Take a look back at the benefits that this month has for buyers
At this time of rapid home value downturn, it may seem pointless for the country to still celebrate National Homeownership Month. But the economic crisis itself is one reason why we need to keep the American dream alive. The program began when President Bush declared his support on expanding homeownership opportunities for Americans. Since then, public and private agencies have created their own programs in light of Homeownership Month. For example, the Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, mortgage foreclosure, credit issues, and reverse mortgages.
There are a myriad of homebuyer classes most of which are for free. In 2005, the San Antonio Neighborhood Action Department (NAD) held an eight-hour, HUD-certified class to 600 prospective homebuyers who got a crash course in financing, credit history, down payments, closing costs, selecting a lender/realtor, homeowner’s insurance and rights, and other important issues.
Other cities have also launched their free classes as well. Experts have taught more than a hundred thousand potential buyers about how to shop for a loan, how to qualify for lower rates, how budget for monthly mortgage payments and unforeseen expenses, and many more.
In 2007, the Home Downpayment Gift Foundation , a provider of charitable home down payment gifts allotted its funds and efforts in educating first time buyers. They provided educational assistance and support to interested house hunters.
In 2008, the National Association of Home Builders has worked with housing finance innovators, consumer education organizations and government officials to advance affordable homeownership in our country.
In 2009, the American Bankers Association has provided buyers with a ton of information ranging from selecting a new lender to obtaining the best loan not to mention programs on taking action in case of a foreclosure, getting a tax credit and the perfect time to purchase a home.
Home buying need not be a burden. All that we have to do is to educate ourselves. In the words of Minneapolis housing Consultant John Trostle , home buyers who attend these seminars “got the home or the kind of home they really need, first of all. It’s in good condition with a mortgage they can handle. And that they are going to be not only happy and successful in this home, but it’s going to prepare them for the inevitable when they sell this home, get the equity out of it and are able to move on to the next.”
This month, make it a point to educate yourself about responsible and affordable home buying!
Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.