The Homebuying 101 class meets over the course of four evenings. Each session lasts two hours and forty-five minutes in length with one ten minute break.
Class 1: 6:00—8:45pm (homebuying coaches, mortgage lender)
¨ Introductions, ground rules, overview of the course
¨ Why buy a home? Pros and cons.
¨ Income, savings, debt & credit: how the lender determines eligibility for a mortgage
¨ Identify uses for savings: down payment, closing costs, and pre-paid expenses
¨ Mortgage qualifying ratios
Class 2: 6:00—8:45pm (homebuying coaches)
¨ Understanding the rights and responsibilities of credit
¨ How to read and understand a credit report
¨ Identifying the steps to build or improve credit
¨ Budgeting
¨ Predatory lending terms and tactics
Class 3: 6:00—8:45pm (homebuying coaches, real estate agent, home inspector)
¨ Property types
¨ Affordable homeownership
¨ Identifying a healthy condominium association
¨ Establishing guidelines for finding a property
¨ Working with real estate agents
¨ Understanding the process of purchasing a foreclosed property
¨ Negotiating the Offer to Purchase; the contingencies
¨ The home inspection
Class 4: 6:00—8:45 (attorney, mortgage lender, insurance agent, homebuying coaches)
¨ The components of an offer
¨ Understanding the components of the Purchase and Sale
¨ Legal aspects of a closing
¨ Legal aspects of the landlord/tenant relationship; lead paint
¨ Shopping for a mortgage
¨ Homeowner insurance
¨ Responsibilities of homeownership; keeping organized, tax planning
