Mi Propia Casa, Home of My Own
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Home Buying Program http://nmhomeofmyown.org/
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Mi Propia Casa, Home of My Own
- 1. Mi Propia Casa Home of My Own Fahzy Abdul-Rahman New Mexico State University fahzy@nmsu.edu; 575-646-2253
- 2. 2 Thank You!!! • Sponsored by New Mexico State • Supported by U.S. University and the City of Las Cruces Department of Housing and Urban Development
- 3. Introduction • Information and insight into the home-buying process • Rent vs. Buy • Costs Involved • Managing a House 3
- 4. Sections 1. Managing Money 2. Renting a Home 3. Deciding to Buy a Home 4. Home-Buying Process 5. Maintaining the Home 6. Being a Responsible Homeowner 4
- 5. The Website nmhomeofmyown.org 5
- 7. Section 1: Managing Money • Making Your Money Work ▫ Determining What is Important ▫ Where Are You Now? ▫ Stop Spending Leaks ▫ Developing A Spending Plan • Using Credit ▫ What is Credit and How Much Can I Afford? • Building Savings ▫ Ways to Save ▫ How your Money can Grow ▫ Where to Save ▫ Investment Options • Selecting A Financial Institution ▫ Checking and Savings Accounts • Creating A Record System ▫ Keeping Records in Order and Where to Keep Records • Determine Readiness ▫ Financial Readiness and Benefits and Challenges 7
- 8. 8 Section 2: Renting a Home • Deciding to Rent • The Rental Process ▫ Advantages and Disadvantages ▫ The Rental Application of Renting ▫ Your Right to Fair Housing ▫ Who Will Live There? More ▫ Rental Contracts About Roommates • Legal Aspects of Renting in New ▫ What Can You Afford? Mexico ▫ What Do You Want? ▫ Regulation of Rental Contracts • Finding a Home to Rent ▫ New Mexico Rental Law ▫ Finding a Rental Unit ▫ Military Personnel ▫ Comparing Rental Units • Moving Into Your Rented ▫ Renting a House Home ▫ Renting With an Option to Buy ▫ Renters Insurance ▫ Verifying the Condition of the Rental Unit
- 9. Section 3: Deciding to Buy a Home • Homeownership Considerations ▫ Deciding to Own ▫ Needs and Wants • Finding the Right Home ▫ How Much House You Can Afford ▫ The Cost of a Home ▫ Shopping for a Home • Housing Types and Construction ▫ Types of Construction ▫ Choosing Site-Built Homes ▫ Choosing Manufactured Homes • Types of Homeownership 9
- 10. 10 Section 4: Home-Buying Process • Financial Readiness • Locating a House ▫ What Creditors Look For ▫ Finding the House ▫ Finding Mortgage Money ▫ Types of Financial Institutions ▫ Using Real Estate ▫ Mortgage Options Professionals ▫ Down Payment and Closing ▫ Buying Direct From Owner Costs ▫ Pre-Qualification or Pre- • The Sales Contract Approval ▫ Components • Factors to Consider in Housing ▫ Acceptance Selection ▫ Personal Needs and Wants ▫ Location ▫ Type and Style of House ▫ Type of Construction ▫ Interior and Exterior Space ▫ Special Needs ▫ Building as an Option
- 11. 11 Section 4: Home-Buying Process • Home Inspections • Purchasing Homeowners ▫ Reasons for Home Insurance Inspections ▫ Before You Start Looking for ▫ Locating an Inspector a Home ▫ What Inspections Include ▫ Stability of the Insurance ▫ Limits of Liability Company ▫ Costs and Coverage • The Mortgage Process ▫ Customer Service ▫ Loan Application Process ▫ Loan Approval Process • Warranties ▫ The Mortgage Payment • The Closing ▫ Preparation for Closing ▫ Final Walk Through ▫ Closing Day Procedures • Conclusion
- 12. 12 Section 5: Maintaining the Home Interior Maintenance Exterior Maintenance: • Preventive Home Maintenance • Home Exterior Checkup • Roof • Make a Basic Toolkit for Simple Home Repairs • Landscaping and • Selection and Use of Home • Lawn Care Cleaning Products Home Safety: • Discovering the Secrets of • Child-Proofing Your Home Successful Storage • Heating • Is Your Home Safe From Fire • Cooling Hazards? • Plumbing • Smoke Alarms • Electrical • Carbon Monoxide Alarms • Appliances • Are Your Children Safe From • Flooring Poisons? • Walls • Protecting Yourself Against • Furniture Burglary
- 13. 13 Section 5: Maintaining the Home Conservation: Pest Control: • Weatherize Your Home • Cockroaches and Their Control • Easy Tips to Save Money and the Planet • Southwest Insects • How to Stop Air Leaks Around Accessible Living: Windows • Update Your Home for a • Energy-Efficient Heating and Cooling Lifetime of Living • Indoor Water Conservation Tips • Vision and Hearing Loss • Outdoor Water Conservation Tips • Hand Dexterity Environment Issues: • Strength and Range of Motion • Green Building • Reduce-Reuse-Recycle • Cognitive Difficulties and • Create a Home Recycling Center Mobility Impairments • Mold • Balance and Coordination • Household Hazardous Waste • Alternatives That Are Relatively Free of Toxic Effects • Radon
- 14. Section 6: Being a Responsible Homeowner • Getting to Know Your New Home ▫ Maintenance, Repairs, Home Improvements ▫ Universal Design for Easy Living ▫ When and How to Hire a Professional • Financial Issues for Responsible Homeowner ▫ Home Equity Loans ▫ Predatory Lending • Managing Financial Difficulties • Foreclosure • Legal Responsibilities 14
- 15. 15 Uniqueness of Home of My Own
- 16. Printout Materials • High-quality, free ▫ PDF and HTML • Samples: Roommate Agreement, • Checklist: Seasonal Home Maintenance, Rental Application, Home Shopping • Worksheet: How Much We Owe, Comparing Rental Units, Rental Budget, Spending Plan • Links: Calculator, reference, Department of Energy 16
- 17. Contract Example 17
- 18. Checklist Example 18
- 20. 20 From Basics …
- 21. 21 … to Advanced
- 22. 22 Visuals
- 23. Terms and Definitions • In both English and Spanish • More than 250 terms and definitions • Examples ▫ Escrow Account - An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums or other charges when they are due. Sometimes referred to as an impound or reserve account. ▫ Hipoteca global o con pago final mayor (Balloon mortgage) - Una hipoteca que requiere un pago grande al final del plazo del préstamo. Estas hipotecas generalmente tienen una tasa de interés muy baja durante un período inicial (usualmente 5, 7 ó 10 años) y mensualidades muy bajas. Al concluir el período, se vence el saldo completo. Muchos prestatarios pagan el saldo refinanciando la hipoteca. 23
- 24. FAQs 1. What is Home of My Own? 2. How much does it cost to take the Home of My Own course? 3. How much time does it take to complete each class? 4. Do I have to enroll in the whole program, or can I enroll in just the parts I think I need? 5. Can I print anything that I see on the Web site? 6. How can I find out where and when classes will be held? 7. Who are the points-of-contact at the City of Las Cruces and New Mexico State University for the program? 8. Are there other places where I can get answers to a few questions without taking the classes or reading through the Home of My Own Website? 24
- 25. Translated into Spanish • Website materials • Handouts ▫ PDFs • Terms and Definitions • Frequently Asked Questions 25
- 26. Sign-In Sheet and Evaluations • Sign In Sheet (PDF) • Evaluations (PDF) ▫ Evaluation: short answer What did you find most/least helpful in this session?, What could be done to improve the class?, What more would you like to know more about this topic? ▫ Evaluation: multiple choice 4. The handouts/work sheets: a. Will be very helpful in the home-buying process. b. Will be helpful in the home-buying process. c. Will be slightly helpful in the home-buying process. d. Will not be helpful in the home-buying process. ▫ Evaluation: rating scale Class Activities 10 (Very Helpful) ::: 1 (Not Helpful); NA 26
- 27. Mi Propia Casa Home of My Own Fahzy Abdul-Rahman New Mexico State University fahzy@nmsu.edu; 575-646-2253
Notas do Editor
- The foundation for preparing to buy a home is good money management skills. This includes setting goals and developing a spending plan, using credit wisely and the importance of good credit, building savings, and developing relations with financial institutions. Creating a record keeping system will help you have all the information together that you need when applying for loan. All of the money management skills will help you to determine your financial readiness to buy a home.
- For many, renting is the first step to homeownership and for others it is a long-term lifestyle. Whichever path you take, there are important things to consider including who will live with you, what you can afford, your housing needs and where you will live. There also are legal issues to consider such as the rental application and the rental agreement. In addition, it is important to know your responsibilities as the renter, the landlord's responsibilities and how to move on when you are ready to rent somewhere else or buy a home. The following are some important terms to understand in the rental process: Rent — This is money paid to live in a dwelling that is owned by someone else.Landlords — Landlords or owners, offer renters — called tenants — many types of housing from small apartments to single family houses.Lease — A lease or rental agreement, is a written contract that lists the rights and duties of both landlord and tenant. Because it is a legal document, it can be enforced by a court. Verbal agreements or assurances are hard to prove and not easily enforceable.
- There are many things to think about before buying a home including the advantages and disadvantages of ownership, and your needs and wants. These will be the basis for deciding many aspects of your potential home. You will need to consider everything from whether to buy a brand new house to dealing with a homeowners association. The buying decision will be the result of many compromises about what you want, the needs of your household and the benefits and responsibilities that come with homeownership.
- For many, buying a home is the biggest purchase of their lifetime. The home-buying process can be overwhelming but having all the information will help you avoid unnecessary headaches and expenses. This section gives an overview of that process, including the key steps: 1) Determining your financial readiness, 2) Shopping for your mortgage loan, 3) Selecting your home, and 4) Closing on your house. Not everyone will follow the steps in this order, but most buyers will complete these basic steps when they purchase a home. The information presented here will help you become familiar with the process and allow you to feel more capable and comfortable with buying a home.
- For many, buying a home is the biggest purchase of their lifetime. The home-buying process can be overwhelming but having all the information will help you avoid unnecessary headaches and expenses. This section gives an overview of that process, including the key steps: 1) Determining your financial readiness, 2) Shopping for your mortgage loan, 3) Selecting your home, and 4) Closing on your house. Not everyone will follow the steps in this order, but most buyers will complete these basic steps when they purchase a home. The information presented here will help you become familiar with the process and allow you to feel more capable and comfortable with buying a home.
- For many, buying a home is the biggest purchase of their lifetime. The home-buying process can be overwhelming but having all the information will help you avoid unnecessary headaches and expenses. This section gives an overview of that process, including the key steps: 1) Determining your financial readiness, 2) Shopping for your mortgage loan, 3) Selecting your home, and 4) Closing on your house. Not everyone will follow the steps in this order, but most buyers will complete these basic steps when they purchase a home. The information presented here will help you become familiar with the process and allow you to feel more capable and comfortable with buying a home.
- For many, buying a home is the biggest purchase of their lifetime. The home-buying process can be overwhelming but having all the information will help you avoid unnecessary headaches and expenses. This section gives an overview of that process, including the key steps: 1) Determining your financial readiness, 2) Shopping for your mortgage loan, 3) Selecting your home, and 4) Closing on your house. Not everyone will follow the steps in this order, but most buyers will complete these basic steps when they purchase a home. The information presented here will help you become familiar with the process and allow you to feel more capable and comfortable with buying a home.
- What did you find most/least helpful in this session?, What could be done to improve the class?, What more would you like to know more about this topic?4. The handouts/work sheets:a. Will be very helpful in the home-buying process.b. Will be helpful in the home-buying process.c. Will be slightly helpful in the home-buying process.d. Will not be helpful in the home-buying process.Class Activities10 9 8 7 6 5 4 3 2 1 NAVery Helpful Not Helpful