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Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253
2Thank You!!!• Sponsored by New Mexico State           • Supported by U.S.  University and the City of Las Cruces     Depa...
Introduction• Information and insight into the home-buying  process• Rent vs. Buy• Costs Involved• Managing a House       ...
Sections1.   Managing Money2.   Renting a Home3.   Deciding to Buy a Home4.   Home-Buying Process5.   Maintaining the Home...
The Website       nmhomeofmyown.org                           5
6Teaching Resources
Section 1: Managing Money• Making Your Money Work  ▫   Determining What is Important  ▫   Where Are You Now?  ▫   Stop Spe...
8Section 2: Renting a Home• Deciding to Rent                    • The Rental Process  ▫ Advantages and Disadvantages      ...
Section 3: Deciding to Buy a Home• Homeownership Considerations ▫ Deciding to Own ▫ Needs and Wants• Finding the Right Hom...
10Section 4: Home-Buying Process• Financial Readiness                 • Locating a House  ▫ What Creditors Look For       ...
11Section 4: Home-Buying Process• Home Inspections             • Purchasing Homeowners  ▫ Reasons for Home             Ins...
12Section 5: Maintaining the HomeInterior Maintenance            Exterior Maintenance:• Preventive Home Maintenance   • Ho...
13 Section 5: Maintaining the HomeConservation:                        Pest Control:• Weatherize Your Home               •...
Section 6: Being a ResponsibleHomeowner• Getting to Know Your New Home ▫ Maintenance, Repairs, Home Improvements ▫ Univers...
15Uniqueness of Home of My Own
Printout Materials• High-quality, free ▫ PDF and HTML• Samples: Roommate Agreement,• Checklist: Seasonal Home Maintenance,...
Contract Example                   17
Checklist Example                    18
19Worksheet Example
20FromBasics …
21… toAdvanced
22Visuals
Terms and Definitions• In both English and Spanish• More than 250 terms and definitions• Examples  ▫ Escrow Account - An a...
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 t...
Translated into        Spanish• Website  materials• Handouts  ▫ PDFs• Terms and  Definitions• Frequently  Asked  Questions...
Sign-In Sheet and Evaluations• Sign In Sheet (PDF)• Evaluations (PDF) ▫ Evaluation: short answer    What did you find mos...
Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253
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Mi Propia Casa, Home of My Own

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Home Buying Program http://nmhomeofmyown.org/

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Mi Propia Casa, Home of My Own

  1. 1. Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253
  2. 2. 2Thank You!!!• Sponsored by New Mexico State • Supported by U.S. University and the City of Las Cruces Department of Housing and Urban Development
  3. 3. Introduction• Information and insight into the home-buying process• Rent vs. Buy• Costs Involved• Managing a House 3
  4. 4. Sections1. Managing Money2. Renting a Home3. Deciding to Buy a Home4. Home-Buying Process5. Maintaining the Home6. Being a Responsible Homeowner 4
  5. 5. The Website nmhomeofmyown.org 5
  6. 6. 6Teaching Resources
  7. 7. 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 7
  8. 8. 8Section 2: Renting a Home• Deciding to Rent • The Rental Process ▫ Advantages and Disadvantages ▫ The Rental Application of Renting ▫ Your Right to Fair Housing ▫ Who Will Live There? More ▫ Rental Contracts About Roommates • Legal Aspects of Renting in New ▫ What Can You Afford? Mexico ▫ What Do You Want? ▫ Regulation of Rental Contracts• Finding a Home to Rent ▫ New Mexico Rental Law ▫ Finding a Rental Unit ▫ Military Personnel ▫ Comparing Rental Units • Moving Into Your Rented ▫ Renting a House Home ▫ Renting With an Option to Buy ▫ Renters Insurance ▫ Verifying the Condition of the Rental Unit
  9. 9. 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 9
  10. 10. 10Section 4: Home-Buying Process• Financial Readiness • Locating a House ▫ What Creditors Look For ▫ Finding the House ▫ Finding Mortgage Money ▫ Types of Financial Institutions ▫ Using Real Estate ▫ Mortgage Options Professionals ▫ Down Payment and Closing ▫ Buying Direct From Owner Costs ▫ Pre-Qualification or Pre- • The Sales Contract Approval ▫ Components• Factors to Consider in Housing ▫ Acceptance Selection ▫ Personal Needs and Wants ▫ Location ▫ Type and Style of House ▫ Type of Construction ▫ Interior and Exterior Space ▫ Special Needs ▫ Building as an Option
  11. 11. 11Section 4: Home-Buying Process• Home Inspections • Purchasing Homeowners ▫ Reasons for Home Insurance Inspections ▫ Before You Start Looking for ▫ Locating an Inspector a Home ▫ What Inspections Include ▫ Stability of the Insurance ▫ Limits of Liability Company ▫ Costs and Coverage• The Mortgage Process ▫ Customer Service ▫ Loan Application Process ▫ Loan Approval Process • Warranties ▫ The Mortgage Payment • The Closing ▫ Preparation for Closing ▫ Final Walk Through ▫ Closing Day Procedures • Conclusion
  12. 12. 12Section 5: Maintaining the HomeInterior Maintenance Exterior Maintenance:• Preventive Home Maintenance • Home Exterior Checkup • Roof• Make a Basic Toolkit for Simple Home Repairs • Landscaping and• Selection and Use of Home • Lawn Care Cleaning Products Home Safety:• Discovering the Secrets of • Child-Proofing Your Home Successful Storage• Heating • Is Your Home Safe From Fire• Cooling Hazards?• Plumbing • Smoke Alarms• Electrical • Carbon Monoxide Alarms• Appliances • Are Your Children Safe From• Flooring Poisons?• Walls • Protecting Yourself Against• Furniture Burglary
  13. 13. 13 Section 5: Maintaining the HomeConservation: Pest Control:• Weatherize Your Home • Cockroaches and Their Control• Easy Tips to Save Money and the Planet • Southwest Insects• How to Stop Air Leaks Around Accessible Living: Windows • Update Your Home for a• Energy-Efficient Heating and Cooling Lifetime of Living• Indoor Water Conservation Tips • Vision and Hearing Loss• Outdoor Water Conservation Tips • Hand DexterityEnvironment Issues: • Strength and Range of Motion• Green Building• Reduce-Reuse-Recycle • Cognitive Difficulties and• Create a Home Recycling Center Mobility Impairments• Mold • Balance and Coordination• Household Hazardous Waste• Alternatives That Are Relatively Free of Toxic Effects• Radon
  14. 14. Section 6: Being a ResponsibleHomeowner• 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 14
  15. 15. 15Uniqueness of Home of My Own
  16. 16. 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 16
  17. 17. Contract Example 17
  18. 18. Checklist Example 18
  19. 19. 19Worksheet Example
  20. 20. 20FromBasics …
  21. 21. 21… toAdvanced
  22. 22. 22Visuals
  23. 23. 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. 23
  24. 24. 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? 24
  25. 25. Translated into Spanish• Website materials• Handouts ▫ PDFs• Terms and Definitions• Frequently Asked Questions 25
  26. 26. 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 26
  27. 27. Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253

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