MAM Conference 2004 Minnesota Home Ownership Center Homes For All Convention December 7, 2006

MAM Conference 2004 Minnesota Home Ownership Center Founded in 1993, the Minnesota Home Ownership Center (the Center) is a 501(c)(3) nonprofit intermediary organization dedicated to enabling Minnesotans with low- and moderate- incomes to purchase and maintain homes Who Is The Home Ownership Center?

MAM Conference 2004 Minnesota Home Ownership Center The Center as an intermediary provides: Training Technical support Funding Network of more than 40 provider agencies Who Is The Home Ownership Center?

MAM Conference 2004 Minnesota Home Ownership Center Comprehensive Home Buyer Training Two Step Program: Step 1: Educational Workshop Step 2: Individualized Housing Counseling Home Buyer Training

MAM Conference 2004 Minnesota Home Ownership Center Information provided by a variety of housing professionals in a workshop setting. Home Buyer Training Part 1 Educational Program – Home Stretch

MAM Conference 2004 Minnesota Home Ownership Center The workshop provides a thorough understanding, from start to finish, of the process and responsibilities of home ownership. Education: Home Stretch Workshop Home Buyer Training

MAM Conference 2004 Minnesota Home Ownership Center Are you ready to buy a home Lifelong money management Financing a home Getting a mortgage loan Home Buyer Training Home Stretch Workshops content:

MAM Conference 2004 Minnesota Home Ownership Center Shopping for a home The closing process Preventing foreclosure Life as a homeowner Home Buyer Training Home Stretch Workshops content:

MAM Conference 2004 Minnesota Home Ownership Center Participants have an opportunity to learn from and speak directly with housing experts, including: Realtors Home Inspectors Insurance agents Lenders Education: Home Stretch Workshop Home Buyer Training

MAM Conference 2004 Minnesota Home Ownership Center Last year 489 workshops held in Minnesota 4,878 households attended a workshop 92% First Time home buyers Median Income $33, Home Buyer Training Home Stretch Workshops

MAM Conference 2004 Minnesota Home Ownership Center Opportunity for home buyers to work individually with a housing professional to set up a specific plan which will put them on the path to home ownership. Home Buyer Training Part 2: Housing Counseling

MAM Conference 2004 Minnesota Home Ownership Center Counselors help homebuyers realistically evaluate their readiness for a home purchase, understand their financing and down payment options, and navigate what can be an extremely confusing and difficult process. Home Buyer Training Home Stretch Counseling

MAM Conference 2004 Minnesota Home Ownership Center Home Buyer Training Home Stretch Counseling Content: Analysis of financial situation Assessment of ability to qualify for a mortgage Development of plan to overcome barriers Linkages with housing industry professionals Review of all aspects of purchasing and financing a home

MAM Conference 2004 Minnesota Home Ownership Center Home Buyer Training Home Stretch Counseling Last Year, 1,598 households attended Counseling 91% first Time Home Buyers 25% Single Moms with children

MAM Conference 2004 Minnesota Home Ownership Center Counseling on homeownership problems Referrals to additional resources Emergency loan program (on case by case basis) Foreclosure Prevention Program Foreclosure Prevention Services

MAM Conference 2004 Minnesota Home Ownership Center Review options to bring your mortgage current Offer assistance in dealing with your lender Explain how to avoid predatory lending Explain the foreclosure timeline Provide options that may be available to avoid foreclosure Foreclosure Prevention Counselors will: Foreclosure Prevention Services

MAM Conference 2004 Minnesota Home Ownership Center Find a provider in your area at: Metro:Greater MN: (651) (866) (866)HOC-MINN