This presentation on buying a Home is presented to you by DFW Metro Housing Presented by Colin Rosenthal and Chris Cook TEL 214-704-4005 FAX 214-666-3227.

This presentation on buying a Home is presented to you by

DFW Metro HousingPresented by Colin Rosenthal and Chris Cook

TEL 214-704-4005FAX 214-666-3227

[email protected] http://wwwdfwmetrohousing.com

Asha and her children

Asha and her children in front of their brand new home

Asha Smith and her 2 children Tyler and Faith Needed a home

• Once Asha had decided in March of 2008 that she was going to get her own home There was no stopping her.

She got her home

• She persevered and overcame every obstacle and on January 8th 2009 she moved into her Brand new home in Arlington Texas with the help of AHAP (Arlington Housing Assistance Program) and the TCHP Tarrant County Housing Partnership

Home-Ownership

She got her home

• AHAP (Arlington Housing Assistance Program) and the TCHP Tarrant County Housing Partnership and other Programs throughout the DFW Metro-Plex

Who is the # 1 person in your team?

Who is the # 1 person in your team?

YOU ARE

Home buyer 101

Home buyer 101What does it take to purchase your own home?

With an FHA loan 3.5% down payment

Home buyer 101What does it take to

purchase a home?

About 6% in closing costs

Home buyer 101

• What does it take to Purchase a home?

• 3.5 % down payment

• 6% in closing costs

• This means you need 9.5% of the price of your home to get into it?

Home buyer 101

• What does it take to Purchase a home?

• 3.5 % down payment

• 6% in closing costs

• This means you need 9.5% of the price of your home to get into it?

• On a $100,000 home that is $9500

Who has $9500 saved up?

Dreaming of Home-ownership?

• Very few people have $9500 ready and waiting to buy a home.

• This is where our knowledge and experience as Realtor’s and Loan Officer’s help you obtain your dream of Home-ownership

The Problem

• There are various different methods of overcoming this problem:

• But this is where our team work begins and why team work is so important.

1) We ask the seller to pay the 6% in closing costs which is the maximum allowed by law

The Problem

• There are various different methods of overcoming this problem:

• But this is where our team work begins and why team work is so important.

2) The 3.5 Down payment required can be obtained through Government Grant and or Bond programs

How do we get Assistance?

•How can we eliminate or at least help you with your Down payment and continue to help you get into your home with only $1000 investment?

How do we get Assistance?

• How can we eliminate or at least help you with your Down payment and continue to help you get into your home with only $1000 investment?

•Through Government Grant Programs

How do we get Assistance?

• How can we eliminate or at least help you with your Down payment and continue to help you get into your home with only $1000 investment?

• Originating through:

•

• TDHCA Texas Department of Housing and Community Assistance and

Program 77

• The TDHCA is offering First Time Home Buyers (You cannot have owned a home for the past three years) 5% in down payment assistance interest free that is recoverable when the home is sold again

• There is a 1% set up fee and you will need to attend a First Time Homebuyers Education Workshop.

How do we get Assistance?

• How can we eliminate or at least help you with your Down payment and continue to help you get into your home with only $1000 investment?

• Originating through:

•

• HUD Department of Housing and Urban Development Grant Programs.

How do we get Assistance?

• • HUD Department of Housing and Urban

Development Grant programs.• Such as City “HAP”s• Housing Assistance Programs

• City’s & County Home Assistance Programs.

How do we get Assistance?

• • HUD Department of Housing and Urban

Development Grant programs.• Such as City “HAP”s• Housing Assistance Programs

• City’s & County Home Assistance Programs.

• Arlington, Fort Worth, Dallas, Irving, Plano, Mc Kinney, Lewisville, garland and many other cities in the Metro-Plex have these HAP programs available

Minimum requirements

• To qualify for assistance your income must be below the 80% Annual medium income bracket example:

• Family of 2 $43250 a year income• Family of 6 $62550 a year income• Your credit score must be above a 620• We will assist you free of charge to rebuild your credit if you

are below a 620• You must be able to invest a minimum of $1000 when

purchasing your own home• Normally the minimum assistance is $7500 in most cities to

$14999 in Fort Worth.

The Home Buyers Club

• We basically have two different programs.

• 1)   A slow track Home Buyers club that will last  6 months and assist those that need credit assistance. This is called the Home-buyers Club

• 2) A fast track class for those who have already qualified for a home loan and need the class ASAP

• We will advise you where this class can be taken, normally on a Saturday for 8 hours

Home Buyers Club Cont.

•Each month we will present a different topic starting with:

•Month One:  Orientation and are you ready to buy a home: Month Two: Managing your moneyMonth Three: Understanding CreditMonth Four: Applying for and obtaining a mortgage loan.Month Five: Shopping for a homeMonth Six: Protecting your investment after closing

Information available on my web-site

http://www.dfwmetrohousing.com

All the information on grant programs

What is required of you?

• Depending on which program you are going with, your Income cannot exceed the limits.

• Not have owned a home in 3 years• Must be pre-qualified through Chris Cook or a

lending partner in the program• Once you have filled in the application we will

work with you and guide you through the process getting you qualified and do all the paperwork. With your help of course.

Which program is best for you?

• It is imperative that you do not over extend your selves when buying a home.

• To determine what price you can afford go by the 1% rule $100000 home will cost you $1000 a month including taxes and insurance

• If you have been paying $700 a month rent for the past 5 years try to stay at $700

A home costs more than a rental

• Remember in your own home you pay for the repairs.

• Therefore you must budget for repairs as well as a mortgage payment.

• Always ask for a Home Warranty• Extend it and pay for it on a monthly

basis after the first year

Finally

• I hope this presentation has given you more of an idea of what is involved in buying a home and Please feel free to call me 7 days a week at 214-704-4005 to answer any questions you may have. You may also visit my web-site at:

• http://dfwmetrohousing.com/ • or E-mail me at [email protected]• Thanks very much for your time,

•Colin Rosenthal and Chris Cook