Homebuyer Program Orientation

Homebuyer

Program

Orientation

1405 E. McDowell Rd, Suite 100 Phoenix, Arizona 85006 Telephone: (602) 258-1659 Website: www.nhsphoenix.org 1

History of NHS Phoenix

 NHS Phoenix was founded in 1975 and is a chartered member of NeighborWorks® America

 Over the last three decades we have:

 Helped over 1,000 families become first-time home buyers.

 Educated over 7,000 families in homebuyer education

 Originated $17.6 million in mortgage loans

Mission Statement

Neighborhood Housing Services of Phoenix, Inc.

(NHS Phoenix) is a non-profit organization dedicated to the revitalization of Phoenix neighborhoods

by providing a full range of programs and services to encourage, create and support home ownership.

We help hard-working families realize the dream of financially-stable homeownership

We BUILD

What does NHS Phoenix do?

We TEACH

HUD-Approved Counseling Agency  One-on-one counseling o Pre-purchase o Post-purchase o Foreclosure Intervention o Reverse Mortgage

 Homebuyer Education (HBE)

classes on-site & on-line

 Financial literacy on-line

 Financial Recovery workshops

What to bring to your

1st Counseling Session:

1. Proof of income

-

Current pay check stubs for the last 30 days or S.S. Award letter, Retirement, Disability, Alimony,

Child support

2. Most recent bank statements

-

checking & savings for the last 60 days

3. Income tax returns for last 3 years

4. Credit report fee -

Description of Classes

•

Homebuyer Education (HBE) – a comprehensive overview of the home buying process. You can now take this 8-hour course in the classroom or online at your convenience.

•

Financial Recovery workshop – this FREE 8-hour workshop is STRONGLY encouraged for potential buyers who are working on correcting and improving their

credit.

• Financial Literacy on-line classes – 5 hour course ONLINE with readings, video and Q & As to help YOU get your financial life in order!

More about HBE

 Homebuyer Education Class

– Prerequisite for the down payment assistance programs.

– Helps you become an informed consumer before making the largest purchase of your life!

– 8-hour course, certificate is good for one year.

– The class fee is $300, but may be discounted based on the specific program. Your counselor can inform you about your qualification.

 Affordable home development

 New or renovated

single-family homes for sale

We BUILD

Licensed Construction Company (ROC #257107)

and Real Estate Brokerage

3417 S. 97th Lane

$105,000

 3 Bedrooms + Den / 2 Baths  1,599 square feet

 Freshly painted inside & out  New carpet and floor tile

 New Energy Star light fixtures

 New water-saving plumbing fixtures

 New energy efficient appliances and window coverings are included in sales price

 $15,000 in down payment assistance available to qualified buyers.

We offer

flexible mortgage products and

down payment/closing cost assistance for

qualified buyers.

We LEND

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Licensed Mortgage Bank

Requirements of Down

Payment Assistance

(DPA)

 Buyer must meet with a pre-purchase counselor and

take an 8-hour home buyer education (HBE) course.

 Buyer must occupy the home as a principal residence.

 Borrower must be U.S. citizen or permanent resident

alien.

 Borrower must have a minimum of $1,000 of their own

money.

DPA

DOs and DON’Ts

 DO understand that program details, requirements, and

availability can change over time.

 DO understand that spending behavior can impact credit

scores, ratios, and eligibility for down payment assistance.

 DO NOT assume that down payment assistance is a

guarantee. Assistance is based on credit, income and ratios. As a result, not all buyers will qualify.

 DO NOT make an offer on a property until you know all of

the program details and whether or not you qualify for the program(s).

How much mortgage can you afford?

 As a rule of thumb, estimate two to three times of

household income to see how much mortgage you can afford.

 Ex. If your annual income is $49,200, you might be

able to afford a mortgage of $98,400 to $147,600.

$49,200 X 2 = $98,400 $49,200 X 2.5 = $123,000 $49,200 X 3 = $147,600

Your Path to Ownership

starts with

NHS Phoenix

Action plan created Financial Recovery Workshop Additional counseling visits required? Close on loan & keys to home 1st _Appointment with counselor Complete an Intake form Homebuyer Education Conditional Loan Approval Shop for New home

15

To take the 1

st

step on your

path to

HOMEOWNERSHIP…

Download, fill-out and bring in/mail in your

Intake Form to:

1405 E. McDowell Rd, Suite 100 Phoenix, Arizona 85006,

Fax: (602) 258-1666

[email protected] Revised Dec 29, 2011

/nhsphoenix @nhsphoenix /nhsphoenix