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Welcome to Homebuyer Education

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Welcome to Homebuyer Education Sponsored by the Washington State Housing Finance Commission * * Community Action Center of Whitman County www.cacwhitman.com (800) 482 ... – PowerPoint PPT presentation

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Title: Welcome to Homebuyer Education


1
Welcome toHomebuyer Education
  • Sponsored by the Washington State Housing
    Finance Commission

2
Class Instructors
  • Add Your Names Here
  • Add Your Names Here

3
What we will cover
  • Steps to Homeownership
  • Owning vs renting
  • How Much Can You Afford?
  • Selecting a Loan Program
  • Down payment and Closing Costs
  • How to Shop for a Lender Real Estate
    Professional
  • Selecting a Home
  • The Importance of a Home Inspection
  • Home Advantage Program
  • Loan Closing
  • Foreclosure Prevention and Early Delinquency
    Intervention
  • Home Maintenance
  • Consumer Protection Resources
  • Community Resources for Further Counseling or
    Other Assistance.
  • Fair Housing
  • Predatory Lending
  • How Going Green Saves You Money

23 benchmarks set by WSHFC
4
Agenda
  • The Home Buying Process
  • Lender Curriculum
  • Assistance Programs
  • Real Estate Curriculum
  • Q As and Resources

5
The Home Buying Process
  • Steps to Homeownership
  • Owning vs renting
  • The Players in the Home buying Process
  • The Benefits of Getting Loan Pre-Qualified
    Pre-Approved Before Searching for a Home
  • Shopping for a Lender

6
The Steps to Homeownership
Education Credit History Budget Research Loan
Pre-Approval Your Priorities The Search Youre
Home!
The eight steps recommended by the Washington
Homeownership Center
7
Owning vs. Renting
  • Benefits of Renting Your Home
  • Low maintenance costs
  • Freedom to move
  • Lower monthly payments
  • No risk of losing investment
  • Benefits of Owning Your Home
  • Pets
  • Yard
  • Décor
  • Tax savings
  • Building equity

8
Owning vs. Renting
  • Things to keep in mind about owning.
  • Yard work
  • Home improvements/maintenance
  • Larger monthly payments
  • - Property Taxes
  • - Homeowners Insurance

9
The Players in the Homebuying Process
  • Who are they?
  • What role do they play?

10
Pre-Approval
  • What is the difference between pre-approval and
    pre-qualified?
  • Why is it important to get pre-approved before
    you shop for a home?
  • Loan Estimate (Disclosure that combines old
    Good Faith Estimate Truth in Lending)

11
Whats New with Pre-Approvals
  • The Loan Estimate (GFE TIL combined)
  • Clients must indicate their intent to proceed
  • Lenders only have to honor a Loan Estimate for 10
    days
  • Payment information can be obtained only after
    the lender provides the Loan Estimate and the
    client has expressed intent to proceed.

12
Shopping for a Lender
  • Get referrals and interview different lenders
  • Questions to ask
  • Difference between broker and loan officer

13
Lender Curriculum
  • How Much Can You Afford?
  • Credit
  • Budgeting
  • Selecting a Loan Program
  • Down payment Closing Costs

14
Credit History Why it is Important
  • Your score and history will
  • Affect the interest rate you will be offered.
  • Determine what loan program will be offered.

15
Credit
  • Read your credit report
  • Correct errors on your report
  • How to build your credit
  • Maintain good credit history
  • Check credit at least annually
  • What is a credit score
  • How to increase your credit score

16
Credit Repair Counseling
  • The Homeownership Hotline sponsored by
  • WSHFC
  • 1 877- 894- HOME (4663)
  • Or for a list of counselors statewide
  • http//www.wshfc.org/buyers/counseling.htm

17
Budgeting Basics
  • Set Financial Goals
  • Eliminate debt
  • Six months of expenses saved
  • Set investment goals
  • Treat Your Savings Like An Expense
  • 10 of all income saved or invested
  • Automatic withdrawals

18
Budgeting Basics
  • Eliminate credit card debt
  • Put your money to work
  • Educate yourself
  • Plan for future expenses
  • Pay yourself first

19
Budgeting Basics
  • ABC Your Budget track what you spend for 30
    days
  • A Expenses you need and can do nothing about
    today (mortgage, car payment)
  • B Expenses you need, but CAN do something about
    today (groceries, clothing)
  • C Things you want (cable TV, lattes, movies,
    eating at restaurants)

20
Budgeting Basics
  • How much do you CURRENTLY spend on housing?
  • How much CAN you spend and how much do you WANT
    to spend on housing?

21
Documents You Will Need
  • 2-3 years tax returns
  • 2 years of W-2s
  • 2 most recent pay stub
  • Last 3 months of bank statements
  • Credit card information
  • Information on any other loans
  • Landlord information

22
Types of Loans
  • Conventional (or Conforming)
  • FHA
  • VA
  • USDA
  • Sub Prime Non-Conforming
  • Portfolio
  • Jumbo

23
Types of Loan Terms
  • Fixed Rate
  • Adjustable Rate
  • Interest Only
  • 15 / 20 / 30 years
  • Balloon

24
How Much Can You Afford
How Much Can You Afford?
  • What the bank is looking at
  • Debt-to income ratios
  • The 3 Cs Credit, Capacity Collateral
  • Down payment
  • What the bank is looking at
  • Debt-to income ratios
  • The 3 Cs Credit, Capacity Collateral
  • Down payment

25
How Much Can You Afford
How Much Can You Afford?
  • Calculating how much house payment you can afford
    depends on your income and current debt
  • Gross monthly income
  • _3,000__ x .41 1,230
  • Minus total monthly minimum debt payments - 300
  • Total housing payment you can afford
    930
  • PITI (Principle, Interest, Tax, Insurance)

Calculating how much house payment you can afford
depends on your income and current debt Gross
monthly income 3,000 x .45 1,350
Minus total monthly minimum debt payments
- 400 Total housing payment you can afford
950 PITI (Principle,
Interest, Tax, Insurance)
26
How Much Can You Afford
How Much Can You Afford?
  • Housing Expense-to-Income Ratio
  • Principle and Interest 690
  • Hazard Insurance 73
  • Real Estate Taxes 117
  • Mortgage Insurance 73
  • Homeowners Association
    0
  • Subordinate Financing 0
    _______

  • 930.00

Housing Expense-to-Income Ratio Principle and
Interest 710.00 Hazard Insurance
73.00 Real Estate Taxes 117.00 Mortgage
Insurance 73.00 Homeowners
Association
0.00 Subordinate Financing 0.00
___________
950.00
27
How Much Can You Afford
How Much Can You Afford?
  • To calculate total payment/income
  • Take your monthly housing debt and divide by your
    monthly income
  • 930 divided by 3,000 .31 which is the same as
    31
  • To calculate total payment to income ratio
  • Take your monthly housing debt (950) and divide
    by your monthly income (3000)
  • Example 950 / 3,000
  • .31 which is the same as 31

28
How Much Can You Afford
How Much Can You Afford?
  • Total Expense-to-Income Ratio
  • total house payment
  • plus total monthly minimum debt payments
  • divided by gross monthly income
  • Example 930 300 1200 divided by 3,000
    .41 or 41
  • Total Expense-to-Income Ratio
  • total house payment
  • plus total monthly minimum debt payments
  • divided by gross monthly income
  • Example 950 400 1350
  • divided by 3,000 .45 or 45

29
How Much Cash Will You Need?
  • Down payment Percentage of the value of the
    house
  • Private mortgage insurance (PMI)
  • Closing costs
  • Items to be paid before closing (pre-paids)
  • Appraisal (also considered Closing cost)
  • Inspection (also considered Closing cost)
  • Homeowners insurance
  • Taxes

30
Assistance Programs
  • WSHFC Home Advantage Program
  • WSHFC House Key Opportunity
  • WSHFC Down Payment Assistance Programs
  • USDA, HUD
  • Community Land Trusts
  • Other DPA Programs statewide

31
Washington State Housing Finance Commission
  • Home Advantage First Mortgage Competitive
    interest rate
  • DO NOT need to be 1st time homebuyer
  • 145,000 statewide income limit
  • No acquisition limit, no recapture tax
  • Automatically eligible for up to 4 or 5 of loan
    amount in DPA - 0 interest 2nd mortgage

32
Washington State Housing Finance Commission
  • House Key Opportunity First Mortgage
  • Lower interest rate- 3.25 FHA, VA, USDA 3.50
    or 3.875 Conventional
  • Must be 1st time homebuyer
  • Applicants must use one of the following DPA
    Programs Opportunity, HomeChoice, Seattle, ARCH,
    Tacoma, Pierce County, Bellingham or Veterans
  • or purchasing never occupied New Construction
  • or in a Community Land Trust
  • Income and Acquisition Cost limits
  • Rate effective as of 6/24/2020

33
Recapture Tax
  • Applies to the WSHFC House Key Opportunity
    program only
  • Recapture only applies if all 3 of the following
    occur
  • Your home is sold or disposed of within 9 years
    of being purchased, for reasons other than your
    death
  • There is a capital gain on the sale of your home,
    AND
  • Your household income for the year in which you
    sell your home exceeds federal recapture tax
    limits. See your lender for current limits.

34
Washington State Housing Finance Commission
  • Down Payment Assistance Programs
  • Home Advantage 2nd mortgage
  • House Key Opportunity 2nd mortgage
  • HomeChoice
  • Seattle
  • ARCH (East King County)
  • Tacoma
  • Bellingham
  • Pierce County
  • Downpayment assistance programs must be used in
    conjunction with
  • Home Advantage or House Key
    Opportunity 1st mortgage.
  • These are All Second Mortgages These are not
    grants
  • Only one WSHFC DPA program can be used.


35
Washington State Housing Finance Commission
  • Home Advantage
  • Second Mortgage Loan
  • 0 interest deferred, NO Payment
  • Up to 4 or 5 of first mortgage loan amount
    Statewide
  • Statewide Income Limit 145,000 (based on
    household income determined by lender)
  • Balloon loan comes due if you move out, sell,
    refinance or pay off the 1st mortgage

36
Washington State Housing Finance Commission
  • Home Advantage 2nd Mortgage Loan
  • Needs Based Option
  • 1 interest deferred, NO Payment
  • Up to 10,000
  • Statewide Income Limits
  • King Snohomish Counties 113,300
  • All Other Counties 89,800
  • Balloon loan Due in 30 years, when the 1st
    mortgage is paid in full, if you move out, when
    you sell or refinance.

37
Washington State Housing Finance Commission
  • House Key Opportunity
  • 2nd Mortgage Loan
  • 1 interest deferred, NO Payment
  • Up to 10,000
  • County Income Limits 1-2 Persons
    3 Persons
  • King Snohomish 76,200 88,250
  • Clark, Kitsap, Pierce
    56,250 70,300
  • Skamania, Thurston, Whatcom 56,250 70,300
  • All Other Counties
    49,950 62,400
  • Balloon loan Due when the 1st mortgage is paid
    in full, if you move out, when you sell,
    refinance, or 30 years.

38
Washington State Housing Finance Commission
  • HomeChoice
  • Person with a disability or a family member with
    a disability (ADA)
  • Up to 15,000
  • 1 simple interest, Deferred, No payments
  • One on One Counseling required
  • Income Limits
  • King Snohomish Counties 113,300
  • All Other Counties 89,800

39
Washington State Housing Finance Commission
  • Seattle Downpayment Assistance
  • Up to 55,000
  • 3 interest rate - Deferred, No Payments
  • Borrower must contribute 1 or 2500, whichever
    is greater
  • City limits of Seattle
  • Lower Income Limits

40
Washington State Housing Finance Commission
  • ARCH East King County
  • Downpayment Assistance
  • Up to 30,000
  • 4 simple interest Deferred, No Payments,
  • Borrower must contribute 2 of own funds
  • One on One Counseling required
  • 80 Area Median Income below
  • Available in 15 Eastside Cities

41
Washington State Housing Finance Commission
  • Tacoma Downpayment Assistance
  • Up to 20,000
  • 4 simple interest Deferred, No Payments
  • Borrower must contribute 1000
  • One on One Counseling required
  • 80 Area Median Income below
  • Available in designated census tracts south of
    6th Ave in Tacoma

42
Washington State Housing Finance Commission
  • Pierce County Downpayment Assistance
  • Up to 24,900
  • 3 simple interest Deferred, No Payments,
  • Borrower must contribute 1000
  • One on One Counseling required
  • 80 Area Median Income below
  • Available in designated census tracts of Pierce
    County

43
Washington State Housing Finance Commission
  • Bellingham Downpayment Assistance
  • Up to 40,000
  • 3 simple interest Deferred, No Payments,
  • Borrower must contribute 1 of own funds or 2500
    whichever is greater
  • One on One Counseling required
  • 80 Area Median Income below
  • Available in City of Bellingham limits

44
Washington State Housing Finance Commission
  • ENERGYSPARK
  • Home buyers using the Commissions Home
    Advantage program can save an additional .250
    off the Commissions 30 year daily-posted rates
    by buying energy efficient new construction
  • or
  • Making modest improvements at the time of
    closing that improve the homes energy efficiency
    by at least 10
  • Please visit www.wshfc.org/EnergySpark

Pilot Program Subject to Funding
45
Rural USDA Programs
  • 502 Direct Loan (work directly to USDA)
  • Income limits up to 80 of area median income
  • Location rural community with less than 10,000
    population
  • Loan amount may be up to 100 of appraised
    market value
  • Down Payment not required
  • (Please Note WSHFC DPA Programs CAN NOT be used
    with USDA direct)
  • www.rurdev.usda.gov/wa/
  • 502 Guarantee (work with a lender that offers
    USDA)
  • Income limits up the 115 of area median income
  • Location rural community with less than 10,000
    population
  • Down payment not required
  • (ALL WSHFC DPA Programs CAN be used with USDA 502
    Guaranteed)

46
HUD 184
  • HUD 184 Indian Home Loan Guarantee Program
  • Funds can be used to purchase and/or rehabilitate
    an existing home, or construct a home
  • Must be an Alaskan Native or Native American, to
    participate in program
  • Down payment as low as 1.25
  • Long term fixed rate financing with loan to value
    ratios as high as 100
  • Nontraditional methods may be used to demonstrate
    borrowers credit and income
  • No income limits

47
Community Lending Funding Note
  • Be aware that specialty financing options have
    limited funding so you will want to ensure your
    program is available when you are in the home
    buying process.
  • Organizations make every attempt to maintain
    continuous funding but they occasionally exhaust
    their assistance programs.
  • All Housing Assistance programs are subject to
    funding availability

48
Down Payment Assistance Programs by Region
49
Region 1Clallam, Grays Harbor, Jefferson,
Kitsap, Mason, and Thurston Counties
50
  • Aberdeen Neighborhood Housing Services
  • Grays Harbor County
  • Housing Education (HUD Approved)
  • Housing Rehab loans
  • City of Bremerton
  • Housing Rehab Loans
  • Community Frameworks- Bremerton
  • Built in Bremerton DPA
  • Housing Kitsap (Kitsap County Consolidated
    Housing Authority)
  • Must purchase in Kitsap County outside Bremerton
    City limits

Region 1
51
Region 2Island, King, San Juan, Skagit,
Snohomish, and Whatcom Counties
52
  • City of Seattle Down Payment Assistance
  • Up to 45,000
  • HomeStead CLT, HomeStreet Bank,
  • HomeSight Parkview (see below)
  • Home Repair Program
  • HomeSight
  • City of Seattle
  • South King County
  • Snohomish County
  • Up to 35,000 - 75,000
  • Housing Education

Region 2
53
  • Parkview Services
  • People / families with Developmental Disabilities
  • Down Payment Assistance
  • Housing Counseling Hotline
  • Habitat for Humanity Seattle / South King County
  • Serves City of Seattle, -South King County,
  • Finance the mortgage at 0 interest for the buyer
  • Shared equity and shared appreciation apply
  • Some projects are land trust model in partnership
    with Homestead Community Land Trust
  • Buyer participates in construction of home

Region 2
54
Region 3 Pierce County
55
  • City of Lakewood
  • Lakewood City Limits
  • Homeownership Center of Tacoma
  • Below market price homes
  • Hilltop area
  • Housing Education

Region 3
56
Region 4 Benton, Chelan, Douglas, Franklin,
Grant, Kittitas, Walla Walla, and Yakima Counties

57
  • City of Yakima
  • Rehab for Seniors
  • New Construction for low moderate income
  • Yakima County HOME Consortium
  • Home Rehab
  • City of Richland
  • Up to 5000
  • City of Kennewick
  • Up to 5000
  • Purchasing in City of Kennewick targeted area
  • City of Pasco
  • Up to 5000
  • Priority given to property within the Museum and
    Longfellow districts
  • Columbia Valley Housing Association (Housing
    Authority of Chelan City of Wenatchee)
  • DPA/ Self help
  • Housing Counseling education

Region 4
58
Region 5 Adams, Asotin, Columbia, Ferry,
Garfield, Lincoln, Okanogan, Pend Oreille,
Spokane, Stevens, and Whitman
59
  • Community Action Center of Whitman County
  • Homeowner Resource Center of Whitman County
  • Self Help
  • Rehab
  • Weatherization
  • Housing Education and Counseling
  • Spokane Neighborhood Action Program
  • City of Spokane Spokane County
  • Rehab, Weatherization Energy Efficiency
  • Minor Home Repairs
  • Housing Education and Counseling (HUD Approved)
  • The ARC of Spokane
  • Down Payment Assistance
  • People with Disabilities
  • Housing Education and Counseling

Region 5
60
Region 6 Clark, Cowlitz, Klickitat, Lewis,
Pacific, Skamania, and Wahkiakum Counties
61
  • Lower Columbia Family Finance Resource Center
    (Longview)
  • Housing Education Counseling
  • Credit Repair/Debt Management/ Budget Counseling
  • Mortgage Default Counseling
  • Self Help Housing

Region 6
62
Community Land Trusts
  • City of Seattle
  • Homestead Community Land Trust
  • San Juan Islands
  • Opal Community Land Trust
  • Lopez Island Community Land Trust
  • Whatcom
  • Kulshan Community Land Trust
  • Clallam
  • Homeward Bound Community Land Trust
  • Kitsap /Bainbridge Island
  • Housing Resource Board
  • Housing Resources Bainbridge CLT
  • Proud Ground CLT
  • Leavenworth
  • Upper Valley Mend / SHARE CLT

63
Self-Help Housing Opportunities
  • Self Help
  • Clients participate in the construction of their
    home
  • Low interest mortgage loan
  • Sweat Equity
  • Low Income (up to 80 AMI)
  • Habitat for Humanity
  • Clients participate in the construction of their
    home
  • Zero interest loans
  • Very Low- Low Income (30-60 AMI)
  • To find an affiliate near you
  • http//www.habitat.org/

64
Additional Self Help Housing Opportunities
  • Self-Help Programs Statewide
  • Vashon Household Self Help,
  • Northwest Housing Development,
  • Housing Hope,
  • Homes for Islanders,
  • Whatcom Skagit Housing,
  • Northwest Housing Development,
  • Port Gamble S'Klallam Housing Authority/
    Southern Puget Sound Intertribal Housing
    Authority,
  • Kitsap County Consolidated Housing Authority,
    Clallam County Housing Authority,
  • Community Frameworks Spokane,
  • Longview CAP

65
Matching Programs
  • HomeStart
  • Clients are provided up to 5,000 (through a
    FHLB member bank)
  • Must be first-time homebuyer
  • Individual Development Accounts (IDAs)
  • Clients are matched 2 for every 1 of their own
    up to 8,000
  • Money can be used for buying a home, education
    or starting a small business

66
Housing Authorities
  • Section 8 for Homeownership
  • Family Self Sufficiency
  • Classes and Counseling

67
Real Estate Curriculum
  • How to Shop for a Real Estate Professional
    Understanding Agency Representation
  • Selecting a Home and Negotiating a Purchase Price
  • The Importance of a Home Inspection
  • The Loan Closing What to Expect, Review Sample
    Loan Documents

68
Your Priorities
  • Size of home
  • Number of bedrooms
  • Number of bathrooms
  • Neighborhood
  • State of home (new vs fixer)
  • Garage

69
How to Shop for a Real Estate Professional
  • Why use a Real Estate Agent?
  • Interview several people
  • Questions to ask
  • Buyers agent vs. sellers agent

70
Selecting a Home
  • Dream Home vs. Starter home
  • Where do you want to live?
  • What is important to you?
  • Do research explore neighborhoods

71
Negotiating a Purchase Price
  • Know the market
  • What are you willing to pay
  • Be prepared for a counter offer
  • Keep your priorities in mind
  • Be prepared to put up earnest money

72
Making the Offer
  • Purchase and sale agreement
  • Sellers disclosure
  • Neighborhood review
  • Financial contingency
  • Inspection contingency

73
Home Inspection
  • Why you should have one
  • How to find an inspector
  • Questions to ask
  • How much will it cost
  • How long will it take
  • What should I receive from the inspector

74
The Loan Closing What to Expect
  • Signing papers
  • Deed-of-trust
  • Promissory note
  • Closing Disclosure
  • Dont be in a hurry you now have 3 business days
    to review the documents
  • When do you get the keys?

75
Q As and Resources
  • Foreclosure Prevention and Early Delinquency
    Intervention
  • Home Maintenance
  • Consumer Protection Resources
  • Community Resources for Further Counseling or
    Other Assistance.
  • Fair Housing
  • Predatory Lending

76
Foreclosure Prevention
  • Dont be late
  • Contact your lender as soon as possible
  • Contact a local housing counseling agency
  • Visit Washington Homeowners Homebuyers Web
    Site
  • http//www.wshfc.org/buyers/counseling.htm

77
Home Maintenance
  • Protect your investment
  • Test smoke detectors
  • Clean out gutters
  • Have regular service on heating system
  • Change furnace filters
  • Yard upkeep
  • Budget for home repairs
  • Visit http//www.wshfc.org/buyers/guide.htm
  • Download
  • Post Homeownership Guide Seasonal Newsletter

78
Predatory Lending
  • Predatory lending can be one or more abusive
    lending practice
  • Excessive interest rates and/or high fees
  • Failing to disclose the true terms of the loan
  • Approving a loan with payments higher than the
    borrower can afford to pay
  • Pressuring a borrower to sign documents without
    understanding the terms of the loan
  • Flipping or frequent refinancing of a loan

79
Predatory Lending
  • Predatory lending vs. sub-prime lending
  • Sub-prime loans help borrowers with
  • - less than perfect credit
  • - inconsistent employment history
  • - incomplete application documents
  • Sub-prime loan has a higher interest rate because
    the lender is taking a bigger risk in making the
    loan.

80
Fair Housing
  • Who is protected
  • What is prohibited in the sale loan
  • How to file a complaint

81
How Going Green can save you money
  • To get you thinking green, here are some tips
    that will not only help conserve resources but
    may also save you money
  • If you havent already, convert to the compact
    florescent light bulbs (a bulb at a time)
  • Use biodegradable cleaning products.
  • If you are not already recycling paper, glass and
    plastic, call your disposal company and ask for
    recycling bins.
  • Recycle your yard waste, contact your disposal
    company or purchase a bin.
  • Use less water - flush less often, use your
    dishwasher, wash full loads.

82
How Going Green can save you money
  • Use less energy unplug small appliances, turn
    off computers, use timers on outdoor lights.
  • Unfortunately, traditional wood burning
    fireplaces tend to lose more energy than they
    produce, pulling heated air out of the house and
    sending it up the chimney (and burning wood adds
    to air pollution). If you have natural gas or
    propane heating, consider gas logs.
  • Replace shower heads. Choose a low-flow unit and
    you'll get virtually the same sensation of water
    flow while saving money and water.
  • Purchase cloth re-useable grocery bags.
  • Organize closets and donate unused clothing and
    household items to charity instead of throwing
    away.

83
How Going Green can save you money
  • As you upgrade
  • Purchase Energy Star appliances, there may even
    be additional rebates and tax incentives
  • Purchase a higher output rated furnace or
    consider converting that oil tank to gas heating
  • Check out Solar Panel options in your area
  • Here are some handy links to track Utility Rebate
    Programs and Energy Usage
  • http//www.dsireusa.org/incentives/
  • http//hes.lbl.gov/consumer
  • Continue to visit the Commissions Seasonal
    Newsletter for additional tips http//www.wshfc.or
    g/buyers/newsletter.htm

84
Housing Counseling Agencies
  • The Homeownership Hotline sponsored by
  • The Department of Financial Institutions
  • WSHFC
  • 1 877- 894- HOME (4663)
  • Or for a list of counselors statewide
  • http//www.wshfc.org/buyers/counseling.htm

85
Housing Counseling Agencies
  • One on one counseling
  • Loan document review
  • Budgeting and financial literacy
  • Mortgage default counseling
  • Predatory lending counseling
  • Reverse mortgage counseling
  • Run /Check credit report

86
Research Resources
  • Housing counseling agencies
  • Down payment assistance programs
  • Low-interest loan programs
  • Affordable homeownership opportunities

Washington State Housing Finance Commission
www.wshfc.org US Housing Urban Development
www.hud.gov (look for HUDs Settlement Cost
Booklet) Or Call the Homeownership Hotline 1
877- 894- HOME (4663)
87
Now What?
  • Are you pre-approved for a mortgage loan
  • If not, meet with a lender
  • If you know how much you can afford, then you are
    ready to go house shopping
  • Meet with a real estate professional
  • Want to know more about the home buying process?
  • Meet with a Housing Counselor
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