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AME Zion

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Published in: Real Estate
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Transcript

  • 1. Program Highlights
  • 2. Mission
    • We are a non-profit organization working to provide decent affordable housing to low to moderate income people through innovative programs of housing and human development.
  • 3. As a HUD- Certified, Full Service Housing Counseling Agency:
    • Construction of new homes for first time homebuyers
    • Rehabilitation of existing homes for new homebuyers
    • Homebuyer Education Classes
    • Homeownership Counseling (one-on-one)
    • Down Payment assistance up to $40,000 for qualified applicants
  • 4. What’s Required
    • MEET INCOME LIMITS FOR A LOW TO MODERATE INCOME HOUSEHOLD
    • POSITIVE WORK HISTORY
    • WILLINGNESS TO COMMITT TO HOMEBUYER EDUCATION AND CREDIT & BUDGET COUNSELING
    • FIRST TIME HOMEBUYER
    HOMEOWNERSHIP HOMEBUYER EDUCATION FINANCIAL LITERACY WORK HISTORY LMI
  • 5. Participant Requirements
    • First-time Homebuyer
    • Complete 8 hours of Homebuyer Education
    • Earnest Money Deposit of $500.00**
    • Decent Credit
    • Stable Employment
    • HUD Income Limits Apply
  • 6. Group and Individual Sessions
  • 7. Why Homebuyer Education?
    • ASSIST YOU WITH:
    • Understanding Credit and Credit Scoring
    • Establishing a Budget
    • Taking Confusion and Uncertainty out of the Home-buying process
    • Providing additional information for Securing the Best Mortgage Product
    • Maintaining your Investment !
  • 8. Homebuyer Education:
    • Assessing Your Readiness to Buy a Home
    • Budgeting
    • Credit
    • Insurance and Property Taxes
    • Real Estate and Lending Terms
    • Interest Rates
    • Loan Products
    • First Time HomeBuyer Programs
  • 9. Homebuyer Ed. Cont.
    • Loan Document Review
    • Foreclosure Prevention
    • Predatory Lending
    • Home Maintenance
  • 10. Individual Counseling
    • Personal Credit & Debt Review
    • Budget & Money Management
    • Customized Action Plan toward homeownership
    • Assess what mortgage payments you can afford
    • Loan Packaging with first-time HB Assistance Program
  • 11.  
  • 12. Locations of AMEZ Homesites
    • 3844 Prices Lane - PRESOLD
    • 402 South 17 th Street – PRESOLD
    • 1314 Church Street – FOR SALE
  • 13. AMEZ Buildable Locations
    • 3825 Prices Lane
    • 1018 North 6 th Street
    • 902 South 8 th Street
    • 907 Grace Street
    • 909 Grace Street
    • 911 Grace Street
    • 701 McCrae Street
  • 14. Down Payment Assistance
    • $130,000.00 - 1314 Church Street
    • $15,000.00 Down Payment Assistance
    • 25,000.00 NCHFA - NHLP
    • HOP Loan - 40%/60%
    • = $78,000 @ 5.25%
    • P&I= 430.72
    • Ins= 108.00
    • Tax= 86.48
    • $625.20
  • 15. Class Schedule
    • 1 st Friday every other month*
    • Next Class will be held
    • May 14, 2010
    • 12pm – 8pm
    • *Additional Classes including Morning /Evening & Saturday Classes may be scheduled.
    • Individual Counseling Sessions are available
  • 16.
    • Counseling Services
  • 17. Programs of Assistance
    • National Foreclosure Mitigation Counseling Program (NFMC) through the North Carolina Housing Finance Agency
    • Home Protection Program (HPP) through the North Carolina Housing Finance Agency
    • The State Home Foreclosure Protection Program (SHFPP) through the North Carolina Commissioner of Banks Office.
  • 18. Foreclosure Counseling Process
    • Contact our office to complete a Client Intake
    • Homeowner Packet will be forwarded
    • Upon completion of the information packet, contact the office to schedule an appointment with a Certified Housing Counselor.
    • The counselor will assess your mortgage situation by reviewing your documents, budget, etc. and make a recommendation on how to proceed with curing the mortgage delinquency.
  • 19. Common Themes
    • Calls within a day or two of having to attend a foreclosure hearing
    • Unaware of how many payments are due to their lender/servicer
    • Unable to provide a true account of monthly expenses
    • Not wanting to reduce or eliminate expenses
    • Not wanting to provide the lender with requested documentation
  • 20.
    • Repayment
    • Forbearance
    • Modification
    • Refinance
    • Sale of home
    • Short Sale of Home
    • Deed in Lieu
    Possible Ways to Avoid Foreclosure
  • 21. Common Misconceptions
    • AMEZ has housing assistance funds
    • AMEZ is responsible for solving the clients mortgage issues
    • AMEZ housing counselors can work miracles
  • 22. Curing Defaults – Remaining in the Home
    • If your mortgage issues are temporary :
    • Loan Repayment - Distributes your past due amount over a period of time by adding it to your normal monthly payment .
    • Loan Forbearance - You will make reduced payments or no payments at all for a certain period of time with the balance due at the end of the agreement period
  • 23. Curing Defaults – Remaining in the Home
    • If your mortgage issues appear to be long-term:
    • Loan Modification – Your arrearage ( escrow, interest, etc) will be added back into your unpaid balance and re-amortized over a new period or term
    • Loan Refinance - Depending upon your current circumstances you may be able to refinance for a better rate and term
  • 24. Curing Defaults – Exiting the Home
    • Selling the Home – Placing the home up for sale
    • Short Sale – Selling your home to payoff your mortgage even though the market value may be less than what is owed
  • 25. Curing Default –Exiting Cont.
    • Deed-in –Lieu – You voluntarily choose to transfer the property back to the lender if you cannot sell the home
  • 26. Special Programs
    • Home Affordable Modification Program
    • HAMP
    • Designed to assist borrowers who are already behind in their mortgage payments and people facing imminent default
    • Homeowners whose mortgage payment (including taxes, insurance, and homeowners/condo fees) exceeds 31% of their gross income (their income before deductions);
  • 27. Information to provide to lender
    • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
    • Your most recent income tax return.
    • Your Bank Statements
    • Letter of Hardship/Affidavit
  • 28. Lowering the Payment for Modification
    • Lower the IR to as much as 2%
    • Extend to loan term from 30 to 40 years
    • Take a portion of the principal and defer it until the loan is paid off
  • 29. Special Programs
    • Home Affordable Refinance Program
    • HARP
    • For homeowners that are current on their mortgage payments but may have trouble refinancing due to decreased home value.
    • Loans must me guaranteed by Fannie Mae or Freddie Mac.
    • Check 1-800 -7FANNIE or 1 -800-FREDDIE
  • 30. Information to provide to lender
    • Information about your mortgage, such as your monthly mortgage statement and
    • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
    • Your most recent income tax return.
    • Information about any second mortgage or home equity line of credit on the house.
  • 31. Information to provide to lender
    • Account balances and minimum monthly payments due on all of your credit cards.
    • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • 32. Tips to Avoid Foreclosure
    • If you are unable to meet your mortgage obligations, contact your lender and seek assistance from a National Foreclosure Mitigation Counseling Agency
    • Open and respond to all correspondence sent to you by your lender
    • Verify that your lender has received the documentation that you have sent in to request a workout.
  • 33. Tips to Avoid Foreclosure
    • Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. Translation:
    • If the lender requests updated or additional documentation, send it!
  • 34. Resources
    • www.hud.gov
    • Greensboro Regional Office
    • www.ncforeclosurehelp.org/www.fightncforeclosure.org
    • 866-234-4857
    • www.makinghomeaffordable.gov
  • 35. Resources
    • www.hopenow.com
    • 888-995-HOPE
    • www.nchfa.com
    • 919-877-5700
    • AMEZ Housing Community Development Corporation
    • www.amezhousing.org
    • 910-815-3826

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