Homebuyer Program Orientation

Transcription

1 Homebuyer Program Orientation 1405 E. McDowell Rd, Suite 100 Phoenix, Arizona Telephone: (602) Website:

2 History of NHS Phoenix NHS Phoenix was founded in 1975 and is a chartered member of NeighborWorks America Over the last three decades we have: Helped over 1,000 families become first-time home buyers. Educated over 7,000 families in homebuyer education Originated $17.6 million in mortgage loans 2 Built or rehabilitated more than 100 homes

3 Mission Statement Neighborhood Housing Services of Phoenix, Inc. (NHS Phoenix) is a non-profit organization dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services to encourage, create and support home ownership. We help hard-working families realize the dream of financially-stable homeownership 3

4 What does NHS Phoenix do? We TEACH We LEND We BUILD 4

5 We TEACH HUD-Approved Counseling Agency One-on-one counseling o o o o Pre-purchase Post-purchase Foreclosure Intervention Reverse Mortgage Homebuyer Education (HBE) classes on-site & on-line Financial literacy on-line Financial Recovery workshops 5

6 What to bring to your 1st Counseling Session: 1. Proof of income - Current pay check stubs for the last 30 days or S.S. Award letter, Retirement, Disability, Alimony, Child support 2. Most recent bank statements - checking & savings for the last 60 days 3. Income tax returns for last 3 years 4. Credit report fee - $12.75 Individual or $25.50 Joint 6

7 Description of Classes Homebuyer Education (HBE) a comprehensive overview of the home buying process. You can now take this 8-hour course in the classroom or online at your convenience. Financial Recovery workshop this FREE 8-hour workshop is STRONGLY encouraged for potential buyers who are working on correcting and improving their credit. Financial Literacy on-line classes 5 hour course ONLINE with readings, video and Q & As to help YOU get your financial life in order! 7

8 More about HBE Homebuyer Education Class Prerequisite for the down payment assistance programs. Helps you become an informed consumer before making the largest purchase of your life! 8-hour course, certificate is good for one year. The class fee is $300, but may be discounted based on the specific program. Your counselor can inform you about your qualification. 8

9 We BUILD Licensed Construction Company (ROC #257107) and Real Estate Brokerage Affordable home development New or renovated single-family homes for sale 9

10 Home for Sale 3417 S. 97 th Lane $105,000 3 Bedrooms + Den / 2 Baths 1,599 square feet Freshly painted inside & out New carpet and floor tile New Energy Star light fixtures New water-saving plumbing fixtures New energy efficient appliances and window coverings are included in sales price 10 $15,000 in down payment assistance available to qualified buyers.

11 We LEND Licensed Mortgage Bank NMLS #167455, MB # We offer flexible mortgage products and down payment/closing cost assistance for qualified buyers. 11

12 Requirements of Down Payment Assistance (DPA) Buyer must meet with a pre-purchase counselor and take an 8-hour home buyer education (HBE) course. Buyer must occupy the home as a principal residence. Borrower must be U.S. citizen or permanent resident alien. Borrower must have a minimum of $1,000 of their own money. 12 Some programs expect borrower will have 50% of lender-required down payment.

13 DPA DOs and DON Ts DO understand that program details, requirements, and availability can change over time. DO understand that spending behavior can impact credit scores, ratios, and eligibility for down payment assistance. DO NOT assume that down payment assistance is a guarantee. Assistance is based on credit, income and ratios. As a result, not all buyers will qualify. DO NOT make an offer on a property until you know all of the program details and whether or not you qualify for the program(s). 13

14 How much mortgage can you afford? As a rule of thumb, estimate two to three times of household income to see how much mortgage you can afford. Ex. If your annual income is $49,200, you might be able to afford a mortgage of $98,400 to $147,600. $49,200 X 2 = $98,400 $49,200 X 2.5 = $123,000 $49,200 X 3 = $147,600 14

15 Your Path to Ownership starts with NHS Phoenix Complete an Intake form 1 st Appointment with counselor Action plan created Homebuyer Education Additional counseling visits required? Financial Recovery Workshop 15 Conditional Loan Approval Shop for New home Close on loan & keys to home

16 Revised Dec 29, 2011 To take the 1 st step on your path to HOMEOWNERSHIP Download, fill-out and bring in/mail in your Intake Form to: 1405 E. McDowell Rd, Suite 100 Phoenix, Arizona 85006, Fax: (602) programs@nhsphoenix.org 16 /nhsphoenix