17 - Indiana Association for Community Economic Development

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May include:• Setting short- and long-range goals• Development of spending and saving plans• Tracking income and expenses• How to read a credit report• Information on credit reporting agencies• Strategies for building or rebuilding credit2. Selecting a Home (1.5 - 3 hours)Goal: Client decides what kind of home they need, want, and can afford, and beginsto 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”—needs vs. wants• Choosing a realtor• Understanding MLS lists• House-hunting resources• Comparison shopping and record-keeping• Information about fair housing practices• Universal design and accessibility options• Environmental disclosures• Negotiating the purchase• Submitting the offer10Goal: Client knows what to watch for in an inspection.May include:• Different types of inspections• Difference between inspection and appraisal• Why an inspection is important• Finding an inspector• Checklist of inspection items• Understanding the home inspection report• Environmental issues to investigateIndiana’s Homeownership Education & Counseling System (HomeEc) Report — XXVI
3. Financing a Home (2.5 - 4 hours)Goal: Client understands what a mortgage is and how it works, what to look for in amortgage, why it is important to “shop around”, how to qualify, and how much toborrow.May include:• Types of lenders (banks, mortgage brokers, etc)• Types of products, including land contracts and programs for low- to moderateincomebuyers• Pre-qualification• Loan application process and paperwork• Calculating debt ratios and loan payments• Comparing loan terms and “shopping” for financing• Calculating costs related to obtaining a loan, down payment, and closing• Understanding fees• How escrow works10Goal: Client has an understanding of predatory lending and other abusive practices.May include:• Ensuring a fair appraisal• Fair housing practices• “Red flags” for predatory lending• Rent-to-own and “buy here pay here” vs. conventional mortgages• Ensuring that fees are legitimate• Common post-purchase predatory lending practicesGoal: Client understands how their loan works, steps to maintain financial stability,and how to avoid foreclosure.May include:• Understanding the terms of the loan (payment due date, loan amortization, etc)• Where and when to seek help if difficulties arise• Budgeting review• Creating an emergency fund• Refinancing and prepaying mortgages• The role of reverse mortgages4. Preparing for the Closing Process (1 – 2 hours)Goal: Client knows what to expect at closing, including familiarity with forms anddocumentsMay include:• Moving checklist• Final walk-through• Costs of closing on a loan• Closing documents (HUD-1, Truth in Lending, title insurance, mortgage,mortgage note, deed, homeowners’ insurance, etc)Indiana’s Homeownership Education & Counseling System (HomeEc) Report — XXVII
Page 1 and 2: Appendix 1.Summary of Other States
Page 3 and 4: Appendix 2.Other States’ Funding
Page 5 and 6: Appendix 3.List of Review Panel Mem
Page 7 and 8: What do you see as the biggest barr
Page 9 and 10: Appendix 5.Spring 2002 Network Meet
Page 11 and 12: Basic Programmatic Needs• Homeown
Page 13 and 14: 5. Understanding the Closing Proces
Page 15 and 16: Programmatic Needs• Adequate fund
Page 17 and 18: Appendix 8.Summary of Participant R
Page 19 and 20: 29. Include “how-to” section wi
Page 21 and 22: 14. Show what the economic benefit
Page 23 and 24: Appendix 9.Fall 2002 Network Meetin
Page 25: Homeownership Educator Skill SetReq
Page 29 and 30: Appendix 11.Fall 2002 Regional Meet
Page 31 and 32: Basic Elements of a Homeownership C
Page 33 and 34: Appendix 12.Summary of Participant
Page 35 and 36: o Empowerment• Ensure that client
Page 37 and 38: • Don’t make regions too big•
Page 39 and 40: Appendix 13.Summer 2003 Network Mee
Page 41 and 42: monitor regional activity. Each com
Page 43 and 44: procedures, and services with the s
Page 45 and 46: • Groups should have flexibility
Page 47 and 48: o Incentivizing networks of provide
Page 49 and 50: Appendix 15.Recommendations: Homeow
Page 51 and 52: Basic Elements of a Homeownership E
Page 53 and 54: 4. Preparing for the Closing Proces
Page 55 and 56: o Physical accessibility of facilit
Page 57 and 58: 3. Credit and Credit RepairGoal: Cl
Page 59 and 60: Getting Started & Financial Assessm
Page 61 and 62: Selecting a Home (cont.)Goal 2: Cli
Page 63 and 64: Financing a Home (cont.)Goal 2: Cli
Page 65 and 66: 4. Preparing for the Closing Proces
Page 67 and 68: Life As a Homeowner (1 - 2 hours)Go
Page 69 and 70: 6. Accessibility of MaterialsTopics
Page 71 and 72: Appendix 18.Recommended Homeownersh
Page 73 and 74: Appendix 20.Resource Library Catalo
Page 75 and 76: 35 Layman's Guide To Major Federal
Page 77 and 78:
Appendix 21.Sample Release Form for
Page 79 and 80:
Appendix 22.OrganizationArea V Agen
Page 81 and 82:
Appendix 22.OrganizationSummary of
Page 83 and 84:
Appendix 22.OrganizationOhio Valley
Page 85 and 86:
Appendix 24.Roles and Responsibilit
Page 87 and 88:
COUNTYFORE-CLOSUREFILINGRATEGSEMARK
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Appendix 27.Graphical Representatio
Page 95 and 96:
CountyAppendix 28.Hispanic Populati
Page 97:
CountyAppendix 28.Hispanic Populati
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17 - Indiana Association for Community Economic Development

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