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Homebuying seminar for realtors to use

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1st Time Home Buyer Seminars
1st Time Home Buyer Seminars
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Homebuying seminar for realtors to use

  1. 1. Homebuying Seminar
  2. 2. HUD “Best Practices” Award This presentation has stood the test of time and guided many families in their path to homeownership. My sincere hope is that it will give each viewer the straight forward information needed to help make the Right decision for their family. Patti E. Ketcham, PKetcham@KetchamGroup.com Thank You
  3. 3. Why own a home? It is often cheaper to own than rent! Forced savings Stop making someone else’s mortgage payments There is a last payment
  4. 4. Steps to Successful Home Ownership…First Step: How to slay the Credit and Money Dragon…Get Pre- Approved!!!
  5. 5. Steps to Successful Home Ownership cont'd. What is a credit score
  6. 6. Steps to Successful Home Ownership cont'd. What your Lender needs: Income: W-2’s and Tax Returns Any bank statements What you owe: revolving/installment
  7. 7. Next Step: Choosing a Realtor Role of the Realtor How to pick one/ How to get rid of one
  8. 8. How Realtors Are Paid Sales Price: $100,000.00 x 6% commission(often paid by seller) = $6,000 Listing Office - $3,000 Selling Office - $3,000 Then Listing Realtor - $1,500 Selling Realtor $1,500 This is an example, all services and fees are negotiable.
  9. 9. Next Step: Choosing a Home The Home—lots of choices!!!! You will know Resources: Police/Sheriff’s Dept Utilities Meagan’s Law Web Site
  10. 10. Making an Offer Why that Pre-Approval Letter is so GREAT What is covered in a Contract What is a binder/escrow/good faith deposit and what happens to it
  11. 11. Making an Offer cont’d. Buyer’s remorse DEADLINES Back to the lender Completing the loan application
  12. 12. Buying a Home How Much Will All This Cost? Who Is Involved In All This and What Do They Do?
  13. 13. Who’s Involved In the Process and What They Do Realtor: Searches for home, negotiates contract for purchase, assists in entire process, attends closing, provides guidance You pick!
  14. 14. Who’s Involved In the Process and What They Do Mortgage Loan Officer: Credit approval, loan application, will guide you through the financing process You pick!
  15. 15. Who’s Involved In the Process and What They Do Home Inspector: Inspects home for any structural or maintenance concerns You pick!
  16. 16. Who’s Involved In the Process and What They Do Appraiser: Estimates value of home Lender picks
  17. 17. Who’s Involved In the Process and What They Do Termite Inspector: Checks for any wood destroying organisms Buyer or Seller picks
  18. 18. Who’s Involved In the Process and What They Do Surveyor: Marks the four corners of the lot and draws house placement on lot Buyer or Seller picks
  19. 19. Who’s Involved In the Process and What They Do Home Owners Insurance Agent: Insure home against loss from fire, etc. You pick
  20. 20. Who’s Involved In the Process and What They Do Closing Agent/Attorney: Provides proof of clear title to home and closes loan Buyer or Seller picks
  21. 21. “The Closing” Closing the Loan Closing: What is it? What happens? So when do I get the keys?
  22. 22. HELPFUL RESOURCES Here is a listing of resources clients have found helpful for a variety of purposes. STOP ANNOYING PHONE CALLS Department of Agriculture and Consumer Service 1-800-435-7352 or www.800helpfla.com The National Do Not Call Registry 1-888-382-1222 or www.donotcall.gov
  23. 23. THE MEGAN'S LAW WEBSITE: WHO ARE YOUR NEIGHBORS? www .fdle.state.fl.us CRIME STATISTIC'S FOR A NEIGHBORHOOD Sheriff's Department Police Department
  24. 24. ADDITIONAL RESOURCES Consumer Credit Counseling: excellent resource for people who have become overloaded with debt.
  25. 25. CREDIT REPORTING AGENCIES: Equifax Credit: 1-800-685-1111 Trans Union: 1-800-916-8800 Experian: 1-888-397-3742
  26. 26. Stop Unsolicited Mailed Credit Offers: Credit Bureau Opt-Outs: 1-888-567-8688 If you wish to limit the number of pre- approved credit solicitations that you receive you may contact the National Opt-Out Center to have your name removed for two years from all of the major credit bureau mailing lists.
  27. 27. Thank You for Your Time and Attention Any Questions?
  28. 28. Good Tools for Realtors:::::: Lots and lots and lots of good stuff!!! The next several slides are resources gathered by Florida Realtors. Thank You!!!!
  29. 29. TOOL TIME! FAR HOME BUYER CENTER http://www.floridarealtors.org/AboutFar /homebuyercenter/index.cfm
  30. 30. Florida Realtors Florida Realtors® ‘Support Homeownership for All’ Over the past two years, the state association received $280,000 in Ira Gribin grant funds from the National Association of Realtors to support workforce housing programs. In coordination with its nearly one dozen partners in the Sadowski Coalition, Florida Realtors works to educate Florida legislators about the long-term value of supporting workforce housing. Through the program, funding also goes to local Realtor associations to assist first-time and low-income homebuyers in ways best defined by local conditions. Eleven local associations have received part of the NAR grant funding; the remaining funds will be used for a radio ad campaign promoting Florida Welcome Home Week – Homes for Hometown Heroes, July 11-17, 2010.
  31. 31. Florida Realtors License Plate Proceeds from the sale of the state’s Support Homeownership for All license plate supports housing programs; a number of housing foundations in Florida have received funding to further develop their workforce housing initiatives. The goal is to provide housing assistance to teachers, nurses and others unable to afford a home. As of June 1, 2010, more than 8,471 license plates have been sold, totaling more than $211,775. http://www.floridarealtors.org/LegislativeCenter/LegislativeNews/H omeownership-For-All-license-plate.cfm
  32. 32. Tallahassee Lenders ******Consortium********** www.TallahasseeLenders.org 850-222-6609
  33. 33. Local Assistance Resources South Florida Community Development Coalition http://www.floridacdc.org/index.html Miami-Dade’s Housing Finance Authority http://www.miamidade.gov/hfa/ Neighborhood Stabilization Program, homebuyer assistance, Pasco County http://portal.pascocountyfl.net/portal/server.pt/community/neighb orhood_stabilization_program/303/neighborhood_stabilization_pro gram Neighborhood Stabilization Program, City of Palm Coast http://www.ci.palmcoast
  34. 34. Local Assistance Resources The Realtors Association of St. Lucie Foundation Inc.’s Attainable Housing Fund http://www.rasl.com/ Daytona Beach Area Association of Realtors, area affordable housing programs - Under search listings on home page, click on Housing Opportunities: http://www.daytonarealtors.com/ Greater Tampa Association of Realtors, Realtors Care Foundation Formed to create and provide educational and housing programs and services. http://www.realtorscareofgtar.org/
  35. 35. Local Assistance Resources Hernando County Association of Realtors Hernando County down payment assistance program info: http://www.hernandorealtors.com/template39/nextpage.asp?mnu=1 87957 Orlando Regional Realtor Association Art in Architecture program: http://www.artinarchitecture.org/ Central Florida affordable housing program info: http://www.artinarchitecture.org/6.asp Pinellas Suncoast Association of Realtors, Pinellas Realtor Foundation Provides funds, volunteers to support affordable/workforce housing, education and other community issues. http://tampabayrealtor.com/index.php?option=com_content&task=vi ew&id=71&Itemid=83
  36. 36. Local Assistance Resources Realtor Association of Greater Fort Lauderdale, Charitable Foundation Formed to help those with specific needs that cannot be met by any other source. http://www.realtorcharitablefoundation.com/ Broward Housing Partnership: http://www.browardhousingpartnership.org/ Realtor Association of Greater Fort Myers and the Beach Inc. Offers “gap” funding assistance to essential workers in the Greater Fort Myers area so that they can purchase a home in the community they serve. http://www.snoopzone.info/affordableHousing.php
  37. 37. Local Assistance Resources Realtor Association of Martin County, Partner Charity, Habitat for Humanity of Martin County http://www.ramconline.org/AM/Template.cfm?Section=Habitat_for _Humanity_and_RAC&Template=/CM/HTMLDisplay.cfm&ContentID =1542 Realtors Association of the Palm Beaches, Community Business Partners, Habitat for Humanity, Palm Beach County, South Palm Beach County Chapters Click on Community on home page: http://www.rapb.com
  38. 38. State Assistance Resources Florida Dept. of Community Affairs, Division of Housing and Community Development http://www.dca.state.fl.us/fhcd/index.cfm DCA, Neighborhood Stabilization Program, Grants Management http://www.dca.state.fl.us/FHCD/cdbg/StaffContacts.cfm#NSP Florida Housing Finance Corporation (FHFC) http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_H omePage.aspx FHFC Housing Resources http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPag e.aspx?PAGE=0040
  39. 39. State Assistance Resources State Housing Initiatives Partnership (SHIP) http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage .aspx?PAGE=0132 SHIP Local Government Information http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SH IPLGContacts.aspx Affordable Housing Study Commission http://apps.floridahousing.org/StandAlone/AHSC/AHSC-Home.htm Florida Housing Coalition http://www.flhousing.org/
  40. 40. State Assistance Resources University of Florida’s Shimberg Center for Affordable Housing: http://www.shimberg.ufl.edu/ http://flhousingdata.shimberg.ufl.edu/ Florida Community Loan Fund http://www.fclf.org 1000 Friends of Florida http://www.1000friendsofflorida.org/housing
  41. 41. Federal Assistance Resources National Association of Realtors® Housing Opportunity Program http://www.realtor.org/government_affairs/housing_opportunity NAR Housing Opportunity Toolkit http://www.realtor.org/government_affairs/housing_opportunity/h optoolkit_home NAR workforce housing info http://www.realtor.org/government_affairs/housing_opportunity/w orkforcehousing NAR workforce housing, additional resources http://www.realtor.org/government_affairs/housing_opportunity/w orkforcehousingresources
  42. 42. Federal Assistance Resources U.S. Department of Housing and Urban Development (HUD) http://www.hud.gov/ U.S. Department of Veterans Affairs (VA) http://www.va.gov/ VA Loan Guaranty Home Loan Program http://www.homeloans.va.gov/ VA Mortgage Center http://vamortgagecenter.com NAR’s VA Loan Toolkit http://www.realtor.org/government_affairs/va_toolkit_main?wt.m c_id=rd0060
  43. 43. Federal Assistance Resources Americans with Disabilities Act (ADA) website http://www.ada.gov/ Homes for Heroes Inc. and the Homes for Heroes Foundation http://homesforheroes.com The Campaign for Affordable Housing http://www.tcah.org/index.cfm The Enterprise Foundation http://www.enterprisecommunity.org/ FHA: The Federal Housing Administration http://portal.hud.gov/portal/page/portal/HUD/federal_housing_admi nistration
  44. 44. Federal Assistance Resources Fannie Mae http://www.fanniemae.com/kb/index?page=home Freddie Mac http://www.freddiemac.com/ Habitat for Humanity http://www.habitat.org/ Harvard University Joint Center for Housing Studies http://www.jchs.harvard.edu/ Housing Assistance Council http://www.ruralhome.org/
  45. 45. Federal Assistance Resources International Union for Housing Finance http://www.housingfinance.org/ Low Income Investment Fund http://www.liifund.org/ National Housing Conference http://www.nhc.org/ National Low Income Housing Coalition http://www.nlihc.org/template/index.cfm Mortgage Bankers Association of America http://www.mbaa.org/
  46. 46. Federal Assistance Resources National Association of Mortgage Professionals http://www.namb.org American Bankers Association http://www.aba.com/default.htm National Association of Home Builders http://www.nahb.com/ National Association of Housing and Redevelopment Officials http://www.nahro.org/index.cfm National Conference of States on Building Codes and Standards http://www.ncsbcs.org/
  47. 47. Federal Assistance Resources National Council of State Housing Agencies http://www.ncsha.org/ National Multi Housing Council http://www.nmhc.org/ NeighborWorks America http://www.nw.org/network/home.asp http://www.stablecommunities.org/ The Urban Institute http://www.urban.org/