Transcript Homebuyer Education - Washington State Housing

Welcome
to
Homebuyer Education
Sponsored by the Washington State Housing Finance Commission
Class Instructors
• Add Your Names Here
• Add Your Names Here
3/27/2012
What we will cover
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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
How Going Green Saves You Money
7/16/2015
23 benchmarks set by WSHFC
Agenda
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7/16/2015
The Home Buying Process
Lender Curriculum
Assistance Programs
Real Estate Curriculum
Q & A’s and Resources
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!
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The eight steps recommended by the Washington Homeownership Center
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 preapproval 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
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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
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
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Eliminate credit card debt
Put your money to work
Educate yourself
Plan for future expenses
Pay yourself first
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
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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
Types of Loans
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Conventional (or Conforming)
FHA
VA
USDA
Sub Prime & Non-Conforming
Portfolio
Jumbo
Types of Loan Terms
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Fixed Rate
Adjustable Rate
Interest Only
15 / 20 / 30 / 40 years
Balloon
How Much Can You Afford
How Much Can You Afford?
What the bank is looking at:
What the bank is looking at:
• Debt-to
income
•Debt-to
income
ratios ratios
– Credit,
Capacity
&
•The• 3The
“C”s3–“C”s
Credit,
Capacity
&
Collateral
Collateral
•Down
payment
• Down
payment
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How Much Can You Afford
How Much
Can house
You Afford?
Calculating
how much
payment you can afford
depends on your income and current debt
Calculating how much house payment you can afford
depends on your income and current debt
Gross monthly income
Gross monthly income
$_3,000__
.41= =
$ 3,000 xx.45
$1,350 $1,230
Minus total monthly minimum debt payments - $300
Minus total monthly minimum debt payments - $ 400
Total
housing
payment
you can afford
Total
housing
payment
you can afford
= $ 950
PITIPITI
(Principle,
Interest,
Tax, Insurance)
(Principle,
Interest,
Tax, Insurance)
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= $930
How Much Can You Afford
How Much Can You Afford?
Housing Expense-to-Income
Ratio
Housing Expense-to-Income
Ratio
Principle and Interest:
Principle and Interest:
Hazard Insurance:
Real Estate Hazard
Taxes: Insurance:
Real Estate Taxes:
Mortgage Insurance:
Homeowner’s
Association:
Mortgage
Insurance:
Subordinate Financing:
Homeowner’s Association:
Subordinate Financing:
$ 710.00
$ 73.00*
$ 73*
$ 117.00*
$ 117*
$ 73.00
$ 73$ 0.00
$ 0.00
$ 690
$
0
___________
$ 0$ 950.00
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$ 930.00
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How Much Can You Afford
How Much Can You Afford?
To calculate total payment/income
To calculate “total payment to income” ratio:
• Take your monthly housing debt
Take your monthly housing debt ($950) and divide by
and income
divide
by your monthly income
your monthly
($3000)
Example:
$950 / $3,000
= .31 which is
the$3,000
same as 31%
divided
by
= .31
• $930
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 Expense-to-Income Ratio =
• total• house
totalpayment
house payment
• plus total monthly minimum debt payments
• divided
by gross
monthly
incomeminimum
• plus
total
monthly
debt
payments
Example:
$950 + $400 = $1350
• divideddivided
by gross
monthly
by $3,000
= .45 orincome
45%
Example: $930 + $300 = $1200 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 (prepaids):
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Appraisal (also considered Closing cost)
Inspection (also considered Closing cost)
Homeowners insurance
Taxes
Assistance Programs
• WSHFC Home Advantage Program
• WSHFC Down Payment Assistance
Programs
• USDA, HUD
• Community Land Trusts
• Other DPA Programs statewide
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Washington State Housing
Finance Commission
Home Advantage First Mortgage
Competitive interest rate
• DO NOT need to be 1st time homebuyer
• $97,000 statewide income limit
• No acquisition limit, no recapture tax
• Automatically eligible for up to 4% of loan
amount in DPA -0% interest 2nd mortgage
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Washington State Housing
Finance Commission
Down Payment Assistance Programs:
• Home Advantage 2nd mortgage (up to 4% of
loan amount)**
• Home Advantage 2nd mortgage (Needs Based
Option)
• HomeChoice
• Seattle DPA (Subject to funding)
• ARCH DPA (Subject to funding)
• Tacoma DPA (Subject to funding)
• Bremerton DPA (Subject to funding)
• Pierce County DPA (Subject to funding)
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Downpayment assistance programs must be used in conjunction with
Home Advantage 1st mortgage.
These are All Second Mortgages – These are not grants
Only one WSHFC DPA program can be used.
Washington State Housing
Finance Commission
Home Advantage
Second Mortgage Loan
• 0% interest –deferred, NO Payment
• Up to 4% of first mortgage loan amount
Statewide
• Statewide Income Limit $97,000 (based on household income
determined by lender)
• Balloon loan – comes due in full 30 years, or if sell, refinance
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Washington State Housing
Finance Commission
Home Advantage 2nd Mortgage Loan
Needs Based Option
• 1% interest –deferred, NO Payment
• Up to $10,000
• Statewide Income Limits:
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King & Snohomish Counties: $89,600
• Kitsap County: $74,600
• Clark County: $73,900
• Island County $74,200
• All Other Counties: $73,600
• Balloon loan – comes due in full 30 years, or if sell, refinance
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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, No payments
• One on One Counseling required
Income Limits:
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King & Snohomish Counties: $89,600
• Kitsap County: $74,600
• Clark County: $73,900
• Island County $74,200
• All Other Counties: $73,600
Washington State Housing
Finance Commission
Seattle Downpayment Assistance
Up to $45,000
• 3% interest rate - Deferred, No Payments
• 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)
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• Shared Appreciation
• Extra Inspection and Forms
Washington State Housing
Finance Commission
ARCH Downpayment Assistance
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Up to $30,000
4% simple interest – Deferred, No Payments,
Borrower must contribute 2% of own funds
One on One Counseling required
80% Area Median Income & below
(same as HK + Seattle)
• Extra Inspection and Forms
• Available in 15 Eastside Cities
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Washington State Housing
Finance Commission
Tacoma Downpayment Assistance
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Up to $20,000
4% simple interest – Deferred, No Payments,
Borrower must contribute $500 of own funds
One on One Counseling required
80% Area Median Income & below
• Extra Inspection and Forms
• Available in designated census tracts of Tacoma
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Washington State Housing
Finance Commission
Bremerton Downpayment Assistance
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Up to $20,000
3% simple interest – Deferred, No Payments,
Borrower must contribute .5% of own funds
One on One Counseling required
80% Area Median Income & below
• Extra Inspection and Forms
• Available in City of Bremerton limits
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Washington State Housing
Finance Commission
Pierce County Downpayment
Assistance
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Up to $20,000
4% simple interest – Deferred, No Payments,
Borrower must contribute $1000
One on One Counseling required
80% Area Median Income & below
• Extra Inspection and Forms
• Available in designated census tracts of Tacoma
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Washington State Housing
Finance Commission
ENERGYSPARK
Home buyers using the Commission’s Home Advantage
program can save an additional .250 % off the
Commission’s 30 year daily-posted rates by buying energy
efficient new construction
or
Making modest improvements at the time of closing that
improve the home’s energy efficiency by at least 10%
Please visit www.wshfc.org/EnergySpark
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Mortgage Credit Certificate
MCCs are not mortgages... It is a tax credit which means fewer tax
dollars can be withheld from your regular paycheck, increasing your
take-home pay. The lender can use the credit to help increase your
buying power.
It is strongly recommended that you contact a tax
professional before applying for an MCC in order to
determine the potential benefits an MCC may provide
for your specific tax situation.
http://www.wshfc.org/buyers/MCCprogram.htm
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Mortgage Credit Certificate
MCC eligibility requirements include:
• The MCC is available with new purchase loans
• Must be a first time homebuyer, unless
purchasing in a targeted area.
• Recapture Tax Applies
• Income and Acquisition Limits
• Owner Occupied
• Home Buyer Education is required
• Must work with a WSHFC MCC participating
lender
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Recapture Tax
** Applies to the WSHFC Mortgage Credit
Certificate program only
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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.
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)
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)
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HUD 184
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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HUD 203k Streamline
HUD 203k Streamline Rehab Program
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Include funds for eligible repairs to the base loan amount.
No minimum repair cost – maximum amount up to $35,000
Can be used to purchase and rehabilitate an existing home.
Same credit and down payment requirements as an FHA
loan.
• Can be used with the Home Advantage First mortgage
program and WSHFC Down Payment Assistance programs.
• Please note: only selected Home Advantage lenders offer
the 203k Streamline product.
• Visit Hud.gov for a list of eligible repairs and verify with your
lender.
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Community Lending Funding Note
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 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
Down Payment Assistance
Programs by
Region
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Region 1
Clallam, Grays Harbor,
Jefferson, Kitsap, Mason, and
Thurston Counties
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Aberdeen Neighborhood Housing Services
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Up to 20% of appraised value
Grays Harbor County
Housing Education (HUD Approved)
Housing Rehab loans
City of Bremerton
– Housing Rehab Loans
Community Frameworks- Bremerton
– Built in Bremerton DPA
Housing Kitsap (Kitsap County Consolidated Housing
Authority)
– Up to $20,000
– Must purchase in Kitsap County outside Bremerton City limits
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Region 1
Region 2
Island, King, San Juan,
Skagit, Snohomish, and
Whatcom Counties
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City of Seattle Down Payment Assistance
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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
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City of Seattle
South King County
Snohomish County
Up to 35,000 - $75,000
Housing Education
Region 2
Parkview Services
– People / families with Developmental Disabilities
– Down Payment Assistance
– Housing Counseling & Hotline
Habitat for Humanity Seattle / South King County
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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
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Region 2
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 Lakewood
– Up to $7000
– Lakewood City Limits
Homeownership Center of Tacoma
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Up to 22% of purchase price
Below market price homes
Hilltop area
Housing Education
Region 3
Region 4
Benton, Chelan, Douglas,
Franklin, Grant, Kittitas,
Walla Walla, and Yakima
Counties
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City of Yakima
– Rehab for Seniors
– New Construction for low –moderate income
Yakima County HOME Consortium
– Home Rehab
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
Columbia Valley Housing Association (Housing
Authority of Chelan & City of Wenatchee)
– DPA/ Self help
– Housing Counseling & education
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Region 4
Region 5
Adams, Asotin, Columbia,
Ferry, Garfield, Lincoln,
Okanogan, Pend Orielle,
Spokane, Stevens, and
Whitman
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Community Action Center of Whitman County
Homeowner Resource Center of Whitman County:
– Self Help
– Rehab
– Weatherization
– Housing Education and Counseling
Spokane Neighborhood Action Program
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City of Spokane & Spokane County
Rehab, Weatherization & Energy Efficiency
Minor Home Repairs
Housing Education and Counseling (HUD Approved)
The ARC of Spokane
– Down Payment Assistance
– People with Disabilities
– Housing Education and Counseling
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Region 5
Region 6
Clark, Cowlitz, Klickitat,
Lewis, Pacific, Skamania,
and Wahkiakum Counties
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Community Housing & Resource Center Vancouver
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Housing Education & Counseling
Credit Repair/Debt Management/ Budget Counseling
Mortgage Default Counseling
Reverse Mortgage Counseling
Pre-Purchase Services
Tax Preparation Assistance
City of Vancouver Rehab program
Lower Columbia Family Finance Resource Center
(Longview)
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Housing Education & Counseling
Credit Repair/Debt Management/ Budget Counseling
Mortgage Default Counseling
Self Help Housing
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Region 6
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
• Kittitas County (Yakima Valley) <<new>>
– Kittitas Yakima Valley Community Land Trust
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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,
Longview CAP
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Matching Programs
• HomeStart
Clients are provided up to $5,000 (through a FHLB
member bank)
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
7/16/2015
Housing Authorities
• Section 8 for Homeownership
• Family Self Sufficiency
• Classes and Counseling
7/16/2015
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
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Size of home
Number of bedrooms
Number of bathrooms
Neighborhood
State of home (new vs fixer)
Garage
How to Shop for a
Real Estate Professional
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Why use a Real Estate Agent?
Interview several people
Questions to ask
Buyers agent vs. sellers agent
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
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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
Making the Offer
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Purchase and sale agreement
Sellers disclosure
Neighborhood review
Financial contingency
Inspection contingency
Home Inspection
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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
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
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Foreclosure Prevention and Early Delinquency Intervention
Home Maintenance
Consumer Protection Resources
Community Resources for Further Counseling or Other Assistance.
Fair Housing
Predatory Lending
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
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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
7/16/2015
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
7/16/2015
Predatory Lending
Predatory lending vs. sub-prime lending
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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.
7/16/2015
Fair Housing
• Who is protected
• What is prohibited in the sale & loan
• How to file a complaint
7/16/2015
How “Going Green” can save
you money $$
To get you thinking “green”, here are some tips that will not only
help conserve resources but may also save you money:
• If you haven’t already, convert to the compact florescent light bulbs
(a bulb at a time…)
• Use biodegradable cleaning products.
• If you are not already recycling paper, glass and plastic, call your
disposal company and ask for recycling bins.
• Recycle your yard waste, contact your disposal company or
purchase a bin.
• Use less water - flush less often, use your dishwasher, wash full
loads.
7/16/2015
How “Going Green” can save
you money $$
• Use less energy – unplug small appliances, turn off computers, use
timers on outdoor lights.
• Unfortunately, traditional wood burning fireplaces tend to lose more
energy than they produce, pulling heated air out of the house and
sending it up the chimney (and burning wood adds to air pollution). If
you have natural gas or propane heating, consider gas logs.
• Replace shower heads. Choose a low-flow unit and you'll get
virtually the same sensation of water flow while saving money and
water.
• Purchase cloth re-useable grocery bags.
• Organize closets and donate unused clothing and household items
to charity instead of throwing away.
7/16/2015
How “Going Green” can
save you money
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As you upgrade:
– Purchase Energy Star appliances, there may even be
additional rebates and tax incentives
– Purchase a higher output rated furnace or consider
converting that oil tank to gas heating
– Check out Solar Panel options in your area
Here are some handy links to track Utility Rebate Programs and
Energy Usage:
http://www.dsireusa.org/incentives/
http://hes.lbl.gov/consumer
Continue to visit the Commission’s Seasonal Newsletter for
additional tips http://www.wshfc.org/buyers/newsletter.htm
7/16/2015
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
7/16/2015
Housing Counseling Agencies
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7/16/2015
One on one counseling
Loan document review
Budgeting and financial literacy
Mortgage default counseling
Predatory lending counseling
Reverse mortgage counseling
Run /Check credit report
Research & Resources
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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)
7/16/2015
Or Call the Homeownership Hotline:
1 – 877- 894- HOME (4663)
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
7/16/2015