Home Buyers Club Overview
|
The Vallejo Neighborhood Housing Service Home Buyers Club was formed as a result of the NeighborWorks® Campaign for Homeownership. Vallejo NHS, as a member of NeighborWorks®, is committed to producing good loan customers and responsible homeowners of its Home Buyers Club Members. The Home Buyers Club is a "results-oriented" training curriculum, which entails a minimum of 8 hours of group training along with individual counseling sessions as necessary. Our meetings will be scheduled once per week for six weeks and members cannot miss more than one session or they will be asked to take a leave of absence from the club (with the option of joining a later series of training sessions). The six training sessions will cover these general topic areas: |
|
|
|
· Initial orientation and overview of the home buying process. · In depth analysis of potential homebuyer's personal and financial situation. · Details about house selection, financing and other key issues of the home purchase process. · Post-purchase issues such as home maintenance and community concerns. |
|
In further detail the six classes can be broken up in the following with an emphasis on the following: |
|
|
1. Introduction (What is VNHS and the Home Buyers Club?): |
|
|
|
· Cover all services of the Vallejo Neighborhood Housing Services and the Home Buyers Club and how they can help assist in the home buying process. |
|
2. Shopping and Buying A Home: |
|
|
|
· The advantages and disadvantages of owning a home · Setting goals · How to budget and save · How much you can afford to pay for a home · The importance of good credit when you try to borrow money · How to find the right house in the right neighborhood · How to make an offer · The steps to getting a loan · How you can maintain and protect your home after you move in |
|
3. Budgeting: |
|
|
|
· Know where your money goes · Setting financial goals · Budgeting to meet your goals · Cutting costs and finding ways to save · Planning, so that unexpected expenses are less of a threat |
|
4. Credit | |
|
|
· Understanding credit and protecting your credit rating · Fixing credit problems |
|
5. Home Maintenance/Keeping Your Home/Managing Mortgage-related Finances | |
|
|
· Making your home safe, energy-efficient and well-maintained · Your home buying team · Types of homes and types of ownership · Selecting the right house · How much you should pay · Writing a winning offer · Negotiating the best deal · What happens from contract to closing |
|
6. Getting A Mortgage Loan/Class Recap | |
|
|
· How a lender decides whether or not to give you a mortgage loan · Calculating how much you can borrow · Who makes mortgage loans · The different types of loans that are available · Shopping for the best loan · The loan application · The loan approval process · What to expect at closing |
|
All personal financial information given in meetings, group or private sessions, is confidential and each member will rely on fellow members and facilitators to keep it as such. Each member is also expected to do the following: | |
|
|
· Read everything they are given · Do every homework assignment thoroughly · Help and encourage other members · Attend all meetings |
|
Following graduation from the class, we offer one-on-one counseling sessions with the recipient in: |
|
|
|
· Assisting in repairing credit issues · Guidance in improving credit scores · Making recommendations to minimize expenses and save more. |
|
The staff and facilitators can be relied on to give accurate and timely answers to all the member's questions or concerns as well as be fully supporting of each member's issues and problems. We will always be a source of help in the homebuyer's process and will find resources to help our recipients get a better understanding of what they are involved in. | |
|
Home Buyer Education - contact Suzzette Heathcote |
|