- þ Homebuyer education courses and seminars info
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Topics include: Rent vs. Buy; An Overview of Buying a House; Who’s Who in the Housing Business; Five Factors that Influence Lenders; Budgeting; Credit; Tax Planning; Affordability, How Much House Can You Afford; the Loan Application; What’s in a Mortgage Payment; Down Payment and Closing Costs; Financing; Adjustable Rate Mortgages; Some Pros and Cons of Home Equity Loans; Housing Rights; Consumer Protection; Predatory Lending; the roles of NHS, WHEDA, and USDA, Rural Development in the home buying process; the Inspection; and Maintenance.
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Participants, who complete the seminar, will receive a certificate of completion, certifying that they are now “educated homebuyers.” This certificate may entitle these families to benefits such as a smaller down payment, smaller cash reserve, or lower closing costs. This seminar series satisfies the educational requirements of WHEDA; USDA - Rural Development - Rural Housing; NHS; Movin’ Out, Inc.; and the DownPayment Plus Program.
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The NHS Homebuyers’ Seminars are open to all Wisconsin Residents, have no income limits, and are intended for everyone who wishes to purchase a home in the future (may include current home owners).
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To pre-register for the next informative Home Buyers’ Seminar Series, contact NHS at 608-647-4949 Ext. 306 Monday through Friday from 8:30 am to 4:30 pm or email Linda Smith.
- þ Individualized pre-purchase counseling (including repairing or establishing credit and other topics):
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It is an excellent idea to come to NHS , make sure you are ready, and THEN go to your lender. Follow the NHS Typical Steps to Homeownership.
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The NHS Housing Counselors are available to help you determine if homeownership is right for you. Together, you and the counselor will look at your current credit report, discuss your current debts and other financial obligations, discuss work history, and talk about your housing ideas and realistic options.
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To make an appointment with a counselor, call NHS at 608-647-4949 extension *306 or email Linda Smith.
back to HomeOwnership Center Page back to Home Ownership Steps page return to "How to Purchase" page
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- þ Assistance with the Home Inspection Process:
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Knowing what you are buying is crucial! NHS requires that each house purchased through our programs undergoes a thorough inspection by a State Certified Housing Inspector. This inspection is an out-of-pocket expense for the homebuyer, but it is well worth the cost. Be sure to make your offer to purchase contingent upon the results of a home inspection and lead-based paint risk assessment. That way, if the inspector finds something that you do not want to deal with, you will not be obligated to buy the house. See NHS or a real estate professional for more information.
- þ Information about affordable first-mortgage financing:
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NHS is proud of its partnerships with programs like USDA - Rural Development - Rural Housing and WHEDA! We also keep up-to-date with local lenders, their current interest rates, and their basic loan products. While we leave the choice of lender to the client, we can also make suggestions about programs or loan products that may work well for them.
- þ NHS Down Payment and Closing Cost Assistance loans:
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If the only thing standing between a client and homeownership is the inability to provide enough of a down payment, NHS can often help. Our down payment and closing cost assistance programs (dpa) feature maximum income limits and are based on need. If a client qualifies for an NHS dpa loan, the interest rate will be 0% (0% apr) and the payments will be deferred until the client no longer lives in the house, sells the house, or (in some instances) refinances the house. At that point, the client would pay NHS the original amount borrowed. These dpa loans are secured by a mortgage against the property.
back to HomeOwnership Center page back to Steps to HomeOwnership page request an application back to New House page
- þ Information about how to find a realtor and how to buy homeowners’ insurance:
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Once a client is determined eligible for an NHS dpa loan and/or pre-qualified by their lender, they can begin looking at houses for sale in their price range. NHS enjoys a great working relationship with all of the local realtors. We are more than happy to answer questions about what the realtors will want to know prior to showing houses and any other realtor questions.
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When a house has been found and an offer accepted, the client will need to purchase homeowners' insurance prior to closing. NHS can help clients prepare a list of questions for their agent and other needed services.
- þ Contractor referral and construction monitoring:
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NHS rehab clients are assured quality workmanship that is completed in a timely fashion by taking advantage of NHS's Contractor Referrals and construction monitoring. Each contractor on the referral list is carefully screened and all work is monitored while in progress.
- þ Workshops on home maintenance and repairs:
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Included in the NHS Community Homebuyers' Seminar Series, is the topic of home maintenance and repairs. In addition to that, NHS has plans to offer periodic, hands-on home maintenance and repair workshops.
- þ Post-purchase counseling including budget and credit management, delinquency-prevention strategies, and foreclosure prevention:
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NHS offers post-purchase counseling for homeowners. Counseling is individual and conducted one-on-one with the client(s). It can include a review of current financial obligations, debt load, and spending habits; review of current credit report; strategies for saving for goals; or whatever individual needs the client has.
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When needed, NHS offers foreclosure prevention counseling. Working with the lender, NHS will assist the homeowner with strategies that can work to prevent foreclosure with as little negative impact as possible.
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