- þ Homebuyer education courses and seminars info
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The HomeBuyer Seminars strive to be both run and informative. By bringing in local experts in the fields of real estate, home inspection, mortgage lending and credit counseling, NHS provides an energetic and knowledgeable teaching faculty.
A seminar-educated homebuyer can expect to be guided through the process of purchasing a home, from loan approval to selecting the right house and closing on it. -
Topics include:
Am I ready to buy? What can I afford? What will my lender expect of me?
Different types of mortgages; the loan application process; identifying predatory or unfair lending; first time homebuyer and down payment assistance programs; budgeting and credit report; the realtor's role in home purchase; home owner's insurance; home inspections and maintenance -
A certificate of completion will be earned by participants who complete the seminar. This certificate may be required by your lender to qualify you for certain loan products or benefits such as a smaller down payment, smaller cash reserve, lower closing costs, or interest rates.
This seminar series satisfies the educational requirements of WHEDA; USDA - Rural Development; NHS; Movin’ Out, Inc. -
Seminars are open to everyone, there are no income limits, and are beneficial to anyone thinking about purchasing a home
Seminars at the Richland Center locations are FREE of charge thanks to NHS!
Distance Learning Sites have a $20 per family unit fee.
All participants receive the 300 page manual for homebuyers Realizing the American Dream
UPCOMING seminary dates and locations
Through the use of exciting distance learning technology, sponsored by WHEDA and NHS of Richland County is now broadcasting the Homebuyer Seminars so they can be taught at three locations simultaneously. Choose the seminar location that works best for you!
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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 online. - þ Individualized pre-purchase counseling :
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It is an excellent idea to come to NHS , make sure you are ready, and THEN go to your lender.
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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 *301 or email Chelsea Bagot.
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- þ Home Inspection Requirements:
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Knowing the condition of the house 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. Make your offer to purchase contingent upon the results of a home inspection and lead-based paint risk assessment. If the inspection uncovers something significant and the seller does not want to make the repair, you will not be obligated to buy the house or you may be able to negotiate a lower price to cover the costs for you to make the repairs. See NHS or a real estate professional for more information.
- þ Affordable first-mortgage resources:
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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 in Richland County:
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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% (.3440% 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.
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Downpayment Assistance Levels |
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| HOME purchase | Current Average | $10,000 |
| NHS-Built New Homes | up to | $30,000 |
- þ NHS Down Payment and Closing Cost Assistance loans outside Richland County
- NHS offers down payment assistance in specific areas outside Richland County
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Arena, Avoca, Blue River, Boscobel, Muscoda, or Woodman
- Down payment assistance is available for low income families purchasing in the above municipalities. Currently averaging $10,000
-Loan is 0% interest, deferred until sale, refinance, or property is no longer the primary residence of the borrower. -Maximum income limits apply. Income Limit Page -
Crawford, Grant, Green Iowa, LaCrosse, Lafayette, Sauk, or Vernon
-Down payment/closing costs assistance available is $2500 - -Homebuyer must qualify for and receive a Guaranteed Rural Housing Loan through the lender of their choice OR a
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Direct Loan applied for directly through the USDA Rural Development
offices in Dodgeville, WI
-Loan is 0% interest, deferred until sale, refinance, or property is no longer the primary residence of the - borrower. - -Maximum income limits apply. Income Limit Page
- þ Rehab Assistance with Home Purchase:
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NHS down payment assistance approval requires the home to be purchased meets health and safety codes. The seller may make the repairs prior to close or the property may qualify for additional funding from NHS to be set aside for the repairs to be completed after purchase.
A minimum of two contractor bids must be obtained prior to approval and the loan to value must not exceed 110%. The loan becomes a second mortgage on the property, could be a 0% interest or 3% payback loan.
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 Post-purchase counseling
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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.
- þ Foreclosure Prevention
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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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