Presentation on theme: "Family Housing Advisory Services, Inc. was chartered as a non-profit corporation by the State of Nebraska in 1968 as the Urban League Housing Foundation,"— Presentation transcript:
Family Housing Advisory Services, Inc. was chartered as a non-profit corporation by the State of Nebraska in 1968 as the Urban League Housing Foundation, Inc. FHAS was founded to improve opportunities for low-income families to purchase homes in Omaha. FHAS applied for and received certification as a Comprehensive Housing Counseling Agency from the Department of Housing and Urban Development (HUD) on April 14, 1970. It was in 1991 that Urban Housing Foundation, Inc. became Family Housing Advisory Services, Inc. Today with the Homeownership Program, in addition to the Fair Housing Center, Tenant Services and EITC Coalition continue to accomplish FHAS’s mission of: To build community and increase housing opportunities by empowering people to secure and sustain safe, affordable housing. Our History
Home Ownership Program Pre-Purchase Education: In the workshop, the participant will learn about becoming a homeowner, gain confidence about the process, and understand the responsibilities of a homeowner by maintaining the home. We cover these topics in the workshop and offer one-on-one counseling. Financial Fitness: For anyone desiring to gain financial literacy skills, including budget counseling, credit repair, managing credit accounts and more. Foreclosure Prevention: For anyone having difficulty staying current with their house payment because of a recent job lose, become ill or had an accident or have gone thru a divorce. Reverse Equity Mortgage: For any owner occupied borrower and any co-borrowers who are 62 years of age or older looking to use the equity in their home. The mortgage on the home should be paid in full, or a balance that could be paid in full with the proceeds of the new reverse mortgage.
A Pre-Purchase Education Workshop Why Attend? Buying a home is one of the most important decisions an individual makes during their lifetime, and it is critical that this decision be an "informed" one. The very first step in home buying is to make certain it is the "right" step....... the right step, and ….the right time The training is intended to assist in obtaining the information needed to consider whether home ownership is right at this point and time. And if it is, how to go about it.
Who Should Attend? ALL potential home buyers that fall into the following categories: Stable employment for two years Positive cash flow: income vs. debts Savings/Entry cost funds available to purchase ranging from 1 to 6 percent of the purchase price Marginal to excellent credit
Topics Covered Follows the 16 Uniform Standards established by REACH, Readiness Education Awareness Collaborative for Homebuyers and Homeowners. Understanding the Professions Involved Negotiating and Handling Conflict Understanding Credit Foreclosure Prevention: Refinancing Budgeting/Goal setting/Money Management Housing Loans, Applications, TILA Pre-Qualifying vs. Pre Approval Making an Offer, Earnest Money Upfront Costs/Moving-Insurance-Closing Closing on your Home Pros and Cons of Homeownership Maintenance & Equipment Needed Choosing the Right Home Insurance, Taxes, Valuations Rights and Responsibilities Being a Good Neighbor
How Long is it and What Will Participants Learn? Designed as a 12 hour course taken over a 3 day period Session 1 Renting vs. Owning Cost Analysis Understanding the Professionals Involved Expected and Unexpected Expenses Selecting a Lender Pre-Qualified vs. Pre-Approved New Bills a Homeowner May Face Advantages and Disadvantages to Homeownership Financing and Budget The Lenders Perspective: 1. Property 2. Buyer a. Employment b. Income c. Credit d. Entry Costs e. Affordability f. Budget Budget and Money Management The Buyers Perspective: A. Initial Investment B. Monthly Investment C. Choosing the Right Financing D. Documentation Checklist/Loan Applications
How Long is it and What Will Participants Learn? Session 2 Buying and Owning Your Home Understanding Homeowners Insurance Loan Types / Good Faith Estimate Loan Application/Documentation Checklist Affordability / How Much Can I Afford Predatory Lending Choosing the Right Home Community Development Programs / Local Lending Programs Real Estate Contracts / Making an Offer and Earnest Money etc. Negotiating and Handling Conflicts Closing the Deal Homeowners Rights and Responsibilities Closing Process
How Long is it and What Will Participants Learn? Session 3 Fair Housing Law Credit/Credit Reports Responsibilities of Homeownership Home Maintenance Issues Mortgage Refinance Foreclosure Prevention Reverse Equity Mortgage What Do I Do Now
What Happens Next? After the completion of the workshop participants can meet with a Housing Counselor for an One-on-One Counseling Session. This session helps narrow the general knowledge they gained in the workshop to the individual’s situation. The one-on-one session covers: the individuals credit history, affordability, debt to income ratio, budget and savings. It brings to light their opportunities or barriers to owning a home. A case plan is created to assist the participant in reaching their goal and reach the dream of homeownership.