Our First Home
Homebuyer Education
| BOARD OF DIRECTORS | STAFF | PARTNERS
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Readiness Orientations Class objective: To learn whether or not you are financially ready for homeownership based on your income, credit, and savings. Brief information is given about down payment and closing cost assistance programs. Please bring the following documents: . Last 2 pay stubs . Last year's tax return . $20 check or money order if you would like us to pull your credit report. Otherwise, bring a credit report you have from another source. You will need to know both your credit score and the required monthly minimum payments on outstanding debt. As a group, each participant determines their annual household gross income. Then, using a worksheet, we calculate: . The purchase price a mortgage bank would probably determine that you could afford. . The estimated amount of cash needed for down payment and closing costs. Participants whose credit, savings, and income would support a purchase now, are encouraged to attend the next available Homebuyer Seminar. Homebuyer Seminars Class objective: To educate potential homebuyers about all aspects of home purchase. Topics include: qualifying for and choosing a mortgage in an amount that is sustainable, what to look for in a home inspection, contracts, what to expect from your attorney, and what to expect at closing. We also discuss post-purchase matters, including alerts against predatory equity loan and refinance schemes. Completion qualifies participants for the certificate needed for any down payment/closing cost assistance programs for which they qualify. As partners with the New York Mortgage Coalition, we can get low interest rates and, in some cases, grants from participating banks, as well. Please attend a readiness orientation before signing up for this seminar. Financial Education Workshops Topics like credit repair and savings/budgeting are offered to those who are not ready to purchase a home. Credit Repair Everyone can benefit from understanding their credit report, knowing their credit score, and finding out how to use credit in ways that enhance their score. People who have collection agencies calling them, have judgments against them, or have a history of late payments, can learn ways to repair these credit blemishes. We are not credit counselors, but we can give guidelines and suggestions. Savings/budget Planning People in all income brackets complain that they cannot save money. Yet having savings is the path to freedom from living hand to mouth. If you wonder how money melts so fast, have less in your slush fund than you would like, or would like to become a homeowner but you need more in your "down-payment" fund, this class may be helpful. Please see our calendar page for dates and times of each class.
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