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2 |
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5 |
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Chapter One: Preparing For Homeownership |
9 |
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9 |
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9 |
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Advantages |
9 |
Disadvantages |
12 |
Chart of advantages and disadvantages of homeownership |
15 |
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16 |
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Initial planning |
16 |
Looking at current and future income and expenses |
17 |
The cost of purchasing a home |
18 |
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23 |
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Down payment and closing cost assistance |
23 |
Renovation and rehabilitation assistance |
23 |
Types of assistance that may be available |
24 |
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25 |
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Your income |
25 |
Your expenses |
25 |
Budget worksheets |
26 |
Examples of Joe’s worksheets |
32 |
Your credit record |
35 |
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38 |
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Identifying need |
38 |
Getting pre-qualified by a lender |
38 |
Blending resources |
39 |
Chart of resources Joe used to purchase his home |
40 |
Trusts |
41 |
Resources others have used |
41 |
Alternative financing mortgages |
44 |
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47 |
Questions |
47 |
Checklist |
47 |
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48 |
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Chapter Two: Planning |
49 |
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49 |
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50 |
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What is a person-centered approach? |
50 |
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51 |
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Choosing a facilitator |
51 |
Choosing a housing counselor/education provider |
52 |
Deciding who will help |
52 |
Creating personal profiles |
53 |
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59 |
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The initial gathering |
59 |
Subsequent meetings |
59 |
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59 |
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Creating a wish list |
59 |
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67 |
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Opportunities and obstacles |
67 |
Action planning |
68 |
Checklist |
71 |
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71 |
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Chapter Three: Hitting the Streets |
72 |
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72 |
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72 |
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73 |
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How a real estate sales professional can help |
74 |
Comparison shopping |
76 |
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79 |
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Deciding how much to offer |
79 |
Submitting the offer |
82 |
Terms of the contract |
82 |
The home inspection |
84 |
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88 |
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Accessibility issues |
88 |
Reviewing the action plan |
89 |
Checklist |
90 |
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90 |
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Chapter Four: Obtaining a Mortgage |
91 |
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91 |
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91 |
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Understanding the language |
93 |
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96 |
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The loan application |
96 |
The interview |
97 |
Loan processing |
99 |
Long-range planning |
102 |
Taking advantage of others’ experiences |
104 |
Using your team members |
104 |
If your loan application is rejected |
105 |
Report suspected discrimination |
106 |
Have I used all my resources to find the right loan? |
107 |
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107 |
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Action plan |
107 |
Checklist |
108 |
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Chapter Five: Closing |
109 |
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109 |
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109 |
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Pre-closing meeting |
110 |
Select a settlement agent |
110 |
Complete the title search |
111 |
Purchase title insurance |
111 |
Meet the conditions of the loan approval |
111 |
Obtain a property survey |
112 |
Obtain a termite certificate |
112 |
Establish an escrow for long-term maintenance |
112 |
Secure probate approval |
112 |
Obtain accounting reports from representative payee |
113 |
Complete state certifications |
113 |
Commitment letters for funds and assistance services |
113 |
Document PITI reserves |
113 |
Review your long-term assistance plan |
113 |
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114 |
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Purchase property insurance |
114 |
Decide whether to have automatic payment for PITI |
115 |
Considering a homeowner's warrant |
115 |
Conduct a final house check |
116 |
Conduct a house tour with the seller |
116 |
Obtain a final estimate of closing costs |
117 |
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117 |
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Allocation of closing costs |
120 |
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122 |
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What to expect at the meeting |
122 |
Who can I bring to the closing meeting? |
123 |
Explanation and signing of documents |
123 |
Recording the documents |
125 |
Getting the keys to your new home |
125 |
Questions |
125 |
The media |
126 |
Action plan |
126 |
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126 |
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Checklist |
126 |
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Chapter Six: Life as a Homeowner |
128 |
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128 |
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129 |
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Settling in |
129 |
Defining roles |
133 |
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135 |
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Understanding the terms of your loan |
135 |
Transfer of servicing |
137 |
Avoiding foreclosure |
137 |
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140 |
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Seasonal inspection checklist |
140 |
Keeping your energy bills at a minimum |
140 |
Do-it-yourself repairs |
141 |
Major repairs and home improvements |
142 |
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144 |
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Creating a budget |
145 |
Checklist |
151 |
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151 |
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152 |
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180 |
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Worksheets (These worksheets are currently unavailable electronically.) |
191 |