Wages in Newport County have not kept pace with increasing housing prices so that many of our area's workers and residents cannot afford to buy a home. This is especially true for families looking to purchase their first home. CCHC works to assist eligible residents in developing a budget and affording a home. Through this unique program, CCHC works to assist eligible residents in developing a household budget, repairing credit, becoming mortgage ready and buying a home. Graduates of the class who are mortgage ready are then eligible to purchase a home through CCHC's Land Trust Program.
HOME BUYER TRAINING - CALL NOW!! CLASSES STARTING SOON!!
CCHC offers eight classes taught over sixteen weeks. The cost of class is $50 per household plus a $9 per person credit report fee. In addition to classes, CCHC provides long-term and ongoing support to help participants achieve homeownership. Through the classes and a one-on-one budgeting and credit review session, CCHC helps families learn money management, budgeting and debt reduction skills to improve their credit. In our Home Buyer Training Class, you'll learn:
Session 1: Steps to Homeownership. Identify steps of the home buying process, evaluate the benefits and challenges of homeownership/ Understand the language used in the buying process and decide whether homeownership is right for you.
Session 2: Budgeting and Saving. Recognize spending patterns/Identify what type of spender you are/ Calculate your monthly income/ Define wants and needs/ Create your own monthly budget, develop a savings plan/Understand savings accounts.
Session 3: Checking your Credit. Identify the various types of credit/ Understand credit scoring/ Develop a plan for raising credit scores, and recognize and address identity theft.
Session 4: Preapproval/Finding a Home. Evaluate your “wants vs. needs”/ Understand the role of a real estate agent/ Develop a shopping plan for a home and a loan, and recognize predatory leaning practices.
Session 5: Mortgage Application/Purchase & Sales Agreement. Understand the differences in homeownership insurances/ Become familiar with the Purchase & Sales Agreement/ Review closing documents and the closing process.
Session 6: Successful Home Purchase and Ownership. Develop a plan for maintaining your home/ Identify the steps to protect your home from foreclosure/ Understand the seriousness of lead paint in older homes.
Session 7: Land Trust/Ground Lease. Learn what a Land Trust is and how it works/ Learn the rights of a homeowner’s under a Ground Lease, and explore the advantages and disadvantages of a Ground Lease.
Session 8: Options for Affordable Housing. Learn about local options for affordable housing/ Evaluate the pros & cons of the Land Trust Program vs. conventional market.
Budget Session: Each participant is required to make an appointment with the Homebuyer Trainer for a one-on-one confidential household budget session.
Each of the sessions last about two hours and are generally held in the evenings, every other week. A certificate of completion will be presented to each participant who successfully meets all class requirements.
ENROLLING NOW
Enrolling is easy. Simply fill out the Home Buyer Training Program Application Form (click here) or call Linda Ramey at 846-5114 ext. 12 for more information.
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For more information on homeownership, please contact Linda Ramey, at (401) 846-5114, x. 12 or at bryan@cchcnewport.org.
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