The American Dream Are you financially prepared to buy a home? Do you understand lending criteria? What should you know prior to closing? PRESENTED BY.

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Presentation transcript:

The American Dream Are you financially prepared to buy a home? Do you understand lending criteria? What should you know prior to closing? PRESENTED BY GREENPATH Jane Doe Certified Consumer Credit Counselor

How Much Can You Afford? Annual Income X 2.5 The smallest mortgage possible How Much Can You Afford?

Annual Income X 2.5 The smallest mortgage possible

Spending Guidelines

Cash Funds Required Down Payment Earnest Money Deposit Closing / Settlement Costs Post-Purchase Reserve Funds And…

What are some costs of homeownership that people typically forget?

Homeowner’s Insurance Property Taxes Commuting Costs Home maintenance Utilities Furniture

Do you know the difference between a front-end and back-end ratio?

Debt Ratios Front End Ratio Back End Ratio Turn to page 5 in your workbook for an example of ratios.

What’s the difference between a dream and a goal?

Specific Measurable Attainable Realistic Timely SMART Goal Setting Take a moment to fill out some goals of your own!

Develop Your Budget This chart is also on page 4 of your workbook.

Visit for free budgeting worksheetswww.greenpath.com/university/resources Resources

Do you know the difference between pre-qualification and pre-approval?

Getting Ready to Shop Turn to page 6 in your workbook. Pre-Qualification Pre-Approval

Needs vs. Wants What are your top 3 needs in a home? Turn to page 7 in your workbook and fill in the blanks.

Negotiating the Deal New Home Inspection Selling Your Present House Appraisal Closing Costs

Shopping for Your Loan Conventional

Shopping for Your Loan Government Financed / Insured

Mortgage Specifics Fixed Rate

Mortgage Specifics ARM Hybrid / Convertible

Mortgage Specifics Escrow PMI

Comparing Lenders Down Payment Discount Points APR

Do you know the criteria lenders use to determine eligibility for loans?

Evaluation Criteria Stability of Income Adequacy of Income Sufficient Money to Close Creditworthiness

Closing Tips Review HUD-1 View House Be Courageous Read Ask Questions Turn to page 13 in your workbook to see the documents received at closing.

Don’t Forget Consult with the Prior Owner

Don’t Forget Review the Home Inspection Report

Don’t Forget Save for Maintenance

Don’t Forget Get Sufficient Homeowner’s Insurance

Don’t Forget Be a Good Neighbor

Questions?

GET IN TOUCH CONTACT US We’d love to chat more! GreenPath is a not for profit consumer credit counseling agency and HUD approved housing counseling agency with offices around the country. f f t t facebook.com/greenpathdebt twitter.com/greenpathdebt

THANK YOU Jane Doe Certified Consumer Credit Counselor