San Benito County Homebuyer Information

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San Benito CountyHomebuyer Information
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Our Commitment

• San Benito County believes in providing fair and
  Affordable
• Housing opportunities for our community. We are
  committed to
• meeting the needs of the public by providing
  education through
• Public Workshops
• Public Focus-Groups
• Public Meetings
• One-on-one informational Sessions

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Homebuyer Agenda

• Mental Financial Preparation
• Find a Lender
• Pre-Qualification
• Loan Application
• Pre-Approval
• Find a Realtor
• Financing Assistance Options

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Mental Preparation

• How long do I plan to stay in this home?
• How long do I plan to stay at my current job?
• Do I expect my income to increase over the next
• few years?
• How comfortable will I be with my new Mortgage
  Payment?
• What is my level of financial discipline?

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Financial Preparation

• Create a monthly Budget
• Know your income, assets and debts prior to
  applying for a loan
• Know your credit rating prior to applying for a
  loan
• Attend Homebuyer Workshops Seminars
• Seek Homebuyer Counseling

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Find A Lender

• Browse the Internet for local Lenders and Brokers
• Check your local phone book (Banking Section)
• Check with your current Banking Institution
• Real Estate Section of your local newspaper
• Ask a co-worker, friend or family member for a
  recommendation

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Pre-Qualification

• Pre-Qualification - is a process that provides a
  "ballpark" estimate of
• your borrowing power.
• When you pre-qualify, you provide information
  about your credit, assets and debts.
• Based on the information you provide youll find
  out how large of a loan amount you might qualify
  for but this is only an estimate.

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Loan Application

• Loan Application - provides information about a
  prospective borrower's
• employment, income, assets, debts, and
  information about the purpose of the
• home loan and about the property itself.
• Items that may be required with the loan
  application include
• W2s and federal income tax returns for the last
  two years.
• Paycheck stubs covering the past thirty (30)
  days.
• Two most recent monthly bank statements.
• Documents verifying other income sources or
  assets (ex. Social security, alimony, child
  support, pension, stocks, IRAs, 401K, etc.)

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Pre-Approval

• Pre-Approval - loan amount is based on a
  verification of your actual
• income, credit, debts and assets.
• With a Pre-Approval you'll know in advance how
  large a loan you actually qualify for.
• Pre-Approval could give you the home buying edge
  since real estate agents and home sellers will
  know youre a serious homebuyer with the
  financial means to purchase a home.

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Find a Realtor

• Browse the Internet for local Real Estate
  Companies
• Check your local phone book (Real Estate
  Section)
• Real Estate Section of your local newspaper
• Ask a co-worker, friend or family member for a
  recommendation

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Financing Options

• Federal Housing Administration (FHA) - An agency
  of the federal government which insures private
  loans for new and existing housing, and loans
  that are approved for home repairs.
• Veterans Administration (VA) - Qualified
  veterans and active duty military can obtain
  loans for purchasing or refinancing a home.
• United States Department of Agriculture (USDA) -
  Provides a number of homeownership opportunities
  to rural Americans, as well as programs for home
  renovation and repair.

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Financing Options

• California Housing Finance Agency (CalHFA) -
  Offers low interest rate first mortgage programs
  and a variety of down payment assistance programs
  to eligible first-time homebuyers.
• California Public Employees Retirement System
  (CalPERS) All active, inactive, and retired
  members of CalPERS are eligible to participate in
  special loan programs when purchasing or
  refinancing a home.
• California State Teachers Retirement System
  (CalSTRS) All active, inactive, and retired
  members of CalSTRS are eligible to participate in
  special loan programs when purchasing or
  refinancing a home.

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Assistance Programs

• Grants - Assist homebuyers with their down
  payment and closing costs.
• Mortgage Credit Certificate (MCC) - The credit
  permits eligible borrowers to claim a specific
  percentage of the annual interest of the mortgage
  as a credit rather than a deduction.
• Employer Assisted Housing (EAH) - Sometimes
  employers will provide Downpayment and closing
  cost assistance as a grant.
• Section 8 - Some families qualify for federal
  funding that provides a monthly housing voucher
  to supplement their own funds in paying the
  mortgage payment.  

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Helpful Resources

• 3 Major Credit Reporting Agencies
• Equifax
• www.equifax.com or 800-685-1111
• Experian
• www.experian.com or 888-397-3742
• TransUnion
• www.transunion.com or 800-888-4213
• Visit www.annualcreditreport.com for a free
  annual credit
• report (sponsored by Equifax, Experian and
  TransUnion)

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Helpful Resources

• HOPE NOW for Homebuyer Assistance
• www.hopenow.com or 888-995-4673
• Project Sentinel for Homebuyer Assistance
• www.housing.org or 888-311-3332
• Freddie Mac for Homebuyer Information
• www.freddimac.com
• Fannie Mae for Homebuyer Information
• www.fanniemae.com or 800-732-6643
• CalHFA for Homebuyer Information
• www.calhfa.ca.gov or 877-922-5432

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Questions?

• Please feel free to call with any questions
• pertaining to this presentation.
• Thank you.

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Contact Information
Copies of this presentation can be e-mailed,
picked-up or downloaded from our
website County of San Benito, Planning
Building Department 32224 Southside Road,
Hollister, Ca. 95023 831.637.5313
(Phone) www.san-benito.ca.us (Website)