Buying a home is often the single largest investment a person will make in his/her lifetime. Therefore it is essential to be financially prepared. The Housing Partnership’s homeownership counseling and education programs will provide all the necessary information, knowledge and tools to make smart, informed homebuying decisions. All classes are conducted by Housing Partnership Development Corporation, a U.S. Department of Housing & Urban Development (HUD) approved Housing Counseling Agency.
The homeownership counseling and education programs include: First Homebuyer Education & Counseling – a requirement for all down payment assistance programs and first time homebuyer mortgages – Landlord/Tenant Training, Financial Capacity Building, First Home Club, and HomeFirst Down Payment Assistance.
Sign up here: www.housingpartnership.eventbrite.com
First Time Home Buyer Education
The Housing Partnership offers First Time Homebuyer Counseling and Education based upon the eight-hour U.S. Department of Housing & Urban Development (HUD) curriculum that provides unbiased information to prepare individuals for the biggest purchase of their lives: A HOME.
Topics Covered Include:
• Importance of Credit
• Determining How Much House You Can Afford
• The Mortgage Process
• Working with a Realtor
• Role of an Attorney
• The Purchase Process
• Assistance Programs
• And MORE!
All classes feature guest speakers who are working professionals from the lending, real estate, and legal professions. Participants will receive a detailed reference manual, a resource guide, and individual counseling. A certificate of completion will be awarded upon successful completion of the program.
2018 Class Offerings
New York 2018 Schedule:www.housingpartnershiphomebuyer2018.eventbrite.com
New Jersey 2018 Schedule:www.housingpartnershiphomebuyerjerseycity2018.eventbrite.com
Don’t have the time to attend an all-day Saturday class or need to take a class before the next live class is offered? Visit our partner www.ehomeamerica.org/housingpartnership and complete the class online at your convenience! Once you complete the course, schedule a time with us to complete your individual counseling session and receive your certificate of completion.
Landlord and Tenant Training
As a complement to the Homebuyer Counseling and Education course, we offer a Landlord and Tenant Training program for clients purchasing 2-4 family homes that provides basic knowledge of the rights and responsibilities of being a good landlord.
Topics Covered Include:
• Minimizing Your Liability & Costs
• Best Practices for Tenant Selection
• Negotiating & Signing Leases
• Local Rental Regulations
• Overview of the Eviction Process
• Fair Housing & Discrimination Laws
• Special Landlord/Tenant Laws for the State of New York
Participants will receive a detailed resource guide and will be awarded a certification of completion. Landlord/Tenant training is a requirement for all clients purchasing a multi-family home with a CRA mortgage.
2018 Class Offerings
First Home Club
Saving for that big purchase is tough these days! Find out if you qualify for the Federal Home Loan Bank of New York’s Matched Savings Program. Every $1 you save will be matched with $4, up to $7,500. Minimum 10 month enrollment period required with an extension of up to 24 months. Can be used for down payment and/or closing costs on a home purchase. Contact the Housing Partnership today!
HomeFirst Down Payment Assistance
The New York City Department of Housing Preservation and Development (HPD) established the HomeFirst Down Payment Assistance Program, which provides qualified homebuyers with up to $25,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.
A prospective homebuyer must:
- Be a first-time homebuyer
- Complete a homebuyer education course by an HPD-approved counseling agency
- Have his/her own savings to contribute to the down payment or closing costs
- Meet program eligibility requirements based on family composition and income limits.
- Must obtain a mortgage from a HPD-approved HomeFirst mortgage lender
- Purchase a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City
- Pass a Housing Quality Standards (HQS) inspection before purchase
- Live in the home for at least 10 or 15 years depending on household income as determined by Area Median Income (AMI):
- 10 years if the household income is up to 80% AMI
- 15 years if the household income is from 81% AMI to 120% AMI
Step 1: Contact any one of the following HPD-approved counseling agencies. Upon the successful completion of the homebuyer education class, each prospective homebuyer will receive a certificate that verifies his/her eligibility for the forgivable loan of up to $25,000 towards the purchase of a home. The certificate is valid for six months, with a concurrent six-month renewal period.
Participating Mortgage Lenders
Step 2: Present the certificate of eligibility to a participating lender for pre-approval on a mortgage loan.
Step 3: After receiving pre-approval, consult a reputable real estate professional to identify an affordable home.
Step 4: Hire a real estate lawyer.
Step 5: Negotiate a contract of sale with the seller. The homebuyer education counselors will be available to assist program participants throughout the home buying process. Program participants are encouraged to take advantage of this resource.