17 - Indiana Association for Community Economic Development
17 - Indiana Association for Community Economic Development
17 - Indiana Association for Community Economic Development
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3. Selecting a Home (2-4 hours)Goal: Client determines what kind of home they need, want, and can af<strong>for</strong>d, andbegins to explore options.May include:• Research and evaluation of neighborhoods they are interested in• Advantages and disadvantages of different types of housing• Creation of “wish lists”• Choosing a realtor• Understanding MLS lists• House-hunting resources• Comparison shopping and record-keeping• In<strong>for</strong>mation about fair housing practices• Negotiating the purchase• Submitting the offerGoal: Client knows what to watch <strong>for</strong> in an inspection.May include:• Checklist of inspection items• Finding an inspector• Environmental issues to investigate64. Financing a Home (2-3 hours)Goal: Client understands what a mortgage is and how it works, what to look <strong>for</strong> in amortgage, why it is important to “shop around”, how to qualify, how much to borrow,and how to identify predatory lending practices.May include:• Types of lenders• Types of products, including programs <strong>for</strong> low- to moderate-income buyers• Prequalification• Loan application process and paperwork• Calculating debt ratios and loan payments• Comparing loan terms and “shopping” <strong>for</strong> financing• Calculating costs related to obtaining a loan, down payment, and closing• Understanding fees• Ensuring a fair appraisal• Fair housing practices and “red flags” <strong>for</strong> predatory lending<strong>Indiana</strong>’s Homeownership Education & Counseling System (HomeEc) Report — XII