Transcript This presentation on buying a Home is presented to you by DFW Metro Housing Presented by Colin Rosenthal and Chris Cook TEL 214-704-4005 FAX 214-666-3227 [email protected] http://wwwdfwmetrohousing.com.

This presentation on buying a
Home is presented to you by
DFW Metro Housing
Presented by Colin Rosenthal and Chris Cook
TEL 214-704-4005
FAX 214-666-3227
[email protected]
http://wwwdfwmetrohousing.com
Asha and her children
Asha and her
children in front of
their brand new
home
Asha Smith and her 2 children Tyler
and Faith Needed a home
• Once Asha had decided in
March of 2008 that she
was going to get her own
home There was no
stopping her.
She got her home
• She persevered and overcame
every obstacle and on January 8th
2009 she moved into her Brand
new home in Arlington Texas with
the help of AHAP (Arlington
Housing Assistance Program) and
the TCHP Tarrant County
Housing Partnership
Home-Ownership
She got her home
• AHAP (Arlington Housing
Assistance Program) and the
TCHP Tarrant County Housing
Partnership and other
Programs throughout the DFW
Metro-Plex
Who is the # 1 person in
your team?
Who is the # 1 person in
your team?
YOU ARE
Home buyer 101
Home buyer 101
What does it take to
purchase your own
home?
With an FHA loan
3.5% down payment
Home buyer 101
What does it take to
purchase a home?
About 6% in closing
costs
Home buyer 101
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What does it take to Purchase a home?
3.5 % down payment
6% in closing costs
This means you need 9.5% of the
price of your home to get into it?
Home buyer 101
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What does it take to Purchase a home?
3.5 % down payment
6% in closing costs
This means you need 9.5% of the
price of your home to get into it?
• On a $100,000 home that is $9500
Who has $9500 saved up?
Dreaming of Home-ownership?
• Very few people have $9500
ready and waiting to buy a home.
• This is where our knowledge and
experience as Realtor’s and Loan
Officer’s help you obtain your
dream of Home-ownership
The Problem
• There are various different methods of overcoming this
problem:
• But this is where our team work begins and
why team work is so important.
1) We ask the seller to pay
the 6% in closing costs
which is the maximum
allowed by law
The Problem
• There are various different methods of overcoming this
problem:
• But this is where our team work begins and
why team work is so important.
2) The 3.5 Down payment
required can be obtained
through Government Grant
and or Bond programs
How do we get Assistance?
• How can we eliminate or at
least help you with your
Down payment and
continue to help you get
into your home with only
$1000 investment?
How do we get Assistance?
• How can we eliminate or at least help you
with your Down payment and continue to
help you get into your home with only
$1000 investment?
•Through Government
Grant Programs
How do we get Assistance?
• How can we eliminate or at least help you with your Down
payment and continue to help you get into your home with
only $1000 investment?
• Originating through:
•
•
TDHCA Texas Department
of Housing and Community
Assistance and
Program 77
• The TDHCA is offering First Time
Home Buyers (You cannot have owned
a home for the past three years) 5% in
down payment assistance interest
free that is recoverable when the home is
sold again
• There is a 1% set up fee and you will need
to attend a First Time Homebuyers
Education Workshop.
How do we get Assistance?
• How can we eliminate or at least help you with your Down payment
and continue to help you get into your home with only $1000
investment?
• Originating through:
•
• HUD Department of Housing
and Urban Development Grant
Programs.
How do we get Assistance?
•
• HUD Department of Housing and Urban
Development Grant programs.
• Such as City “HAP”s
• Housing Assistance Programs
• City’s & County Home Assistance
Programs.
How do we get Assistance?
•
• HUD Department of Housing and Urban
Development Grant programs.
• Such as City “HAP”s
• Housing Assistance Programs
• City’s & County Home Assistance
Programs.
• Arlington, Fort Worth, Dallas, Irving,
Plano, Mc Kinney, Lewisville, garland
and many other cities in the Metro-Plex
have these HAP programs available
Minimum requirements
• To qualify for assistance your income must be below
the 80% Annual medium income bracket example:
• Family of 2 $43250 a year income
• Family of 6 $62550 a year income
• Your credit score must be above a 620
• We will assist you free of charge to rebuild your credit
if you are below a 620
• You must be able to invest a minimum of $1000 when
purchasing your own home
• Normally the minimum assistance is $7500 in most
cities to $14999 in Fort Worth.
The Home Buyers Club
• We basically have two different
programs.
• 1) A slow track Home Buyers club that will last 6 months and assist
those that need credit assistance. This is called the Home-buyers
Club
• 2) A fast track class for those who have already qualified for a home
loan and need the class ASAP
• We will advise you where this class can be taken,
normally on a Saturday for 8 hours
Home Buyers Club Cont.
•Each month we will present a
different topic starting with:
•
Month One: Orientation and are you
ready to buy a home:
Month Two: Managing your money
Month Three: Understanding Credit
Month Four: Applying for and obtaining a
mortgage loan.
Month Five: Shopping for a home
Month Six: Protecting your investment
after closing
Information available on my website
http://www.dfwmetrohousing.com
All the information on grant
programs
What is required of you?
• Depending on which program you are going
with, your Income cannot exceed the limits.
• Not have owned a home in 3 years
• Must be pre-qualified through Chris Cook or a
lending partner in the program
• Once you have filled in the application we will
work with you and guide you through the
process getting you qualified and do all the
paperwork. With your help of course.
Which program is best for you?
• It is imperative that you do not over extend
your selves when buying a home.
• To determine what price you can afford go
by the 1% rule $100000 home will cost
you $1000 a month including taxes and
insurance
• If you have been paying $700 a month
rent for the past 5 years try to stay at $700
A home costs more than a
rental
• Remember in your own home you pay for
the repairs.
• Therefore you must budget for repairs as
well as a mortgage payment.
• Always ask for a Home Warranty
• Extend it and pay for it on a
monthly basis after the first year
Finally
• I hope this presentation has given you more
of an idea of what is involved in buying a
home and Please feel free to call me 7 days a
week at 214-704-4005 to answer any
questions you may have. You may also visit
my web-site at:
• http://dfwmetrohousing.com/
• or E-mail me at
[email protected]
• Thanks very much for your time,
• Colin Rosenthal and Chris Cook