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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
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
Steps to Successful HomeOwnership…First Step: How to slay the Credit and Money Dragon…Get Pre- Approved!!!
Steps to Successful HomeOwnership contd. What is a credit score
Steps to Successful HomeOwnership contd. What your Lender needs: Income: W-2’s and Tax Returns Any bank statements What you owe: revolving/installment
Next Step: Choosing a Realtor Role of the Realtor How to pick one/ How to get rid of one
How Realtors Are Paid Sales Price: $100,000.00 x 6% commission(often paid by seller) = $6,000Listing Office - $3,000 Selling Office - $3,000 ThenListing Realtor - $1,500 Selling Realtor $1,500 This is an example, all services and fees are negotiable.
Next Step: Choosing a Home The Home—lots of choices!!!! You will know Resources: Police/Sheriff’s Dept Utilities Meagan’s Law Web Site
Making an OfferWhy that Pre-Approval Letter is soGREATWhat is covered in a ContractWhat is a binder/escrow/good faithdeposit and what happens to it
Making an Offer cont’d. Buyer’s remorse DEADLINES Back to the lender Completing the loan application
Buying a Home How Much Will All This Cost? Who Is Involved In All This and What Do They Do?
Who’s Involved In the Processand What They DoRealtor: Searches for home, negotiatescontract for purchase, assists in entireprocess, attends closing, providesguidance You pick!
Who’s Involved In the Processand What They DoMortgage Loan Officer: Creditapproval, loan application, will guide youthrough the financing process You pick!
Who’s Involved In the Processand What They DoHome Inspector: Inspects home forany structural or maintenance concerns You pick!
Who’s Involved In the Processand What They DoAppraiser: Estimates value of home Lender picks
Who’s Involved In the Processand What They DoTermite Inspector: Checks for anywood destroying organisms Buyer or Seller picks
Who’s Involved In the Processand What They DoSurveyor: Marks the four corners ofthe lot and draws house placement onlot Buyer or Seller picks
Who’s Involved In the Processand What They DoHome Owners Insurance Agent:Insure home against loss from fire, etc. You pick
Who’s Involved In the Processand What They DoClosing Agent/Attorney: Providesproof of clear title to home and closesloan Buyer or Seller picks
“The Closing”Closing the LoanClosing: What is it? Whathappens? So when do I get thekeys?
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
THE MEGANS LAW WEBSITE:WHO ARE YOUR NEIGHBORS?www .fdle.state.fl.usCRIME STATISTICS FOR ANEIGHBORHOODSheriffs DepartmentPolice Department
ADDITIONAL RESOURCESConsumer Credit Counseling:excellent resource for people whohave become overloaded with debt.
Stop Unsolicited Mailed CreditOffers: 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.
Thank You for Your Time andAttention Any Questions?
Good Tools for Realtors:::::: Lots and lots and lots of good stuff!!! The next several slides are resources gathered by Florida Realtors. Thank You!!!!
TOOL TIME! FAR HOME BUYER CENTERhttp://www.floridarealtors.org/AboutFar /homebuyercenter/index.cfm
Florida RealtorsFlorida Realtors® ‘Support Homeownership for All’Over the past two years, the state association received $280,000in Ira Gribin grant funds from the National Association of Realtorsto support workforce housing programs. In coordination with itsnearly one dozen partners in the Sadowski Coalition, FloridaRealtors works to educate Florida legislators about the long-termvalue of supporting workforce housing. Through the program,funding also goes to local Realtor associations to assist first-timeand low-income homebuyers in ways best defined by localconditions.Eleven local associations have received part of the NAR grantfunding; the remaining funds will be used for a radio ad campaignpromoting Florida Welcome Home Week –Homes for Hometown Heroes, July 11-17, 2010.
Florida RealtorsLicense PlateProceeds from the sale of the state’s Support Homeownershipfor All license plate supports housing programs; a number ofhousing foundations in Florida have received funding to furtherdevelop their workforce housing initiatives. The goal is to providehousing assistance to teachers, nurses and others unable to afforda home. As of June 1, 2010, more than 8,471 license plates havebeen sold, totaling more than $211,775.http://www.floridarealtors.org/LegislativeCenter/LegislativeNews/Homeownership-For-All-license-plate.cfm
Local Assistance ResourcesSouth Florida Community Development Coalitionhttp://www.floridacdc.org/index.htmlMiami-Dade’s Housing Finance Authorityhttp://www.miamidade.gov/hfa/Neighborhood Stabilization Program, homebuyer assistance, PascoCountyhttp://portal.pascocountyfl.net/portal/server.pt/community/neighborhood_stabilization_program/303/neighborhood_stabilization_programNeighborhood Stabilization Program, City of Palm Coasthttp://www.ci.palmcoast
Local Assistance ResourcesThe Realtors Association of St. Lucie Foundation Inc.’s AttainableHousing Fundhttp://www.rasl.com/Daytona Beach Area Association of Realtors, area affordablehousing programs - Under search listings on home page, click onHousing Opportunities:http://www.daytonarealtors.com/Greater Tampa Association of Realtors, Realtors Care FoundationFormed to create and provide educational and housing programsand services.http://www.realtorscareofgtar.org/
Local Assistance ResourcesHernando County Association of RealtorsHernando County down payment assistance program info:http://www.hernandorealtors.com/template39/nextpage.asp?mnu=187957Orlando Regional Realtor AssociationArt in Architecture program: http://www.artinarchitecture.org/Central Florida affordable housing program info:http://www.artinarchitecture.org/6.aspPinellas Suncoast Association of Realtors, Pinellas Realtor FoundationProvides funds, volunteers to support affordable/workforce housing,education and other community issues.http://tampabayrealtor.com/index.php?option=com_content&task=view&id=71&Itemid=83
Local Assistance ResourcesRealtor Association of Greater Fort Lauderdale, CharitableFoundationFormed to help those with specific needs that cannot be met by anyother 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 GreaterFort Myers area so that they can purchase a home in thecommunity they serve.http://www.snoopzone.info/affordableHousing.php
Local Assistance ResourcesRealtor Association of Martin County, Partner Charity, Habitat forHumanity of Martin Countyhttp://www.ramconline.org/AM/Template.cfm?Section=Habitat_for_Humanity_and_RAC&Template=/CM/HTMLDisplay.cfm&ContentID=1542Realtors Association of the Palm Beaches, Community BusinessPartners, Habitat for Humanity, Palm Beach County, South PalmBeach County ChaptersClick on Community on home page: http://www.rapb.com
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
State Assistance ResourcesState Housing Initiatives Partnership (SHIP)http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0132SHIP Local Government Informationhttp://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspxAffordable Housing Study Commissionhttp://apps.floridahousing.org/StandAlone/AHSC/AHSC-Home.htmFlorida Housing Coalitionhttp://www.flhousing.org/
State Assistance ResourcesUniversity of Florida’s Shimberg Center for Affordable Housing:http://www.shimberg.ufl.edu/http://flhousingdata.shimberg.ufl.edu/Florida Community Loan Fundhttp://www.fclf.org1000 Friends of Floridahttp://www.1000friendsofflorida.org/housing
Federal Assistance ResourcesNational Association of Realtors® Housing Opportunity Programhttp://www.realtor.org/government_affairs/housing_opportunityNAR Housing Opportunity Toolkithttp://www.realtor.org/government_affairs/housing_opportunity/hoptoolkit_homeNAR workforce housing infohttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousingNAR workforce housing, additional resourceshttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousingresources
Federal Assistance ResourcesU.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 Programhttp://www.homeloans.va.gov/VA Mortgage Centerhttp://vamortgagecenter.comNAR’s VA Loan Toolkithttp://www.realtor.org/government_affairs/va_toolkit_main?wt.mc_id=rd0060
Federal Assistance ResourcesAmericans with Disabilities Act (ADA) websitehttp://www.ada.gov/Homes for Heroes Inc. and the Homes for Heroes Foundationhttp://homesforheroes.comThe Campaign for Affordable Housinghttp://www.tcah.org/index.cfmThe Enterprise Foundationhttp://www.enterprisecommunity.org/FHA: The Federal Housing Administrationhttp://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration
Federal Assistance ResourcesFannie Maehttp://www.fanniemae.com/kb/index?page=homeFreddie Machttp://www.freddiemac.com/Habitat for Humanityhttp://www.habitat.org/Harvard University Joint Center for Housing Studieshttp://www.jchs.harvard.edu/Housing Assistance Councilhttp://www.ruralhome.org/
Federal Assistance ResourcesInternational Union for Housing Financehttp://www.housingfinance.org/Low Income Investment Fundhttp://www.liifund.org/National Housing Conferencehttp://www.nhc.org/National Low Income Housing Coalitionhttp://www.nlihc.org/template/index.cfmMortgage Bankers Association of Americahttp://www.mbaa.org/
Federal Assistance ResourcesNational Association of Mortgage Professionalshttp://www.namb.orgAmerican Bankers Associationhttp://www.aba.com/default.htmNational Association of Home Buildershttp://www.nahb.com/National Association of Housing and Redevelopment Officialshttp://www.nahro.org/index.cfmNational Conference of States on Building Codes and Standardshttp://www.ncsbcs.org/
Federal Assistance ResourcesNational Council of State Housing Agencieshttp://www.ncsha.org/National Multi Housing Councilhttp://www.nmhc.org/NeighborWorks Americahttp://www.nw.org/network/home.asphttp://www.stablecommunities.org/The Urban Institutehttp://www.urban.org/