homebuying seminar for realtors to use

Homebuying Seminar

HUD “Best Practices” AwardThis 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.comThank You

Why own a home?

It is often cheaper to own than rent!Forced savingsStop making someone else’s mortgage paymentsThere is a last payment

Steps to Successful Home Ownership…First Step:

How to slay the Credit and Money Dragon…Get Pre-Approved!!!

Steps to Successful Home Ownership cont'd.

What is a credit score

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

Next Step: Choosing a Realtor

Role of the RealtorHow to pick one/ How to get rid of one

How Realtors Are PaidSales 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.

Next Step: Choosing a Home

The Home—lots of choices!!!!You will knowResources: Police/Sheriff’s DeptUtilitiesMeagan’s Law Web Site

Making an Offer

Why that Pre-Approval Letter is so GREATWhat is covered in a ContractWhat is a binder/escrow/good faith deposit and what happens to it

Making an Offer cont’d.

Buyer’s remorseDEADLINESBack to the lenderCompleting 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 Process and What They Do

Realtor: Searches for home, negotiates contract for purchase, assists in entire process, attends closing, provides guidance

You pick!

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!

Who’s Involved In the Process and What They Do

Home Inspector: Inspects home for any structural or maintenance concerns

You pick!

Who’s Involved In the Process and What They Do

Appraiser: Estimates value of homeLender picks

Who’s Involved In the Process and What They Do

Termite Inspector: Checks for any wood destroying organisms

Buyer or Seller picks

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

Who’s Involved In the Process and What They Do

Home Owners Insurance Agent:Insure home against loss from fire, etc.

You pick

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

“The Closing”

Closing the LoanClosing: What is it? What happens? So when do I get the keys?

HELPFUL RESOURCESHELPFUL RESOURCESHere is a listing of resources clients have found helpful for a variety of purposes. STOP ANNOYING PHONE CALLSDepartment of Agriculture and Consumer Service1-800-435-7352 or www.800helpfla.comThe National Do Not Call Registry1-888-382-1222 or www.donotcall.gov

THE MEGAN'S LAW WEBSITE: WHO ARE YOUR NEIGHBORS?www .fdle.state.fl.us

CRIME STATISTIC'S FOR A NEIGHBORHOODSheriff's DepartmentPolice Department

ADDITIONAL RESOURCES

Consumer Credit Counseling:

excellent resource for people who have become overloaded with debt.

Equifax Credit: 1-800-685-1111

Trans Union: 1-800-916-8800

Experian: 1-888-397-3742

CREDIT REPORTING AGENCIES:

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.

Stop Unsolicited Mailed Credit Offers:

Thank You for Your Time and Attention

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 Realtors

Florida 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 Realtors to support workforce housing programs. In coordination with its nearly one dozen partners in the Sadowski Coalition, FloridaRealtors 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.

Florida RealtorsLicense PlateProceeds 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 providehousing 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/Homeownership-For-All-license-plate.cfm

Tallahassee Lenders ******Consortium**********

www.TallahasseeLenders.org

850-222-6609

Local Assistance Resources

South Florida Community Development Coalitionhttp://www.floridacdc.org/index.html

Miami-Dade’s Housing Finance Authorityhttp://www.miamidade.gov/hfa/

Neighborhood Stabilization Program, homebuyer assistance, Pasco Countyhttp://portal.pascocountyfl.net/portal/server.pt/community/neighborhood_stabilization_program/303/neighborhood_stabilization_program

Neighborhood Stabilization Program, City of Palm Coasthttp://www.ci.palmcoast

Local Assistance ResourcesThe Realtors Association of St. Lucie Foundation Inc.’s Attainable Housing Fundhttp://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 FoundationFormed to create and provide educational and housing programs and 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=187957

Orlando Regional Realtor AssociationArt 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 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

Realtor Association of Greater Fort Lauderdale, Charitable FoundationFormed 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

Local Assistance Resources

Realtor Association of Martin County, Partner Charity, Habitat for Humanity of Martin Countyhttp://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 ChaptersClick on Community on home page: http://www.rapb.com

Local Assistance Resources

Florida Dept. of Community Affairs, Division of Housing and Community Developmenthttp://www.dca.state.fl.us/fhcd/index.cfm

DCA, Neighborhood Stabilization Program, Grants Managementhttp://www.dca.state.fl.us/FHCD/cdbg/StaffContacts.cfm#NSP

Florida Housing Finance Corporation (FHFC)http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_HomePage.aspx

FHFC Housing Resourceshttp://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0040

State Assistance Resources

State Housing Initiatives Partnership (SHIP)http://apps.floridahousing.org/StandAlone/FHFC_ECM/ContentPage.aspx?PAGE=0132

SHIP Local Government Informationhttp://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx

Affordable Housing Study Commissionhttp://apps.floridahousing.org/StandAlone/AHSC/AHSC-Home.htm

Florida Housing Coalitionhttp://www.flhousing.org/

State Assistance Resources

Florida Community Loan Fundhttp://www.fclf.org

1000 Friends of Floridahttp://www.1000friendsofflorida.org/housing

University of Florida’s Shimberg Center for Affordable Housing:http://www.shimberg.ufl.edu/http://flhousingdata.shimberg.ufl.edu/

State Assistance Resources

National Association of Realtors® Housing Opportunity Programhttp://www.realtor.org/government_affairs/housing_opportunity

NAR Housing Opportunity Toolkithttp://www.realtor.org/government_affairs/housing_opportunity/hoptoolkit_home

NAR workforce housing infohttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousing

NAR workforce housing, additional resourceshttp://www.realtor.org/government_affairs/housing_opportunity/workforcehousingresources

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/

Federal Assistance Resources

VA Loan Guaranty Home Loan Program

http://www.homeloans.va.gov/

VA Mortgage Centerhttp://vamortgagecenter.com

NAR’s VA Loan Toolkithttp://www.realtor.org/government_affairs/va_toolkit_main?wt.mc_id=rd0060

Americans with Disabilities Act (ADA) websitehttp://www.ada.gov/

Homes for Heroes Inc. and the Homes for Heroes Foundationhttp://homesforheroes.com

The Campaign for Affordable Housinghttp://www.tcah.org/index.cfm

The Enterprise Foundationhttp://www.enterprisecommunity.org/

FHA: The Federal Housing Administrationhttp://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration

Federal Assistance Resources

Federal Assistance Resources

Fannie Maehttp://www.fanniemae.com/kb/index?page=home

Freddie 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/

International 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.cfm

Mortgage Bankers Association of Americahttp://www.mbaa.org/

Federal Assistance Resources

Federal Assistance Resources

National Association of Mortgage Professionalshttp://www.namb.org

American Bankers Associationhttp://www.aba.com/default.htm

National Association of Home Buildershttp://www.nahb.com/

National Association of Housing and Redevelopment Officialshttp://www.nahro.org/index.cfm

National Conference of States on Building Codes and Standardshttp://www.ncsbcs.org/

Federal Assistance Resources

National 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/