can afford. Go to a lender to get pre-approved. Attend an 8-hour homebuyer education class. Decide what you want and need in a home. Shop for a home. Make an offer. (Leads to a signed purchase agreement.) Inspect the home. Apply for the loan. Get insurance and additional inspections. Close the loan

Homeownership could be closer than you think!:

Homeownership could be closer than you think! Complete “Homebuyer 411” workshop. Sign up to meet with a homebuyer advisor. Attend a homebuyer education class. Buy a home of your own.

Thank you for your time!:

Thank you for your time! Presented by: HomeStart

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