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
CCHC offers nine classes taught over twenty weeks. In addition to classes, CCHC provides long-term and ongoing support to help participants achieve homeownership. Through the classes and one on one budgeting and a credit review sessions, CCHC helps families learn money management, budgeting and debt reduction skills and improve their credit. In our Home Buyer Training Class, you'll learn:
Session 1: Assessing Affordability. 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: Saving for a Down-payment. 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: Check 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: Find a Home/Purchase and Sales Agreement. Evaluate your “wants vs. needs,” understand the role of a real estate agent, develop a shopping plan and understand the components of a Purchase and Sales Agreement.
Session 5: Getting a Home Loan. Identify types of loans available/Recognize predatory lending practices, realize your rights as a consumer and equip yourself with the right tools to shop for a home loan.
Session 6: Home Inspection /Foreclosure Prevention/Protecting My Home. Develop a plan for maintaining your home, identify the steps to protect your home from foreclosure and understand the seriousness of lead paint in older homes.
Session 7: Homeowners Insurance/Closing. Understand the different types of homeowners insurance and become familiar with closing documents and the closing process.
Session 8: 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 9: Options for Affordable Housing. Learn about local options for affordable housing and evaluate the pros & cons of the Land Trust Program vs. conventional market.
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 Brigid Ryan at 846-5114 ext. 15 for more information.
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For more information on homeownership, please contact Brigid Ryan, at (401) 846-5114, x. 15 or at bryan@cchcnewport.org.
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