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Welcome to Homebuyer Education Sponsored by the Washington State Housing Finance Commission Class Instructors Add Your Names Here Add Your Names Here What we will cover Steps to Homeownership Owning vs renting How Much Can You Afford? Selecting a Loan Program

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Welcome toHomebuyer Education

Sponsored by the Washington State Housing Finance Commission


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Class Instructors

  • Add Your Names Here

  • Add Your Names Here


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What we will cover

  • Steps to Homeownership

  • Owning vs renting

  • How Much Can You Afford?

  • Selecting a Loan Program

  • Down payment and Closing Costs

  • How to Shop for a Lender & Real Estate Professional –

  • Selecting a Home

  • The Importance of a Home Inspection

  • House Key Program

  • Loan Closing

  • Foreclosure Prevention and Early Delinquency Intervention

  • Home Maintenance

  • Consumer Protection Resources

  • Community Resources for Further Counseling or Other Assistance.

  • Fair Housing

  • Predatory Lending

22 benchmarks set by WSHFC


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Agenda

  • The Home Buying Process

  • Lender Curriculum

  • Assistance Programs

  • Real Estate Curriculum

  • Q & A’s and Resources


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The Home Buying Process

  • Steps to Homeownership

  • Owning vs renting

  • The Players in the Home buying Process

  • The Benefits of Getting Loan Pre-Qualified & Pre-Approved Before Searching for a Home

  • Shopping for a Lender


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The Steps to Homeownership

Education

Credit History

Budget

Research

Loan Pre-Approval

Your Priorities

The Search

You’re Home!

The eight steps recommended by the Washington Homeownership Center


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Owning vs. Renting

Benefits of Renting Your Home…

  • Low maintenance costs

  • Freedom to move

  • Lower monthly payments

  • No risk of losing investment

    Benefits of Owning Your Home…

  • Pets

  • Yard

  • Décor

  • Tax savings

  • Building equity


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Owning vs. Renting

Things to keep in mind about owning….

  • Yard work

  • Home improvements/maintenance

  • Larger monthly payments

    - Property Taxes

    - Homeowners Insurance


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The Players in the Homebuying Process

  • Who are they?

  • What role do they play?


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Pre-Approval

  • What is the difference between pre-approval and pre-qualified?

  • Why is it important to get pre-approved before you shop for a home?

  • Good Faith Estimate

  • Truth In Lending (TIL)

  • APR


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Shopping for a Lender

  • Get referrals and interview different lenders

  • Questions to ask

  • Difference between broker and loan officer


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Lender Curriculum

  • How Much Can You Afford?

  • Credit

  • Budgeting

  • Selecting a Loan Program

  • Down payment & Closing Costs


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Credit History– Why it is Important

Your score and history will:

  • Affect the interest rate you will be offered.

  • Determine what loan program will be offered.


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Credit

  • Read your credit report

  • Correct errors on your report

  • How to build your credit

  • Maintain good credit history

  • Check credit at least annually

  • What is a credit score

  • How to increase your credit score


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Credit Repair & Counseling

The Homeownership Hotline sponsored by

WSHFC

1 – 877- 894- HOME (4663)

Or for a list of counselors statewide:

http://www.wshfc.org/buyers/counseling.htm


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Budgeting Basics

Set Financial Goals

  • Eliminate debt

  • Six months of expenses saved

  • Set investment goals

    Treat Your Savings Like An Expense

  • 10% of all income saved or invested

  • Automatic withdrawals


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Budgeting Basics

  • Eliminate credit card debt

  • Put your money to work

  • Educate yourself

  • Plan for future expenses

  • Pay yourself first


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Budgeting Basics

ABC Your Budget – track what you spend for 30 days…

A: Expenses you need and can do nothing about today (mortgage, car payment)

B: Expenses you need, but CAN do something about today (groceries, clothing)

C: Things you want (cable TV, lattes, movies, eating at restaurants)


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Budgeting Basics

  • How much do you CURRENTLY spend on housing?

  • How much CAN you spend and how much do you WANT to spend on housing?


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Documents You Will Need

  • 2-3 years tax returns

  • 2 years of W-2s

  • 2 most recent pay stub

  • Last 3 months of bank statements

  • Credit card information

  • Information on any other loans

  • Landlord information


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Types of Loans

  • Conventional (or Conforming)

  • FHA

  • VA

  • USDA

  • Sub Prime & Non-Conforming

  • Portfolio

  • Jumbo


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Types of Loan Terms

  • Fixed Rate

  • Adjustable Rate

  • Interest Only

  • 15 / 20 / 30 / 40 years

  • Balloon


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How Much Can You Afford

How Much Can You Afford?

What the bank is looking at:

  • Debt-to income ratios

  • The 3 “C”s – Credit, Capacity & Collateral

  • Down payment

  • What the bank is looking at:

  • Debt-to income ratios

  • The 3 “C”s – Credit, Capacity & Collateral

  • Down payment


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How Much Can You Afford

How Much Can You Afford?

Calculating how much house payment you can afford depends on your income and currentdebt

Gross monthly income

$_3,000__ x .41 = $1,230

Minus total monthly minimum debt payments - $300

Total housing payment you can afford = $930

PITI (Principle, Interest, Tax, Insurance)

Calculating how much house payment you can afford depends on your income and currentdebt

Gross monthly income

$ 3,000 x .41 =$1,230

Minus total monthly minimum debt payments -$ 300

Total housing payment you can afford = $ 930

PITI (Principle, Interest, Tax, Insurance)


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How Much Can You Afford

How Much Can You Afford?

Housing Expense-to-Income Ratio

Principle and Interest: $ 690

Hazard Insurance:$ 73*

Real Estate Taxes:$ 117*

Mortgage Insurance:$ 73

Homeowner’s Association: $ 0

Subordinate Financing: $ 0 _______

$ 930.00

  • Housing Expense-to-Income Ratio

  • Principle and Interest: $ 690.00

  • Hazard Insurance:$ 73.00*

  • Real Estate Taxes:$ 117.00*

  • Mortgage Insurance:$ 73.00

  • Homeowner’s Association: $ 0.00

    • Subordinate Financing: $ 0.00 ___________

    • $ 930.00


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    How Much Can You Afford

    How Much Can You Afford?

    To calculate total payment/income

    • Take your monthly housing debt and divide by your monthly income

    • $930 divided by $3,000 = .31 which is the same as 31%

    • To calculate “total payment to income” ratio:

    • Take your monthly housing debt ($930) and divide by your monthly income ($3000)

    • Example:$930 / $3,000

    • = .31 which is the same as 31%


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    How Much Can You Afford

    How Much Can You Afford?

    Total Expense-to-Income Ratio:

    • total house payment

    • plus total monthly minimum debt payments

    • divided by gross monthly income

      Example: $930 + $300 = $1200 divided by $3,000 = .41 or 41%

    • Total Expense-to-Income Ratio =

    • total house payment

    • plus total monthly minimum debt payments

    • divided by gross monthly income

    • Example: $930 + $300 = $1230

    • divided by $3,000 = .41 or 41%


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    How Much Cash Will You Need?

    • Down payment: Percentage of the value of the house

    • Private mortgage insurance (PMI)

    • Closing costs

    • Items to be paid before closing (pre-paids):

      • Appraisal (also considered Closing cost)

      • Inspection (also considered Closing cost)

      • Homeowners insurance

      • Taxes


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    Assistance Programs

    • House Key Program

      • Recapture Tax

      • Occupancy and Property Restrictions

    • WSHFC Down Payment Assistance Programs

    • USDA, HUD

    • Community Land Trusts

    • Other DPA Programs statewide


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    Washington State Housing Finance Commission

    House Key Loan Programs

    • Lower interest rate

    • First-time homebuyers

    • Under income limits

    • Under acquisition limits


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    Recapture Tax

    Recapture only applies if all 3 of the following occur:

    • Your home is sold or disposed of within 9 years of being purchased, for reasons other than your death;

    • There is a capital gain on the sale of your home, AND

    • Your household income for the year in which you sell your home exceeds federal recapture tax limits. See your lender for current limits.


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    Washington State Housing Finance Commission

    Down Payment Assistance Programs

    • House Key Plus

    • HomeChoice

    • House Key Schools

    • House Key Veterans

    • House Key Plus Seattle (Subject to funding)

    • House Key Plus ARCH (Subject to funding)

    • House Key Bremerton

      Down payment assistance program must be used in conjunction with House Key State Bond 1st mortgage.

      These are All Second Mortgages – These are not grants

      Only one WSHFC DPA program can be used.


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    Washington State Housing Finance Commission

    House Key Plus

    Second Mortgage Loan

    • 5% interest with a 10 year term

    • Up to $10,000 Statewide

      Income Limits:

    • Clark/Skamania Counties: $71,200

    • King/Snohomish Counties: $85,600

    • Kitsap/Thurston Counties:  $71,900

    • All Other Counties: $70,400


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    Washington State Housing Finance Commission

    HomeChoice

    Person with a disability or a family member with a disability (ADA)

    • Up to $15,000

    • 1% simple interest Deferred payment

    • One on One Counseling required

      Income Limits:

    • Clark/Skamania Counties: $71,200

    • King/Snohomish Counties: $85,600

    • Kitsap/Thurston Counties:  $71,900

    • All Other Counties: $70,400


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    Washington State Housing Finance Commission

    House Key Schools

    • Up to $10,000

    • 3% interest on a 10 year term

      Any Employee of Private or Public School K -12, Community Colleges or Technical Colleges.

      Income Limits:

    • Clark/Skamania Counties: $71,200

    • King/Snohomish Counties: $85,600

    • Kitsap/Thurston Counties:  $71,900

    • All Other Counties: $70,400


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    Washington State Housing Finance Commission

    House Key Veterans

    Second Mortgage

    • Up to $10,000

    • 3% interest on a 10 year term

    • Veterans honorably discharged

      Income Limits:

    • Clark/Skamania Counties: $71,200

    • King/Snohomish Counties: $85,600

    • Kitsap/Thurston Counties:  $71,900

    • All Other Counties: $70,400


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    Washington State Housing Finance Commission

    • House Key Plus Seattle

      • Up to $45,000

      • 3% interest rate - Deferred payment

      • Borrower must contribute 1% or $2500 whichever is greater

      • City limits of Seattle

      • 80% Area Median Income & below

      • (lower than House Key first mortgage income limits)

      • Shared Appreciation

    Subject to Funding


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    Washington State Housing Finance Commission

    House Key Plus ARCH

    • Up to $30,000

    • 4% simple interest - Deferred Payments,

    • Borrower must contribute 2% of own funds

    • One on One Counseling required

    • 80% Area Median Income & below

      (lower than House Key first mortgage income limits)

      • Available in 15 Eastside Cities

    Subject to Funding


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    Washington State Housing Finance Commission

    House Key Bremerton

    • Up to $20,000

    • 3% interest on a 15 year Term

    • Buying in Bremerton city limits

    • One-on-one Counseling Required

    • 80% Area Median Income & below

      (lower than House Key first mortgage income limits)


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    Rural USDA Programs

    502 Direct Loan (work directly to USDA)

    Income limits: up to 80% of area median income

    Location: rural community with less than 10,000 population

    Loan amount: may be up to 100% of appraised market value

    Down Payment: not required

    (Please Note: WSHFC DPA Programs CAN NOT be used with USDA direct)

    No Mortgage Insurance

    www.rurdev.usda.gov/wa/

    502 Guarantee (work with a lender that offers USDA)

    Income limits: up the 115% of area median income

    Location: rural community with less than 10,000 population

    Down payment: not required

    (ALL WSHFC DPA Programs CAN be used with USDA 502 Guaranteed)

    No Mortgage Insurance

    Subject to Funding


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    HUD

    HUD 184 Indian Home Loan Guarantee Program

    • Funds can be used to purchase and/or rehabilitate an existing home, or construct a home

    • Must be an Alaskan Native or Native American, to participate in program

    • Down payment as low as 1.25%

    • Long term fixed rate financing with loan to value ratios as high as 150%

    • Nontraditional methods may be used to demonstrate borrower’s credit and income

    • No income limits


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    Community Lending Funding Note

    • Be aware that specialty financing options have limited funding so you will want to ensure your program is available when you are in the home buying process.

    • Organizations make every attempt to maintain continuous funding but they occasionally exhaust their assistance programs.

    • All Housing Assistance programs are subject to funding availability



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    Region 1Clallam, Grays Harbor, Jefferson, Kitsap, Mason, and Thurston Counties


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    Aberdeen Neighborhood Housing Services

    • Up to 20% of appraised value

    • Grays Harbor County

    • Housing Education (HUD Approved)

    • Housing Rehab loans

      City of Bremerton

    • Up to $20,000 (See House Key Bremerton)

    • Housing Rehab Loans

      Kitsap County Consolidated Housing Authority

    • Up to $20,000 (currently only available for Self help clients)

    • Must purchase in Kitsap County outside Bremerton City limits

    Region 1


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    Region 2Island, King, San Juan, Skagit, Snohomish, and Whatcom Counties


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    City of Seattle Down Payment Assistance

    • Up to $45,000

    • HomeStead CLT, HomeStreet Bank,

    • HomeSight & Parkview (see below)

    • Home Repair Program

      City of Seattle Teacher Homebuyer Program

    • Up to $45,000

      HomeSight

    • City of Seattle

    • South King County

    • Snohomish County

    • Up to 35,000 - $75,000

    • Housing Education

    Region 2


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    Parkview Services

    • People / families with Developmental Disabilities

    • Down Payment Assistance

    • Housing Counseling & Hotline

      Habitat for Humanity Seattle / South King County

    • Serves City of Seattle, -South King County,

    • Finance the mortgage at 0% interest for the buyer

    • Shared equity and shared appreciation apply

    • Some projects are land trust model in partnership with Homestead Community Land Trust

    • Buyer participates in construction of home

    Region 2


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    City of Seattle Down Payment Assistance

    • Up to $45,000

    • HomeStead CLT, HomeStreet Bank,

    • HomeSight & Parkview (see below)

    • Home Repair Program

      City of Seattle Teacher Homebuyer Program

    • Up to $45,000

      HomeSight

    • City of Seattle

    • South King County

    • Snohomish County

    • Up to 35,000 - $75,000

    • Housing Education

      Parkview Services

    • People / families with Developmental Disabilities

    • Down Payment Assistance

    • Housing Counseling & Hotline

    Region 2


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    Region 3 Pierce County


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    Pierce County Community Services

    • Up to 3.5% of the sales price

    • Purchasing in Pierce County outside of Tacoma and Lakewood city limits

      City of Tacoma

    • Up to 3.5% of the sales price

    • Designated neighborhoods, Primarily south of 6th Ave

      City of Lakewood

    • Up to $7000

    • Lakewood City Limits

      Homeownership Center of Tacoma

    • Up to 22% of purchase price

    • Below market price homes

    • Hilltop area

    • Housing Education

    Region 3


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    Region 4Benton, Chelan, Douglas, Franklin, Grant, Kittitas, Walla Walla, and Yakima Counties


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    City of Yakima

    • Up to $4000

    • Purchasing in City of Yakima targeted area

    • City acquired property purchase program also, up to $30,000 in assistance

      City of Richland

    • Up to $5000

      City of Kennewick

    • Up to $5000

    • Purchasing in City of Kennewick targeted area

      City of Pasco

    • Up to $5000

    • Priority given to property within the Museum and Longfellow districts

    Region 4


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    Region 5Adams, Asotin, Columbia, Ferry, Garfield, Lincoln, Okanogan, Pend Orielle, Spokane, Stevens, and Whitman


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    Community Action Center of Whitman County

    • Up to 15,000 - $20,000 Available

    • Single Family homes

    • Manufactured homes ok with approval

    • Housing Education & Counseling

      Spokane Neighborhood Action Program

    • Up to $15000

    • City of Spokane & Spokane County

    • Housing Education and Counseling (HUD Approved)

      The ARC of Spokane

    • Up to $20,000

    • People with Disabilities

    • Housing Education and Counseling

    Region 5


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    Region 6Clark, Cowlitz, Klickitat, Lewis, Pacific, Skamania, and Wahkiakum Counties


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    Columbia Non-Profit

    (Vancouver Housing Authority)

    • Up to $35,000

    • Must have lived or worked in Clark or Cowlitz County for one year prior to closing

    • Housing Education & Counseling

    • Must be at or below 80% AMI

    • Loan term up to 30 years at 0% interest

      Community Housing & Resource Center Vancouver

    • Housing Education & Counseling

    Region 6


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    Community Land Trusts

    • City of Seattle

      • Homestead Community Land Trust

    • San Juan Islands

      • Opal Community Land Trust

      • Lopez Island Community Land Trust

    • Whatcom

      • Kulshan Community Land Trust

    • Clallam

      • Homeward Bound Community Land Trust

    • Kitsap /Bainbridge Island

      • Housing Resource Board


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    Self-Help Housing Opportunities

    Self Help

    Clients participate in the construction of their home

    Low interest mortgage loan

    Sweat Equity

    Low Income (up to 80% AMI)

    • Habitat for Humanity

      Clients participate in the construction of their home

      Zero interest loans

      Very Low- Low Income (30-60% AMI)

      To find an affiliate near you

      http://www.habitat.org/


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    Additional Self Help Housing Opportunities

    Self-Help Programs Statewide

    Vashon Household Self Help,

    Northwest Housing Development,

    Housing Hope,

    Homes for Islanders,

    Whatcom Skagit Housing,

    Northwest Housing Development,

    Port Gamble S'Klallam Housing Authority/ Southern Puget Sound Intertribal Housing Authority,

    Kitsap County Consolidated Housing Authority, Clallam County Housing Authority,

    Community Frameworks Spokane,

    SHARE Longview


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    Matching Programs

    • HomeStart

      Clients are matched $3 for every $1 of their own up to $5,000

      Must be first-time homebuyer

    • Individual Development Accounts (IDA’s)

      Clients are matched $2 for every $1 of their own up to $8,000

      Money can be used for: buying a home, education or starting a small business

      United Way of King County (YMCA) offers IDA program


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    Housing Authorities

    • Section 8 for Homeownership

    • Family Self Sufficiency

    • Classes and Counseling


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    Real Estate Curriculum

    • How to Shop for a Real Estate Professional – Understanding Agency Representation

    • Selecting a Home and Negotiating a Purchase Price

    • The Importance of a Home Inspection

    • The Loan Closing – What to Expect, Review Sample Loan Documents


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    Your Priorities

    • Size of home

    • Number of bedrooms

    • Number of bathrooms

    • Neighborhood

    • State of home (new vs fixer)

    • Garage


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    How to Shop for a Real Estate Professional

    • Why use a Real Estate Agent?

    • Interview several people

    • Questions to ask

    • Buyers agent vs. sellers agent


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    Selecting a Home

    • Dream Home vs. Starter home

    • Where do you want to live?

    • What is important to you?

    • Do research – explore neighborhoods


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    Negotiating a Purchase Price

    • Know the market

    • What are you willing to pay

    • Be prepared for a counter offer

    • Keep your priorities in mind

    • Be prepared to put up earnest money


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    Making the Offer

    • Purchase and sale agreement

    • Sellers disclosure

    • Neighborhood review

    • Financial contingency

    • Inspection contingency


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    Home Inspection

    • Why you should have one

    • How to find an inspector

    • Questions to ask

    • How much will it cost

    • How long will it take

    • What should I receive from the inspector


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    The Loan Closing – What to Expect

    Signing papers

    • Deed-of-trust

    • Promissory note

    • HUD-1

    • Truth in Lending

      When do you get the keys?


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    Q & A’s and Resources

    • Foreclosure Prevention and Early Delinquency Intervention

    • Home Maintenance

    • Consumer Protection Resources

    • Community Resources for Further Counseling or Other Assistance.

    • Fair Housing

    • Predatory Lending


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    Foreclosure Prevention

    • Don’t be late

    • Contact your lender as soon as possible

    • Contact a local housing counseling agency

    • Visit Washington Homeowners & Homebuyers Web Site:

      http://www.wshfc.org/buyers/counseling.htm


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    Home Maintenance

    Protect your investment

    • Test smoke detectors

    • Clean out gutters

    • Have regular service on heating system

    • Change furnace filters

    • Yard upkeep

    • Budget for home repairs

      Visit http://www.wshfc.org/buyers/guide.htm

      Download:

      Post Homeownership Guide & Seasonal Newsletter


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    Predatory Lending

    Predatory lending can be one or more abusive lending practice:

    • Excessive interest rates and/or high fees

    • Failing to disclose the true terms of the loan

    • Approving a loan with payments higher than the borrower can afford to pay

    • Pressuring a borrower to sign documents without understanding the terms of the loan

    • “Flipping” or frequent refinancing of a loan


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    Predatory Lending

    Predatory lending vs. sub-prime lending

    • Sub-prime loans help borrowers with:

      - less than perfect credit

      - inconsistent employment history

      - incomplete application documents

    • Sub-prime loan has a higher interest rate because the lender is taking a bigger risk in making the loan.


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    Fair Housing

    • Who is protected

    • What is prohibited in the sale & loan

    • How to file a complaint


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    Housing Counseling Agencies

    The Homeownership Hotline sponsored by

    The Department of Financial Institutions

    & WSHFC:

    1 – 877- 894- HOME (4663)

    Or for a list of counselors statewide:

    http://www.wshfc.org/buyers/counseling.htm


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    Housing Counseling Agencies

    • One on one counseling

    • Loan document review

    • Budgeting and financial literacy

    • Mortgage default counseling

    • Predatory lending counseling

    • Reverse mortgage counseling

    • Run /Check credit report


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    Research & Resources

    • Housing counseling agencies

    • Down payment assistance programs

    • Low-interest loan programs

    • Affordable homeownership opportunities

    • Washington State Housing Finance Commission

    • www.wshfc.org

    • US Housing & Urban Development

    • www.hud.gov

    • (look for HUD’s Settlement Cost Booklet)

      • Or Call the Homeownership Hotline:

      • 1 – 877- 894- HOME (4663)


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    Now What?

    Are you pre-approved for a mortgage loan:

    If not, meet with a lender

    If you know how much you can afford, then you are ready to go house shopping:

    Meet with a real estate professional

    Want to know more about the home buying process?

    Meet with a Housing Counselor


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