Homebuyers Education Course - Pioneer Credit Counseling

 Homebuyers Education Course

Pioneer Credit Counseling Copyright 2009

PIONEER CENTER FOR EDUCATION

Homebuyers Education Course

PRESENTATION GUIDE TABLE OF CONTENTS

INTRODUCTION SEGMENT 1: Class Schedule SEGMENT 2: Realizing the American Dream Workbook Content Reference Guide SEGMENT 3: Accompanying Power Point Slides SEGMENT 3: Forms

o Housing Counseling Intake Form o Housing Disclosure o Credit Report Authorization Form o Monthly Budget Worksheet o Class Participation Roster

INTRODUCTION:

This course is provided by Pioneer Credit Counseling and serves the purpose to provide vital information for clients who are seeking to purchase a home. The 8 hour class is led by a certified counselor and includes insight and information from respected experts one would encounter in the home buying process.

The course is broken into two 4-hour sessions and scheduled at times that are most convenient for clients.

It is our intention that clients leave the course with a greater knowledge in the subject matter, which leads them to make wise financial decisions with consideration to all the costs that come with buying a home.

Our Homebuyer Education consists of a group setting, in which we introduce those participating in the session to the different individuals and processes in the home purchasing process. This includes the realtor, home mortgage consultant, appraiser, home insurance consultant, inspector and the different state offered programs for the home buyers. Our objective is to educate first time home buyers on the many processes of the home purchasing process. At the beginning of the first of the two classes, we have each client participating fill out an Intake Form and provide them with a budget worksheet. Each client is then provided several handouts from the participating speakers in which they go through in detail regarding the purchasing process. Following the class will be one-on-one counseling as needed to help the client purchase their dream home.

Our pre purchase counseling also starts in a group setting. Again an intake form is filled out and necessary agreements are signed. The content of the group session will be Homeownership readiness and affordability, Money and Credit Management, Types of Properties and Financing Available, Purchase/Mortgage and Closing Process, Home Maintenance and Financial Management after home purchase. After the group session we will again hold one on one sessions which we will cover; Personalized analysis of financial situation, assessment of ability to qualify for a mortgage, develop a plan to overcome any barriers to achieving home ownership, linkages with housing industry professionals and review of all aspects of purchasing and financing process. Once an evaluation is completed with the client they will fall into two categories near ready buyers or long term buyers. Our near ready buyers are clients with fairly minor obstacles that can normally be resolved within a month or two. Our long term buyers are clients facing obstacles to homeownership that cannot be resolved in a few months. The same material will be used for both cases the only difference is the amount of counseling that each client will actually receive.

The activities that are involved in both the Homebuyers Education and Pre Purchase counseling will include general needs assessment which involves gathering information regarding a customer's financial situation, identifying their needs/options, assessing their readiness by reviewing their credit report and calculating affordability. We will assist clients in creating a household budget and monitoring the progress in following the budget, tracking expenses and establishing a financial plan to reduce debts and establish a savings plan. Help them address credit problems, establish or rebuild credit and help them

to know what needs to be done to improve their credit score. Corrective action planning which involves outlining the steps needed to overcome any identified obstacles. We will be utilizing a prequalification worksheet which involves calculating how much they can afford monthly for a mortgage payment, assessing their eligibility for a mortgage loan and providing them with information regarding available mortgage products and housing assistance programs. Document review will be provided also which involves evaluating their loan documents and purchase documents. We will explain to the client the steps in the mortgage loan application and purchase process. We will then make referrals as necessary if any physical, social, mental or financial difficulties are identified during the counseling process that cannot be handled by the counselor.

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