& Albany County Post - The Altamont Enterprise

2B Spring Real Estate Section And Home Buying Guide The Altamont Enterprise – Thursday, May 17, 2010✔ Auto✔ Truck✔ Farm✔ GardenAltamont Parts Store996 Altamont BoulevardAltamont, NY 12009861-1013 FAX 518-861-1027Monday – Friday 7 a.m. to 6 p.m.Saturday – 8 a.m. to 3 p.m.SEEUSSite DevelopmentPaving, Excavation, TruckingConcrete/Patio Stone WorkLand Clearing(518) 788-0861Voorheesville, NYVoorheesville, NYFULLY INSURED FREE ESTIMATESWe’ve gotyour part!Carrying all name brand automotive parts.“If we don’t have the part, we can get it!”✔ SmallEngine✔ TrailerPartsWe make uphydraulichoses✶ Above the 24 Hour Laundromat ✶Turnpike PowerEquipment LLC174 Western Turnpike(Rt. 20)Altamont, NY 12009518-355-8823FORPARTS...Knowledge is power for home buyers(Continued from page 1B)said, counselors schedule a preliminaryqualification meeting,with potential homeowners.Prior to the meeting the groupsends a packet containing generaldocumentation and asks forfinancial disclosure, since theirwork involves access to relevantprivate information.After the documentationis signed and returned, theagency schedules a personalappointment. The initial costof a meeting is about $18, saidGibeau, which is what it coststhe service to acquire an up-todatecredit score.Though many housing counselingagencies like the RuralHousing Alliance offer theirservices free of charge, there arestill unavoidable fees –– formsand processing costs to be paidby a homeowner, explainedGibeau.Other costs might includeRealtor and lender expenses orattending a homebuyers’ educationcourse, which is required toqualify for certain aid, to namea few.Taking ControlColonie resident JoAnn Brownattended a homebuyers’ coursein April in order to qualify fora match mortgage savings program.Brown’s personal goal isto be in her first home by theend of 2012.“It’s a daunting task, buying ahome. There are a lot of details,a lot of pieces that are hidden,like taking the class today.There are other hidden fees likefor lawyers, closing fees, creditchecks, and applications,” saidBrown. “The agency has beenextremely helpful in breakingit all down.”Brown has been through thehome buying process before buthas never purchased a home.She recently took custody ofher 7-year-old granddaughterand said buying a home wasa lifelong effort, symbolizingmuch more than a building tolive in.“In the end, I guess I decidedto take control of my life. If youknow you’re better than whereyou are, reach out and get thatbetter place,” she said. “Justbelieve in yourself and use everyresource you can; call the housingagency, ask questions, youcan be where you want to be.Don’t just give up,” she said.During a preliminary qualificationmeeting, housing counselorsreview outstanding debt,income, expenses, credit score,and other financial factors incomputing an affordable pricerange.One of the first programsa counselor will most likelyrecommend is creating an IndividualDevelopment Accountwith an approved lender. Thefederal program asks potentialhomebuyers to participate in a10-to 24-month program wherethey have to pay a consistentmonthly amount for that period,said Gibeau. For every dollar anindividual saves in the account,the grant will match the savingsat a rate of 3 to1.“The program is designedDANʼS HANDYMAN SERVICEBeautify Your Home Without The BIG Price!Specializing in: Electrical, Plumbing, Carpentry,Masonry, Roof Repairs,Painting, Property Maintenance.Odd and Small Jobs Welcome.27 years experience.Altamont Enterprise –– Tyler MurphyNo place like home: Housing counselor Stephanie Galvin tellsan audience about the home buying success stories of 2011, duringthe Albany County Rural Housing Alliance’s annual meeting.to create a habit of monthlysystematic saving. You can’tjust pay it all off at once, it hasto be at least for 10 months.The $1,875 you put in gets you$7,500 in the end,” she said.The account earns only amaximum of $7,500 and, if aperson is unable to match ormake consistent payments, theaccount is canceled with theindividual’s contributions refunded,Gibeau said.After completing the program,a potential buyer has up to sixmonths to start the final processof buying a specific homeor the account is also canceled,she said.Another aspect of qualifyingfor the development account is amandatory eight-hour homebuyers’education class. The classreviews the home buying processin closer detail and invites localexperts in banking, real estate,Serving Vʼville, Gʼland, Delmar and HilltownsCall Today 229-1978transformationshome@hotmail.comand other housing related professionsto speak with those inthe class. The class is open toall potential homebuyers butis required for those seekingassistance.While a housing counselingservice can provide adviceand education, it must remainneutral in making referrals fora specific lender or a Realtor.However, the agency does providean impartial contact listof qualified and approved businessesin the region, explainedGalvin.“People should expect a lot ofinformation. There’s no way topossibly remember everythingyou go through,” said Gibeau.****To learn more about buying ahome or to contact the AlbanyCounty Rural Housing Alliancevisit their website at www.acrha.org.