Homebuyer Orientation

Transcription

1 Homebuyer Orientation

2 WHY PARTNER WITH A TRUSTED RESOURCE Buying your first home is usually the biggest financial investment in your life. The home buying process is complicated, and there are many important choices to be made. Getting into your first home is a big accomplishment staying there is equally as important!

3 HPP CARES Community Development Center We re here to help! Over 1,500 of our homebuyers became homeowners in the last 3 years! There are challenges and opportunities in the current housing market. We guide people of all incomes through the home buying process Over 240 people are currently saving for down payment on our matching program and will receive $3 for every $1 they save (up to $8,000!)

4 HPP CARES Community Development Center Is. A private, non-profit corporation Comprehensive One-Stop Homeownership Center HUD-Approved Consumer Housing Counseling Agency Member of National Homeownership Center Networks Down Payment & Closing Cost Assistance Resource

5 T.A.C.E Triage Assess Create A Plan Of Action Execute

6 When is Homebuyer Education Necessity? First time homebuyers for selected products All borrowers with non-traditional credit Users of most down payment assistance programs Selected specialized loan programs First Time, Existing & Investors

7 OUR MISSION Instilling Wise Living Disciplines HPP CARES is dedicated to moving peoples out of poverty, by using quality financial education, to develop and support informed, and empowered, environmentally conscious consumers. Our programs emphasize creating affordable housing opportunities, responsible credit use and healthy living for all consumers, to help meet the credit needs of the entire community, in particular, those within underserved communities, regardless of a person's age, gender, sexual orientation, race, religion or financial background, informed, empowered consumers contribute to economically vibrant, sustainable communities!

8 Come On In!

9 I have been telling people to go to HPP CARES Community Development Center to learn about buying a house They will help you find answers! Financial Fitness helped Claudia take a hard look at her spending. The lessons she learned and the desire to save have stuck with her, even after the class and home purchase.

10 The people at HPP CARES were looking out for me and I am in awe of them. I have so much respect for how they help people. Karen, once homeless, now owns a home for family. With HPP CARES Community Development Center s help and the IDA program she was able to build strong credit and save for a down payment.

11 AM I READY TO BUY? Do you have A monthly budget or spending plan? Steady income and employment history? A manageable level of current debt? A record of paying your bills and your debts on time? Some money saved for a down payment? Not there yet? We re here to help!

12 Is Now A Good Time To Buy? If you are ready for the responsibility of homeownership, now is a GREAT time to buy!

13 Steps To Homeownership HomeBuyer Assessment Finance, Budget & Credit In-A-Box HomeBuying 101 HomeBuyer Counseling Prtner with Matched Savings Program Down Payment & Closing Cost Assistance Programs Affordable, fixed rate home loans and mortgage counseling Pre-Closing Meeting/Loan Document Review HomeOwner Classes

14 Our Office Is Multi-Lingual All of our services are available in English and Spanish Todos nuestros servicios estan disponibles en Español Let us know if you have a need for other language accommodation or any other access needs

15 Finance, Budget & Credit In-A-Box A class to change the way you manage money Values & Money Goal Setting Money Management / Budgeting Using Credit Wisely Protecting yourself from Identity Theft Recognizing Predatory Loans Preparing your finances for homeownership

16 Getting Your Financial House In Order Gain the tools to have a healthy relationship with money Understand how to make sound financial management decisions for yourself and your family Understand how personal values, family and cultural history affect our behavior and understanding around money matters. Take a holistic approach to creating financial health

17 Homeownership In-A-Box Everything you need to know about the home buying process Preparing for Home Purchase Determining how much you can afford Understanding the Role of Credit, Debt and Savings The Loan Approval Process Shopping for Your Home Inspecting and Insuring Your Home Closing on your Home Being a Successful Homeowner

18 Down Payment & Closing Cost Assistance Programs A number of local programs can help with down payment, lower your monthly mortgage payments, and/or increase your purchasing power! Eligibility is based on income, property location and other factors We also offer a matched savings program

19 Assistance Programs Low-Income Purchase Assistance (LIPA) Up to $60,000 in City of Los Angeles. Homeownership Opportunity Program (HOP) Up to $60,000 in eligible LA County areas. Restore Neighborhoods LA (RNLA) Up to $60,000 for newly renovated homes in City of LA. CalHFA Affordable home loans and down payment Assistance.

20 Assistance Programs Mortgage Credit Certificates Boosts home buying power by increasing qualifying income through a larger federal income tax refund. WISH Up to $15,000 in down payment matching funds, available through participating lenders. Access / Platinum / Sapphire Programs Provides down payment assistance up to 5% of the home purchase price on an FHA loan.

21 Comparison of Mortgage Payment With and Without the First Time Homebuyers Program. (FTHB) (eg FICO at 720) (Rate 4.5) WITH FTHB PROGRAM Purchase Price = $300K Down Payment = $60K Loan Amount = $240K Payment Breakdown: P & I = $ Ins. = $65.00 Taxes= $ MCC Savings = $-180 Total Payment= $ WITHOUT FTHB PROGRAM Purchase Price = $300K Down Payment 5% Down = $15K Loan Amount = $285K Payment Breakdown: P & I = $ Ins. = $65.00 Taxes = $ MI = $ Total Payment = $

22 Comparing Continued Summary Comparing With Or Without the Programs Savings Per Month Using the FTHB Programs: $ / month Savings Per Year: $ / year Difference in Down Payment Requirement: $12,000 You Win with the FTHB Programs! Lowest Affordable Payment with Lowest Down Payment

23 Where Do I Start? Complete Pay one time $75.00 materials fee (non-refundable). Go to Online Forms select Home Buyer Assessment appointment online. Or select 8 Hour Pre-Purchase Homeownership In A Box Saturday session Don t have A Saturday Go To Webinars select 8 Hour Pre-Purchase Homeownership In A Box Webinar ( note there are questions throughout. Or go to 24/7 Online Education select Homebuyer Online Pre-purchase We ll run a Soft Touch credit report (that does not lower your credit score). If you are already working with a lender and they have pulled your credit, please note that in your registration.

24 We Are Ready To Guide You To Your New Home