 
Own Your Own Home |
Frequently asked questionsWhy would I need homebuyer education?Buying a home is a very complex process that involves many different people–the realtor, the mortgage company, the title company, the appraiser, the home inspector... It is a frustrating and time consuming process for those who have done it before, but can be downright intimidating for those who are buying a home for the first time. This is probably the largest purchase that you will make in your lifetime and the terms of your mortgage loan will effect your financial situation for the next 30 years. Be a wise consumer. Learn all you can before you even start shopping for your dream home. Who teaches your homebuyer classes?Local business professionals (bankers, realtors, loan officers, and credit professionals) teach our classes. All instructors have two national certifications and intensive training by both the NeighborWorks® Training Institute and the American Homeowner Education and Counseling Institute. Several are Spanish speaking. What does class cost?The HomeBuyer Ed class costs $50. Your spouse or co-buyer are welcome, and encouraged, to attend with you at no additional cost. This fee will be credited to your escrow when you use one of NHS Phoenix’s loan programs to buy your home. If you decide to use an outside lender, simply send a copy of your HUD-1 settlement statement and your $50 will be refunded to you. How do I sign up?You can browse upcoming classes here. You may want to start with a free Orientation. Seating is limited and pre-registration is necessary. Call NHS Phoenix at 602.258.1659 with questions or to register. What if I need special accommodations?To arrange a special accommodation, please notify our office in advance. Contact us at programs@nhsphoenix.org or 602.258.1659 | TDD 800.367.8939. Do I qualify for your loan programs?One of our Housing Counselors can answer that question for you, but we ask that you take the homebuyer education class first so you will understand the basics of how loans work. What if my credit is not great?The Housing Counselor will review your credit report with you and let you know what steps you need to take to clean up your credit rating. If you are willing to take the time to get that done, there is nothing to prevent you from buying a home in the future. Persistence pays. The Romero family spent two years working on their credit and made their dream come true. What do I bring with me when I am ready to buy?When you think you're ready, make an appointment with our lending manager. To streamline the process, please bring:
I’m not low-income. I don’t want to live in Central Phoenix. Can you still help?Absolutely. Our services are open to everyone. Our knowledgeable staff provides personal, confidential counseling for anyone interested in buying a home, regardless of income or where they want to live. What if I take the class and still have questions?We expect that you will still have questions. There is a lot to buying a home. Our Housing Counselors and Loan Processors are there for you throughout your home buying process. Our staff is also available to answer your questions after you purchase your home. Although you may not think of yourself this way, we think of you as a "customer for life." Call us when you are thinking about home improvement loans or refinancing. If we don’t have a loan program that will work for you, we can tell you who does. We have other workshops that may help you once you are a homeowner as well–general maintenance workshops, insurance overviews, financial fitness training to name a few. What are Financial Fitness classes?Financial Fitness classes teach you everything you need to know, but weren’t taught in school, about managing your personal finances–budgeting, the importance of establishing banking relationships, long–term savings strategies, and wealth building tools–to name a few. Financial Fitness classes are free and are held in the evenings over the course of three weeks. You can browse upcoming classes here, but seating is limited and pre-registration is necessary. Call NHS Phoenix at 602.258.1659 with questions or to register. What is an insurance workshop?Auto, homeowners, life, mortgage life, personal property, mortgage disability… What are they? Do you need them? Are you over or underinsured? This comprehensive workshop will give you the facts. Call 602.258.1659 for an upcoming evening workshop. What is a first-time buyer?In general, you are considered to be a first time buyer if you: 1) haven’t owned a home for at least three years, or 2) are a single parent, or 3) currently own a mobile home. This all sounds great, but I don’t live in Phoenix. Is this offered elsewhere?NHS Phoenix is one of 240 NeighborWorks® organizations in America. If you are not in Phoenix, check the NeighborWorks® Network directory for a NeighborWorks® organization near you. |