Homebuyers Workshop

Our agency proposes to introduce and instruct residents on the process of becoming a homeowner.

Below is the outline of the scope of work requested, including objectives, procedures and identification of responsibilities.

Objective:  To assist participants to understand the process of buying and maintaining their own home.

Participants:  Residents and interested individuals

Duration:  To be determined

Section 1:  Introduction

• Why is homebuyer education important?
• What does it mean to be a first-time homebuyer?
• Is homeownership for me?
• What is the true cost of homeownership?
• Steps in the homebuying process
• Key players and their roles in the homebuying process
• Successful money management begins with a spending plan.
• Credit
• Consumer Laws

Section 2.  Mortgage Lending

• Preparing for your mortgage loan application
• Getting prequalified for a loan
• Choosing a lender
• Down payment assistance
• Applying for your loan
• Choosing a loan
• Subprime lending/Predatory lending
• Under Contract
• Loan processing
• Loan underwriting and approval
• At closing

Section 3:  Real Estate

• Role of a real estate broker
• Selecting a real estate broker
• Shopping from home
• Locations of homes
• Types of home
• Homeowners Associations (HOA) or Common Interest Community (CIC)
• Purchasing a home
• New Construction
• Post Purchase
• Homeowner financial management
• Reasons your payment can change
• Don’t become a target
• Preserving your equity
• Refinancing
• Maintaining your home and protecting your investment
• Reasons for foreclosure
• What to do if your cannot make your house payment