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.
- 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
- Maintaining your home and protecting your investment
- Reasons for foreclosure
- What to do if your cannot make your house payment