Homebuyers Education Course

Transcription

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2 Homebuyers Education Course Pioneer Credit Counseling Copyright 2009

3 PIONEER CENTER FOR EDUCATION Homebuyers Education Course PRESENTATION GUIDE TABLE OF CONTENTS INTRODUCTION SEGMENT 1: Class Schedule SEGMENT 2: Realizing the American Dream Workbook Content Reference Guide SEGMENT 3: Accompanying Power Point Slides SEGMENT 3: Forms o Housing Counseling Intake Form o Housing Disclosure o Credit Report Authorization Form o Monthly Budget Worksheet o Class Participation Roster

4 INTRODUCTION: This course is provided by Pioneer Credit Counseling and serves the purpose to provide vital information for clients who are seeking to purchase a home. The 8 hour class is led by a certified counselor and includes insight and information from respected experts one would encounter in the home buying process. The course is broken into two 4-hour sessions and scheduled at times that are most convenient for clients. It is our intention that clients leave the course with a greater knowledge in the subject matter, which leads them to make wise financial decisions with consideration to all the costs that come with buying a home. Our Homebuyer Education consists of a group setting, in which we introduce those participating in the session to the different individuals and processes in the home purchasing process. This includes the realtor, home mortgage consultant, appraiser, home insurance consultant, inspector and the different state offered programs for the home buyers. Our objective is to educate first time home buyers on the many processes of the home purchasing process. At the beginning of the first of the two classes, we have each client participating fill out an Intake Form and provide them with a budget worksheet. Each client is then provided several handouts from the participating speakers in which they go through in detail regarding the purchasing process. Following the class will be one-on-one counseling as needed to help the client purchase their dream home. Our pre purchase counseling also starts in a group setting. Again an intake form is filled out and necessary agreements are signed. The content of the group session will be Homeownership readiness and affordability, Money and Credit Management, Types of Properties and Financing Available, Purchase/Mortgage and Closing Process, Home Maintenance and Financial Management after home purchase. After the group session we will again hold one on one sessions which we will cover; Personalized analysis of financial situation, assessment of ability to qualify for a mortgage, develop a plan to overcome any barriers to achieving home ownership, linkages with housing industry professionals and review of all aspects of purchasing and financing process. Once an evaluation is completed with the client they will fall into two categories near ready buyers or long term buyers. Our near ready buyers are clients with fairly minor obstacles that can normally be resolved within a month or two. Our long term buyers are clients facing obstacles to homeownership that cannot be resolved in a few months. The same material will be used for both cases the only difference is the amount of counseling that each client will actually receive. The activities that are involved in both the Homebuyers Education and Pre Purchase counseling will include general needs assessment which involves gathering information regarding a customer s financial situation, identifying their needs/options, assessing their readiness by reviewing their credit report and calculating affordability. We will assist clients in creating a household budget and monitoring the progress in following the budget, tracking expenses and establishing a financial plan to reduce debts and establish a savings plan. Help them address credit problems, establish or rebuild credit and help them

5 to know what needs to be done to improve their credit score. Corrective action planning which involves outlining the steps needed to overcome any identified obstacles. We will be utilizing a prequalification worksheet which involves calculating how much they can afford monthly for a mortgage payment, assessing their eligibility for a mortgage loan and providing them with information regarding available mortgage products and housing assistance programs. Document review will be provided also which involves evaluating their loan documents and purchase documents. We will explain to the client the steps in the mortgage loan application and purchase process. We will then make referrals as necessary if any physical, social, mental or financial difficulties are identified during the counseling process that cannot be handled by the counselor.

6 The course is presented along side material and lessons within the manual Realizing the American Dream by NeighborWorks America.

7 Realizing the American Dream Workbook Content Reference Guide Are You Ready to Buy a Home? Section 1 Objectives pg 12 Is Owning a Home Right for You? Pg 12 Advantages of Homeownership pg 12 Disadvantages of Homeownership pg 13 Pros and Cons of Owning a Home Worksheet pg 14 How Do you Buy a Home? Pg 15 Steps in the Homebuying Process pg 15 Your Homebuying Team pg 18 The Mortgage Payment and Other Costs of Homeownership pg 21 What is a Mortgage? Pg 21 What Does a House Payment Include? Pg 21 What other Costs Should You Expect? Pg 22 How Much Can You Pay for a House? Pg 23 The 4 C s of Credit pg 23 How to Obtain a Copy of Your Credit Report and Credit Score pg 25 Credit Report and Credit Score Order Form pg 26 How Much Can You Afford? Pg 27 Housing Affordability Worksheet pg 28 Ratios pg 29 Practice Prequalifying Yourself Pg 30 Your Turn pg 30 Total Monthly Debt Worksheet pg 31 Prequalifying Worksheet pg 32 Sample Interest Factor Table pg 33 Summary pg 33 Self-Test pg 34 Next Steps pg 36 Resources pg 37 Managing Your Money Section 2 Objectives pg 42 Getting Started With Making a Plan for Your Money pg 42 Why Do You Need a Spending Plan? Pg 43 How Do You Use Money? Pg 43 Planning How to Spend Your Money pg 45

8 Family Budget Stories pg 45 The Steps in Establishing a Spending Plan pg 47 Monthly Income Worksheet pg 49 Monthly Expenses Worksheet pg 50 Monthly Discretionary Income Worksheet pg 51 Keeping Track of Your Spending pg 51 Developing a Spending Plan to Meet Your Goals pg 57 Teamwork: Setting Family Goals pg 52 Setting Goals Worksheet pg 52 Meeting Your Goals by Trimming Expenses pg 53 Making Your Spending Plan pg 55 Money Management Tips pg 55 Monthly Spending Plan pg 56 Reviewing the Plan pg 58 Ways to Make Money Management Easier pg 58 Controlling Your Day-to-Day Spending pg 59 The Importance of Saving pg 60 Types of Savings Accounts pg 60 Tips for Savers pg 61 Thinking and Saving Like a Homeowner pg 62 Getting Help pg 63 Summary pg 64 Self-Test pg 65 Resources pg 68 Understanding Credit Section 3 Objectives pg 73 How Is Your Credit Rating? Pg 73 Why Is Good Credit Important? Pg 74 Credit Reporting Agencies and Credit Reports pg 75 What Is a Credit Reporting Agency? Pg 75 Types of Credit Reports pg 75 Ordering Your Credit Report pg 76 Credit Report and Credit Score Order Form pg 78 Sample Credit Report from TransUnion Pg 79 Reviewing Your Credit Report pg 82 What Is a Credit Score? Pg 83 What Does a Credit Score Consider? Pg 83 Tips for Improving Your Credit Score pg 84 Improving Your Credit Report pg 86

9 Correcting Errors and Omissions pg 86 Common Credit Problems Pg 89 Solving Credit Problems pg 90 Credit Counseling pg 93 Other Help pg 93 Be Careful of Quick Credit Fixes pg 93 What If You Don t Have a Credit History? Pg 94 Nontraditional Credit pg 94 Nontraditional Credit Worksheet Pg 95 Establishing Credit pg 96 Managing Your Debts So They Don t Manage You pg 97 Steering Clear of the Credit Card Trap pg 97 Getting Out of a Credit Crunch pg 97 Worksheet: Are You in a Credit Crunch? Pg 100 Power-Paying Bills to Get Out of Debt pg 101 Power-Pay Worksheet pg 102 Opt Out to Avoid Debt pg 104 Identity Theft: When Bad Things Happen to Your Good Name pg 105 How Does Identity Theft Happen? Pg 105 What Are Ways to Reduce Your Risk? Pg 105 If You re a Victim pg 106 Know Your Rights pg 107 Equal Credit Opportunity Act pg 108 Truth in Lending Act pg 108 Fair Credit Billing Act pg 109 Fair Debt Collection Practices Act pg 110 Summary pg 112 Self-Test pg 113 Resources pg 116 Getting a Mortgage Loan Section 4 Objectives pg 123 Mortgage Loan Basics pg 123 What Is a Mortgage? Pg 123 What Does a House Payment Include? Pg 124 What Are the Steps Involved in Getting a Mortgage Loan? Pg 124 Who Can Get a Mortgage Loan? Pg 125 The 4 C s of Credit pg 125 Worksheet: Calculating Your Gross Monthly Income (GMI) pg 127 Rate Your 4 C s of Credit pg 130

10 Affordability and You pg 130 Housing Ratio pg 131 Debt-to-Income Ratio pg 131 Using a Factor Table pg 132 How Much Will a Lender Loan to You? Pg 133 Getting Prequalified by a Lender pg 133 Getting Pre-Approved by a Lender pg 134 Practice Prequalifying Yourself pg 135 Worksheet: Total Monthly Debt pg 137 Worksheet: Prequalifying pg 138 Shopping for the Right Lender and Loan Product pg 139 Who Makes Mortgage Loans? Pg 139 Different Loan Categories pg 143 Different Types of Loans Pg 148 Strategies for Finding the Right Lender and Loan pg 150 Key Mortgage Terminology pg 150 Shopping for Mortgage Loan pg 155 Comparing Loans and Programs pg 156 Making Your Decision pg 157 Worksheet: Mortgage Loan Comparison pg 158 Working with a Lender pg 159 Gathering Your Records pg 159 Loan Documentation Records pg 159 Loan Documentation Checklist pg 160 Applying for the Loan pg 161 Steps the Lender Takes to Approve Your Loan pg 162 Processing pg 162 Underwriting pg 162 Approval and Rejection pg 162 Standard Loan Conditions pg 163 Closing the Loan pg 164 Refinancing pg 165 Your Rights as a Loan Customer pg 166 Summary pg 168 Self-Test pg 170 Resources pg 173 Shopping for a Home Section 5 Objectives pg 179 Timeline for and Steps in the Homebuying Process pg 179 Length of Time Needed to Buy a Home pg 179 Steps in the Homebuying Process pg 179

11 Your Homebuying Team pg 183 The Real Estate Professional pg 183 Prospective Agent s Profile pg 188 The Lender pg 189 The Attorney pg 189 The Escrow Officer pg 189 The Title Insurance Officer pg 190 The Housing Inspector pg 191 The Appraiser pg 193 The Surveyor pg 193 The Insurance Agent pg 194 The Housing Counselor pg 194 Finding the Right Neighborhood pg 197 Setting Your Own Neighborhood Standards pg 197 Neighborhood Checklist pg 198 Types of Homes and Types of Ownership pg 199 Different Types of Homes pg 199 Different Ways to Own a Home pg 203 Finding Your Dream House pg 204 What Do You Want in a House? Pg 204 Worksheet: Homebuyer s Wish List pg 205 House Hunting pg 206 Exploring on Your Own pg 206 Narrowing the Search pg 208 House-Hunting Checklist pg 210 Evaluating Your Dream Home pg 211 Buying Your Home pg 214 What Are You Willing to Pay? Pg 214 Purchase and Sale pg 216 The Offer pg 216 Contingencies pg 217 Negotiating pg 217 Escrow pg 219 Loan Application, Appraisal, Survey pg 219 Inspections pg 219 Insurance pg 220 Purchasing Homeowners Insurance pg 221 Homeowners Insurance Consumer Quote Guide pg 225 Closing pg 226

12 Preparing for the Closing pg 226 Closing Documents pg 226 Closing Costs pg 227 Summary pg 229 Self-Test pg 230 Resources pg 233 Keeping Your Home and Managing Your Finances Section 6 Objectives pg 237 Protecting your Investment pg 239 Why Do You Need to Protect Your Home? Pg 239 Getting to Know Your Home pg 240 Moving In pg 241 Home Safety pg 242 Home Security pg 243 Saving Energy and Money pg 243 Energy Saving Tips for Your Family pg 243 Energy Saving Tips for Your House pg 244 Preventive Maintenance pg 245 Mark Your Calendar pg 246 How Long Do Things Last? Pg 246 Home Maintenance Checklist Pg 248 Do-it-Yourself Repairs pg 249 Diagnosing and Solving Homeowners Most Common Problems pg 250 Remodeling and Major Repairs pg 252 Adding Value with Improvements pg 252 Planning Your Projects pg 253 Working with Contractors pg 254 Investing in Your Neighborhood pg 257 Knowing Your Community pg 257 Being a Good Neighbor pg 258 Showing Pride of Ownership pg 258 Asset Building pg 259 Managing Your Money for Homeownership pg 259 Developing a Savings Plan pg 260 Remember the Credit Trap pg 260 Keeping Records pg 260

13 Taxes and Insurance pg 261 Federal Income Tax pg 261 What You Can Deduct From Your Taxes pg 262 Capital Gains Tax pg 263 Homeowners Insurance pg 264 Mortgage insurance pg 265 Escrow Adjustments pg 266 Life Insurance pg 266 Protecting Your Equity pg 267 What is Home Equity? Pg 267 How Can You Use Equity Without Selling Your Home? Pg 267 Step-by-Step Guide for Refinancing pg 269 Refinancing Monthly Payment Estimator pg 270 Watch Out for Predatory Lending pg 271 Prepaying Your Mortgage pg 274 Coping with Hardship pg 275 Meeting Your Financial Responsibilities pg 275 What Is Foreclosure? Pg 276 Communicate with Your Lender pg 276 Preventing Foreclosure pg 276 Loan Workouts pg 276 Moving On pg 277 Delinquency Counseling pg 278 Summary pg 279 Self-Test pg 280 Resources pg 282 Appendix Pg Glossary of Terms pg

14 HOMEBUYERS EDUCATION COURSE CLASS SCHEDULE DAY ONE: DAY TWO: CLOSING: Hour 1: Clients fill out intake forms and class introduction Hour 2: Guest Speaker Bank/Loan Officer Hour 3: Guest Speaker Realtor Hour 4: Budget Counseling Review Hour 1: Guest Speaker Home Insurance Representative Hour 2: Guest Speaker Home Inspector & Home Appraiser Hour 3: Guest Speaker Title/Closing Company Representative Hour 4: Guest Speaker Credit Report Review Scheduling of appointments for one-on-one Pre-Purchase counseling sessions.

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16 Establishing a realistic spending plan Setting goals and creating a spending plan to meet your goals Trimming expenses and finding ways to save

17 To Prepare for Large Expenses To Encourage Savings To Prepare for Surprise Expenses To Identify Wasteful Spending To Accomplish Goals

18 Understand your own spending behaviors How would you answer the following: What things would be the easiest to change? What would be the hardest? Is a house worth giving these things up? Are you ready to do this now? Are there other things you want to do before you start saving for a house?

19 Gather your pay stubs, bills and receipts Sit Down Write Down How much you make How much you spend

20 Determine your monthly net income Calculate your monthly expenses Subtract your monthly expenses from your income

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22 Be Specific Ask everyone to tell what their goals are and steps to reach goals Rank the goals in order of importance Try to agree on a few top goals Figure out how much it will cost to reach the goals

23 Know the difference between needs and wants Needs-items that you must have for basic survival Food, water, shelter and clothing Wants- things you desire but can live without

24 Expenses that usually stay the same each month Rent, Utilities, Car payments, Insurance Payments, Child Support

25 Expenses for goods and services Car Insurance, water and sewage Even though they are fixed expenses they may be paid only periodically

26 Expenses that change from month to month Groceries, Entertainment and Personal Items

27 Obligation to pay someone money for goods and services bought on credit Minimum monthly payments to creditors

28 Clip Coupons Use a list when Grocery Shopping Compare Prices Decide Family Members Allowances Eat at home as often as possible Trade Services with Friends Find fun Activities and places in your area

29 Plan according to what our income is now Plan ahead for 6 months Include some spending money for family members Make recordkeeping as simple as possible Set money aside for home maintenance When saving for long term goals, pay yourself first Make sure that whole family agrees

30 Is your spending plan working? Are all family members able to follow? Which costs seem to always be over planned amount? Are you getting closer to your goals?

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32 Decide who pays bills Know when bills are due Ask for Level Billing Payments Open Checking Account Open Savings Account Consider consolidating Consider selling a car Check interest Stick to the plan

33 Carry written reminders Carry as little cash/or only amount you need Use direct deposit Put Items on layaway Buy only what you need Try to pay with CASH, CHECK or DEBIT instead of CREDIT

34 Savings will grow faster if put into savings account at bank or credit union Earn interest Find ways to save 10% of your income

35 Pay yourself first Open a savings account at a bank Keep your change at the end of the day Bank your surprises/gifts

36 Your spending plan should include savings and other costs of buying a home. Loan fees Appraisals Moving Costs Insurance

37 Most likely have higher Utility Bills More Insurance Property Taxes Costs of upkeep Repairs Set aside a part of your income each month so that you will be ready for these bills when they occur

38 For yearly upkeep and repairs, should budget 1% of a home s purchase price You may also want or need things that were provided when renting Refrigerator, washer and dryer, furniture Make a plan to save for these purchases

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40 Credit reporting agencies and credit reports Credit scoring How to address common credit problems Ways to establish credit

41 How much you have borrowed From whom you have borrowed How well you repaid your debts How you are handling current debts

42 Rent or buy things you want or need Save money or borrowing at a lower interest Get a job Lease a rental property Open a checking account Establish utility services in your name Obtain insurance at a lower rate

43 Companies that collect information and see it in the form of written reports Banks, finance companies, stores, landlords, insurance companies and employers Experian, Equifax and TransUnion

44 Consumer Credit Report Infile Credit Report Residential Mortgage Credit Report PCC pulls a Soft Inquiry - does not affect credit score

45 Annualcreditreport.com Call

46 FICO Scores Scores between

47 Payment history -35% Outstanding debt-30% Credit history-15% Types of Credit-10% New Credit-10% Each time you have a new credit inquiry, your credit score will lower

48 Correct inaccurate information Pay your bills on time Minimize outstanding debt Apply for and open new credit as needed Use credit cards responsibly Re-establish credit if you have had problems

49 Pattern of 30-,60-,90-day late payments on current debts Past poor credit performance Bankruptcy Judgments/Liens Past due credit accounts and collections Charge-offs Foreclosures or repossessions

50 Prepare realistic spending plans, control spending Contact your creditors Seek professional help Pay past due accounts Negotiate discounted payoffs Negotiate workout plans Write explanation letter

51 Pay your bills on time Open checking account and savings account Apply for loan Apply for limited-use credit card Apply for a loan with a co-signer

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58 APPLICANT Last, First: Date of Birth / / SS# / / Language: Eng / Span SEX: F / M (circle one) Address: Address: City, State: Zip: County: Length of Occupancy at current address : ( if less than 2 years please provide previous address) Previous Address if necessary: Length of Occupancy at previous address: Home Phone: Cell Phone: # of Dependents: Family/Household Size: FAX # Contact Method: Home / Work / Cell / REASON CONSUMER NEEDS ASSISTANCE (Check One): Poor Money Management Reduced Income Medical Divorce or Separation Death of Family Member Other (Explain) RFERRAL SOURCE (Check One): Billboard Brochure Family Friend Newspaper Radio TV Yellow Pages Existing Client Internet Direct Mail HUD Website Social Services Agency Other (Please Specify) Marital Status (Check One): Married Separated Single Divorced Widowed Chose Not to Respond Check all that apply: Single Head of Household Female Head of Household First Time Home Buyer US Veteran Owned Home in Last 3 Years Race: American Indian/Alaskan Native Asian/Pacific Islander African American Hispanic White Non Hispanic Other (please specify) Citizenship: US Citizen Permanent Resident Non-Resident Disabled (Check One): Y N Current Housing Arrangement (Check One): Rent Homeless Homeowner with Mortgage Living with family member and not paying rent Homeowner with mortgage paid off Other (please specify) Education (Check One): Below High School Diploma High School Diploma Some college never completed GED Diploma Bachelors Degree Masters Degree Associates Degree Other (please specify) 1 PCC Housing, 06-09

59 CO-APPLICANT Last, First: Date of Birth / / SS# / / Language: Eng / Span SEX: F / M (circle one) Address: Address (if different than above): City, State: Zip: County: Length of Occupancy at current address : ( if less than 2 years please provide previous address) Previous Address if necessary: Length of Occupancy at previous address: Home Phone: Cell Phone: # of Dependents: Family/Household Size: FAX # Contact Method: Home / Work / Cell / Marital Status (Check One): Married Separated Single Divorced Widowed Choose Not to Respond Check all that apply: Single Head of Household Female Head of Household First Time Home Buyer US Veteran Owned Home in Last 3 Years Race: American Indian/Alaskan Native Asian/Pacific Islander African American Hispanic White Non Hispanic Other (please specify) Citizenship: US Citizen Permanent Resident Non-Resident Disabled (Check One): Y N Current Housing Arrangement (Check One): Rent Homeless Homeowner with Mortgage Living with family member and not paying rent Homeowner with mortgage paid off Other (please specify) Education (Check One): Below High School Diploma High School Diploma Some college never completed GED Diploma Bachelors Degree Masters Degree Associates Degree Other (please specify) 2 PCC Housing, 06-09

60 EMPLOYMENT/BUDGET INFORMATION Employer Name (Applicant): Street Address: City: State: Zip: Contact Phone: Position/Title: Self Employed: Yes No Start Date: Gross Income (before taxes): Net Income: Is this amount paid: Hourly Weekly Every 2 weeks Twice a month Monthly? Employer Name (Applicant): Street Address: City: State: Zip: Contact Phone: Position/Title: Self Employed: Yes No Start Date: Gross Income (before taxes): Net Income: Is this amount paid: Hourly Weekly Every 2 weeks Twice a month Monthly? Employer Name (Co-Applicant): Street Address: City: State: Zip: Contact Phone: Position/Title: Self Employed: Yes No Start Date: Gross Income (before taxes): Net Income: Is this amount paid: Hourly Weekly Every 2 weeks Twice a month Monthly? Employer Name (Co-Applicant): Street Address: City: State: Zip: Contact Phone: Position/Title: Self Employed: Yes No Start Date: Gross Income (before taxes): Net Income: Is this amount paid: Hourly Weekly Every 2 weeks Twice a month Monthly? Income Source Household Living Expenses Applicant Take Home $ Rent / Mortgage $ Co-Applicant Take Home $ Tithe / Church $ Pension $ Utilities: Gas $ Alimony/Child Support $ Electricity $ Social Security $ Other $ Disability Income $ Other $ Public Assistance $ Water/Sewer/Gar $ Other $ Telephone $ TOTAL INCOME $ Cell Phone/Internet $ Miscellaneous Expenses Automobile 1 $ Rec / Entertainment $ Automobile 2 $ Dry Cleaning / Laundry $ Auto Insurance $ Cable TV $ Auto Gas / Oil $ Clothing $ Food / Household $ Credit Card Payments $ Medical / Life Ins $ Personal Loan Payments $ Child Care $ 3 PCC Housing, 06-09

61 Page 1 of 2 CLIENT REQUEST CREDITOR REQUIREMENT CREDIT REPORT REQUEST FORM Creditsoft ID # (*Lead Side/Client Side) (*Lead is New Consumer) CLIENT: First Name Last Name Soc. Sec. # - - Street Address City State Zip Code - Phone # - - When Applicable, please complete Page 2. ** I hereby give my permission for PIONEER CREDIT COUNSELING to obtain my Credit Report solely for the purpose of Consumer Credit Counseling. ** I am aware that requesting my Credit Report will reflect as a Soft Inquiry by PIONEER CREDIT COUNSELING on my credit Report. However, this will not effect my FICO score. ** I acknowledge that I have NOT been charged more than $5.00 (if any) to review my Credit Report and that the Credit Report will remain in the possession of PIONEER CREDIT COUNSELING or its Counselors. Pioneer Credit Counseling fully acknowledges and complies with the requirements imposed by the Consumer Credit Reporting Reform Act of Signature Date Fax to: OR Mail to: Pioneer Credit Counseling HO Use: PO Box 6860 Verified on Phone / Date Initials Rapid City, SD PREN10, 6-07

62 Pioneer Credit Counseling s Housing Counseling Program Disclosure Purpose of Housing Counseling: I/We understand that the purpose of the housing counseling program is to provide one-on-one counseling to help customers fix those problems that prevent affordable mortgage financing. The counselor will analyze my/our financial and credit situation, identify those barriers preventing me/us from obtaining affordable mortgage financing, and develop a plan to remove those barriers. The counselor will also provide assistance in debt-load management with the preparation of a monthly and manageable budget plan. I/We further understand that it will not be the responsibility of the counselor to fix the problem for me/us but rather to provide guidance and education to empower me/us in fixing those issues preventing affordable mortgage financing. Mortgage Financing Assistance: Upon completion of the housing counseling program, I/we understand that the counselor will help to identify those loan programs that best meet my/our needs and offer assistance with choosing a lender that is right for me/us. I understand however, that I/we are under no obligation to use any specific resources that Pioneer Credit Counseling has established a working relationship with. Upon completion of the program, and with my/our permission, my/our customer information will be transferred to my/our selected lender. I/We understand that the counselor will monitor my/our loan progress to ensure the loan process runs smoothly and provide assistance as needed. I/We understand that the counseling agency does not guarantee that I/we will receive mortgage financing from the chosen lender. Applicant Signature Date Co-Applicant Signature Date 1644 Concourse Drive Rapid City, SD Phone: (605)

63 Monthly Budget Worksheet Use this worksheet if your income typically comes at the same time each month Gross Net 1st Household Income $ $ 2nd Household Income $ $ Net Working Income $ Fixed Expenses Mortgage Tithe/Church Lot Rent Condo Fees Heat Electricity Water/Sewer/Garbage Telephone Car Insurance Car Payment Car Payment Gas to Work Health Insurance Life Insurance Food/Household Child Care Alimony/Child Support Flexible Expenses Car Repairs Recreation/Entertainment Dry Cleaning/Laundry Clothes Cable TV Medication Student Loans Loans Credit Card Payment (all credit cards) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total Fixed Expenses $ Total Flexible Expenses: $ TOTAL EXPENSES: $ Working Amount: $ -$

64 PCC Monthly Education Workshop Date: Inst. Initials: Location: Education Offered: Sign In Time: Sign Out Time: If more then 16 people are participating, please use additional sheet Updated

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