Minnesota Home Ownership Center

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Minnesota Home Ownership Center
Homes For All Convention December 7, 2006
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Who Is The Home Ownership Center?
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Who Is The Home Ownership Center?
The Center as an intermediary provides

• Training
• Technical support
• Funding
• Network of more than 40 provider agencies

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Home Buyer Training
Comprehensive Home Buyer Training Two Step
Program Step 1 Educational Workshop Step 2
Individualized Housing Counseling
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Home Buyer Training
Part 1 Educational Program Home Stretch
Information provided by a variety of housing
professionals in a workshop setting.
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Home Buyer Training
Education Home Stretch Workshop
The workshop provides a thorough
understanding, from start to finish, of the
process and responsibilities of home ownership.
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Home Buyer Training
Home Stretch Workshops content

• Are you ready to buy a home
• Lifelong money management
• Financing a home
• Getting a mortgage loan

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Home Buyer Training
Home Stretch Workshops content

• Shopping for a home
• The closing process
• Preventing foreclosure
• Life as a homeowner

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Home Buyer Training
Education Home Stretch Workshop

• Participants have an opportunity to learn
  from and speak directly with housing experts,
  including
• Realtors
• Home Inspectors
• Insurance agents
• Lenders

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Home Buyer Training
Home Stretch Workshops

• Last year
• 489 workshops held in Minnesota
• 4,878 households attended a workshop
• 92 First Time home buyers
• Median Income 33,800.00

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Home Buyer Training
Part 2 Housing Counseling
Opportunity for home buyers to work individually
with a housing professional to set up a specific
plan which will put them on the path to home
ownership.
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Home Buyer Training
Home Stretch Counseling
Counselors help homebuyers realistically
evaluate their readiness for a home purchase,
understand their financing and down payment
options, and navigate what can be an extremely
confusing and difficult process.
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Home Buyer Training
Home Stretch Counseling Content

• Analysis of financial situation
• Assessment of ability to qualify for a mortgage
• Development of plan to overcome barriers
• Linkages with housing industry professionals
• Review of all aspects of purchasing and
  financing a home

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Home Buyer Training
Home Stretch Counseling

• Last Year ,
• 1,598 households attended Counseling
• 91 first Time Home Buyers
• 25 Single Moms with children

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Foreclosure Prevention Services
Foreclosure Prevention Program

• Counseling on homeownership problems
• Referrals to additional resources
• Emergency loan program (on case by case basis)

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Foreclosure Prevention Services
Foreclosure Prevention Counselors will

• Review options to bring your mortgage current
• Offer assistance in dealing with your lender
• Explain how to avoid predatory lending
• Explain the foreclosure timeline
• Provide options that may be available to avoid
  foreclosure

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Find a provider in your area at www.hocmn.org M
etro Greater MN [phone] [phone]
(866)HOC-MINN