Home Ownership Made Easy Home Choice

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Home Ownership Made Easy- Home Choice

• A First Time Home Buyer Program

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Home Choice

• is a loan product offered by Fannie Mae to first
  time homebuyers that are disabled or living with
  a disabled family member. The loan guidelines
  are flexable to allow a household with high
  medical expenses and limited income become
  pre-approved for a mortgage loan.

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Partners

• HOME partners with agencies to help the consumer
  with the process of buying their home.

• Federal, State, County City
• FHLB, CalHFA, LAHD,LACDC, HACLA,
• Non-Profit Agencies
• NHS, United Way
• Lenders
• Guild Mortgage, Citi, Cathay Bank, Union Bank,
  Indy Mac, WaMu,

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Credit counseling

• is to assist the client on how to read their
  credit report as well as identify and clean up
  anything that might deny a mortgage loan. It
  will also help the client learn how to keep their
  credit in good order for the future.

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Home Buyer Education

• is offered to all who are interested in
  purchasing a home. This is a requirement for the
  Home Choice loan. A hands-on workshop is given
  on a bi-monthly basis at various Regional Centers
  in the Los Angeles area. The entire process of
  home ownership is taught through lecture, power
  point presentation and group exercises to enhance
  the learning process.

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Budgeting

• is offered to clients who must learn how to save
  money and pay off their debt at the same time.
  Knowing how to budget can help to keep your
  finances in order and build assests.

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Financial Literacy Education

• is required when enrolled in the IDA or IDEA
  programs. The consumer is introduced to basic
  banking, credit, budgets, saving, loans, fraud,
  and Consumer Rights. It is a 16-hour course
  combined with the Home Buyer Education.

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Individual Development Empowerment Account (IDEA)

• Is a program sponsored through the Federal Home
  Loan Bank (FHLB) of San Francisco, the IDEA
  Program is a 31 match savings program that
  allows potential homebuyers to accumulate down
  payment for a home. For every 1 dollar saved, 3
  are gifted in your escrow account.

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The Individual Development Account (IDA)

• is a program sponsored through United Way of
  Greater Los Angeles. The IDA program is a 21
  match savings program that allows potential
  homebuyers to accumulate down payment for a home.
  For every 1 dollar saved, 2 are gifted in your
  escrow account.

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Section 8 to Home Ownership

• is a program offered to assist Section 8 clients,
  who are eligible, with a monthly mortgage
  payment. HOME partners with Housing Authorities
  to help ensure a smooth transition into home
  ownership

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Loan Documentation Packaging

• Our counselors will request the client paperwork
  for the lender, make copies and send it to the
  loan officer. This helps the client to submit
  all the correct documents to expedite the loan
  process.

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Loan Layers

• Loan from Lender 75,000
• Soft Second 90,000 ADDI
  10,000
• HACLA 30,000
• CHAP 6,300
• CHDAP 6,300
• TOTAL 331,000

• Loan from Lender 200,000
• Soft Second 50,000
• ADDI 10,000
• IDEA 20,000
• CHAP 8,400
• CHDAP 8,400
• HIRAP 10,000
• TOTAL 458,000

• Los Angeles Housing Dept
• CalHFA Assistance
• Above numbers are examples only

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Referral to a Real Estate Agent

• Our counselors can assist the client in finding
  an agent who will work toward their best interest
  in finding a house and assist in the escrow
  process to ensure a timely closing.

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Guidance throughout the process

• The HOME counselors will assist the client during
  the process through education, guidance and
  advocacy. HOME will give you the tools to help
  build your American Dream.

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H.O.M.E.

• www.homechoices.org
• [phone]