Outline of The Road Home An on-line course for First Time Homebuyers

Transcription

1 Outline of The Road Home An on-line course for First Time Homebuyers Module # 1 Steps to Becoming a First Time Home Owner Advantages & Disadvantages of Home Ownership Budgeting What is your current financial Situation Determining Income & Expenses Gross and Net Monthly Income Fixed Expenses Average Periodic Expenses Flexible Expenses Steps to a Brighter Financial Picture Consumer Credit Counseling Debt Management Programs Attachments to Module 1: Income Statement Daily Expense Record Link to Money Management Intl. website Complete CHAPA handouts for Section 1 Transcript of module 1 Module #2 The Importance of Good Credit Your Credit Report Obtaining a Free Credit Report What is and is not on your Credit Report What is on your Credit Report Who has Access to your Credit Report Evaluating Your Credit 1

2 Income Debt Payment History Building an Alternative Credit Record Repairing your Credit Correcting Errors on your Credit Report Attachments to Module 2: Complete CHAPA handouts for Section 2 Sample Credit Report Reading Your Credit Report Budgeting Guide Transcript and print out of module 2 Module #3 The Housing Search Process Determining your Needs versus Wants The Importance of Location How to find a House Types of Real Estate Professionals Working with a Real Estate Professional Fair Housing Laws House hunting tips Making an Offer Negotiation The Offer to Purchase Attachments to Module 3 Complete CHAPA handouts for Section 3 Housing Priorities Checklist Housing Search Process House Hunting Checklist Links to: Foreclosed properties HUD & Fannie Mae Link to MLS Link to Mass Assn of Community Development Corporations Links to Mass Fair Housing Laws and Lead Paint Laws Link to Mass Dept of Health & Human Services Script of Module 3 to download and print 2

3 Module # 4 Obtaining a Mortgage The Legal Process Types of Lenders Secondary Market Other Players Pre-qualification vs. Pre-approval Mortgage Application Process What Happens Next Truth in Lending Disclosure Good Faith Estimate of Closing Costs Underwriting Commitment Letter HUD Settlement Statement Mortgage Closing Closing Costs Private Mortgage Insurance Anatomy of a Mortgage Payment Types of Mortgages Things to consider when choosing a mortgage type Special Mortgage Programs Shopping for the best mortgage What to do if your mortgage application is rejected The Lenders Attorney The Buyers Attorney Tips for finding your Attorney Completing the Offer to Purchase Purchase & Sales Contract Attachments to Module 4 Complete CHAPA handouts for Section 4 Link to Mass Commission against Discrimination Transcript of Module 4 3

4 Module # 5 Other Professionals Involved in the Process The Importance of the Home Inspection Finding a qualified Inspector What is included in the Inspection Other Inspections Radon; Lead Paint; Termite, Asbestos & Title 5 What is an Appraisal The appraisal report Unacceptable appraisal practices Insurance Homeowners Insurance Why do I need it What does it include Terms you should know Other Types of Insurance PMI Mortgage Life Insurance Flood Insurance Title Insurance Attachments to Module 5 Complete CHAPA handouts for Section 5 Link to Mass.Gov Finding a Licensed Home Inspector Copy of Property Sellers Statement of Condition Script of Module 5 4

5 Module # 6 Successful Home Ownership Responsibilities of Ownership Budgeting Home Repair and Maintenance Home Safety Insurance Coverage Keeping Records Tax Planning Avoiding Foreclosure Attachments to Module 6 Complete CHAPA handouts for Section 6 Home Maintenance Checklist Schedule of Estimated Normal Lifespan Consumer Guide to Home Improvement Financial Records Checklist Refinancing Monthly Payment Estimator Consumer Checklist for avoiding foreclosure Landlords Rights and Responsibilities Script of Module 6 5