mi propia casa, home of my own
DESCRIPTION
Home Buying Program http://nmhomeofmyown.org/TRANSCRIPT
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Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State [email protected]; 575-646-2253
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Thank You!!!
• Sponsored by New Mexico State University and the City of Las Cruces
• Supported by U.S. Department of Housing and Urban Development
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Introduction•Information and insight into the home-
buying process•Rent vs. Buy•Costs Involved•Managing a House
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Sections1. Managing Money2. Renting a Home3. Deciding to Buy a Home4. Home-Buying Process5. Maintaining the Home6. Being a Responsible Homeowner
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The Website
nmhomeofmyown.org
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For EducatorsTeaching Resources
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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
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Section 2: Renting a Home• Deciding to Rent
▫ Advantages and Disadvantages of Renting
▫ Who Will Live There? More About Roommates
▫ What Can You Afford?▫ What Do You Want?
• Finding a Home to Rent▫ Finding a Rental Unit▫ Comparing Rental Units▫ Renting a House▫ Renting With an Option to
Buy
• The Rental Process▫ The Rental Application▫ Your Right to Fair Housing▫ Rental Contracts
• Legal Aspects of Renting in New Mexico▫ Regulation of Rental
Contracts▫ New Mexico Rental Law▫ Military Personnel
• Moving Into Your Rented Home▫ Renters Insurance▫ Verifying the Condition of
the Rental Unit
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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
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Section 4: Home-Buying Process• Financial Readiness
▫ What Creditors Look For▫ Finding Mortgage Money▫ Types of Financial Institutions▫ Mortgage Options▫ Down Payment and Closing
Costs▫ Pre-Qualification or Pre-
Approval • Factors to Consider in
Housing Selection▫ Personal Needs and Wants▫ Location▫ Type and Style of House▫ Type of Construction▫ Interior and Exterior Space▫ Special Needs▫ Building as an Option
• Locating a House▫ Finding the House▫ Using Real Estate
Professionals▫ Buying Direct From
Owner • The Sales Contract
▫ Components▫ Acceptance
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Section 4: Home-Buying Process
• Home Inspections▫ Reasons for Home
Inspections▫ Locating an Inspector▫ What Inspections Include▫ Limits of Liability
• The Mortgage Process▫ Loan Application Process▫ Loan Approval Process▫ The Mortgage Payment
• Purchasing Homeowners Insurance▫ Before You Start Looking
for a Home▫ Stability of the Insurance
Company▫ Costs and Coverage▫ Customer Service
• Warranties• The Closing
▫ Preparation for Closing▫ Final Walk Through▫ Closing Day Procedures
• Conclusion
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Section 5: Maintaining the HomeInterior Maintenance• Preventive Home Maintenance
Checkup• Make a Basic Toolkit for
Simple Home Repairs• Selection and Use of Home
Cleaning Products• Discovering the Secrets of
Successful Storage• Heating• Cooling• Plumbing• Electrical• Appliances• Flooring• Walls• Furniture
Exterior Maintenance: • Home Exterior• Roof• Landscaping and • Lawn CareHome Safety: • Child-Proofing Your Home• Is Your Home Safe From
Fire Hazards?• Smoke Alarms• Carbon Monoxide Alarms• Are Your Children Safe
From Poisons?• Protecting Yourself Against
Burglary
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Section 5: Maintaining the HomeConservation: • Weatherize Your Home• Easy Tips to Save Money and the
Planet• How to Stop Air Leaks Around
Windows• Energy-Efficient Heating and
Cooling• Indoor Water Conservation Tips• Outdoor Water Conservation TipsEnvironment Issues: • Green Building• Reduce-Reuse-Recycle• Create a Home Recycling Center• Mold• Household Hazardous Waste• Alternatives That Are Relatively
Free of Toxic Effects• Radon
Pest Control: • Cockroaches and Their
Control • Southwest InsectsAccessible Living: • Update Your Home for a
Lifetime of Living• Vision and Hearing Loss• Hand Dexterity• Strength and Range of
Motion• Cognitive Difficulties and
Mobility Impairments• Balance and Coordination
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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
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OtherUniqueness of Home of My Own
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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
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Contract Example
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Checklist Example
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Worksheet Example
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From Basics …
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… to Advanced
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Visuals
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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.
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FAQs1. 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?
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Translated into Spanish
•Website materials
•Handouts▫PDFs
•Terms and Definitions
•Frequently Asked Questions
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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
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Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State [email protected]; 575-646-2253