First Time Home Buyer Class Outline
Sponsored by: Washington State Housing Finance Commission
Welcome, Registration & Introductions
Fill out Needs Assessment form
Announcements: restrooms, breaks etc.
Overview Agenda
Preparing For Homeownership
Advantages & Disadvantages of Owning vs Renting
Working with a Real Estate Agent:
- Who represents who
- How do we find houses for sale
Steps to Homeownership
Tax Advantages of Home Ownership
Loan Factors
Income, Debt & Debt Ratios
Credit & Credit Scores
Cash/Assets/Funds to close
Down Payment & Closing Costs
Maximizing Affordability
Debt Reconstruction
Shopping For A Home Loan
Types of loans: Fixed vs Adjustable Rate Mortgages (ARMS)
Interest Rates: Locking, Annual Percentage Rate (APR)
Loan Programs: FHA, Conventional, Other
Reviewing & Comparing a good faith estimate
What is & how to read a HUD 1 form
Shopping Tips/Selecting a Home
Making an offer
Types of properties: Houses, Condos, Townhouses
The Purchase & Sales Agreement
Earnest Money Deposit
Financing Addendum
Inspection Addendum
Form 17: Seller disclosure statement
Inspecting the Home
Special Loan Programs
WSHFC, HouseKey, HouseKey Plus,
Homechoice, Acorn, HomeSight, FHA, VA,
Parkview Services
M & M Game
Evaluation and Certificates
Wrap up Questions & Answers