Enrollment in First Home Club gives participants:
Households will be provided opportunities for confidential counseling to discuss personal finances, household budgeting and credit history.
Understanding and completing the requirements of the FIRST HOME CLUBsm
We will review FIRST HOME CLUBsm program requirements with you, including the systematic savings process, homeownership counseling and use of the FHC dedicated savings account.
Mortgage Payment versus Rent
We will realistically assess the issues that should be considered in choosing between renting and owning a home.
Financial Planning for a Home
We will estimate the mortgage a household can or should consider affordable. Provide a guide to credit enhancement and maintenance. Assist each household in establishing a schedule of systematic savings.
Choosing an Affordable Home
We will discuss the procedures in searching, negotiating, and making the offer to purchase.
Create a Monthly Budget
We will help you develop budgeting skills in order to manage money in all aspects of the household’s life. Describe the payments (PITI — principal and interest, taxes, and insurance) and costs of maintaining a home.
Contract of Sale
We will explain the signing of the contract and the professional home inspection.
Mortgage Loan Application
We will assist and explain the application and approval process. Explain verification of income, grants, gift letters, and underwriting procedures.
Downpayment and Closing Costs
We will explain downpayment requirement and the fees paid at closing.
The Closing Documents
We will explain the information provided in the various documents executed at closing and the obligations incurred as a borrower.
We will help you understand closing day from scheduling and final to who does what at the closing table.
Life as a Homeowner
We will help you in understanding homeownership issues such as the following: payment due dates; late payment penalties; tax benefits of home improvements; how to maintain and improve the home; refinancing choices; importance of keeping good documentation on capital improvements.
We will help you in recognizing and avoiding predatory lending practices before and after purchasing a home. Recognizing traps, scams and costly fees such as private transfer fees (sometimes known as “flip fees”).