This course is HUD approved & meets the eligibility requirements for the Pathway to Homeownership Grant. Workshop covers a range of topics designed to help individuals understand the financial aspects of purchasing and maintaining a home. Some of the key components usually included are:
1.Understanding Credit: How credit scores and reports impact mortgage rates, what lenders look for, and how to improve your credit.
2.Mortgage Basics: Types of mortgages (fixed-rate, adjustable-rate), loan terms, interest rates, and how to choose the right mortgage for your financial situation.
3.Down Payments and Closing Costs: The importance of saving for a down payment, the typical percentage required, and other costs associated with closing the home purchase.
4.Debt-to-Income Ratio: How lenders assess your ability to repay a mortgage by calculating your income relative to your debt obligations.
5.Budgeting for Homeownership: Understanding the ongoing costs of homeownership, including property taxes, homeowners insurance, maintenance, utilities, and potential repairs.
6.First-Time Homebuyer Programs: Information on government programs or grants available to first-time buyers that may help with down payments or closing costs.
7.Understanding the Home Buying Process: Steps from house hunting, securing financing, making an offer
