Step By Step
SOMERSET COUNTY COALITION
ON AFFORDABLE HOUSING PRESENTS:
"STEP BY STEP"
"STEP BY STEP” is a long-range budget planning and educational program for families who want to buy their first home. Upon completion of the “STEP BY STEP” program you will be given a course completion certificate.
Our next session will be held on:
THE FREE MARCH 2010 SESSION WILL BE HELD:
| Date: | March 24 , 2010 |
| Time: | 5:30 TO 9:30 P.M. (A light dinner is provided.) |
| Place: | Peapack Gladstone Bank 619 East Main Street Bridgewater, NJ 08807
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At the March 24thsession Sharon Clark, Executive Director from Someret County Coalition on Affordable Housing will discuss credit, debt, credit reports and budgeting. |
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Julie Burt from Peapack Gladstone Bank will discuss “How to Get a Mortgage” and “Closing Fees.” |
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A Realtor will provide information on “The Contract of Sale", "Home Insprctions" and "Using a Real Estate Attorney". |
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An Insurance Agent will speak about “Insurance for Homeowners." |
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Laura Wetzel, Program Manager from Somerset County Coalition on Affordable Housing will give you information on “Affordable Housing Options in Somerset County” under the State of New Jersey Fair Share Housing Program (Mt. Laurel). Laura will also review and summarize all the key components of becoming a homeowner and special grant programs. |
To register, please email us at sccoah@bellatlantic.net or call (908) 704-9649, if you reach voice mail, PRESS 3. Please spell your name, address and the name(s) of other people who will be attending with you. Don’t forget to leave a daytime phone number, as we will be calling you for additional information prior to the seminar. We do not recommend bringing children to the seminar due to limited space availability and the 4-hour length of this certificate course.
If you register and then do not cancel 48 hours prior to class you will not be admitted to another course without paying a $15 per-person fee in cash.
A confirmation card will be sent about a week prior to the program to remind you about the seminar and to confirm your attendance. You must attend the entire four-hour seminar in order to obtain a certificate for homebuyer education!
"Spanish Step by Step" - "Paso a Paso en Español"
“STEP BY STEP” is a long-range budget planning and educational program for families who want to buy their first home. Upon completion of the “STEP BY STEP” program you will be given a course completion certificate.
In order to provide Spanish-speaking individuals and families with home buying information without a language barrier, SCCOAH offers "Step by Step" in Spanish once a year with the cooperation of other organizations.
OUR NEXT SEMINAR WILL BE HELD IN OCTOBER 2010
The following topics will be covered at the seminar:
Credit, debt, credit reports and budgeting.
"How tp Get a Mortgage" and "Closing Fees"
What a Realtor Can Do For Your" and the "Contract of Sale".
"Insurance for Homeowners".
"Why Use a Real Estate Attorney".
Sharon Clark and Iris Lorenzo from the Somerset County Coalition on Affordable Housing (SCCOAH) will provide information on "Affordable Housing Options in Somerset County" under the State of New Jersey Fair Share Housing Program (Mt. Laurel).
The2009 program was sponsored by Bank of America, Met Life Bank, Peapack-Gladstone Bank and Somerset County United Way.
First Time Homebuyer Seminar and Expo
THE 2009 FIRST TIME HOME BUYERS SEMINAR AND EXPO WAS HELD ON SEPTEMBER 26, 2009. This is the only certificate course that SCCOAH offers on a Saturday. A panel of experts covered the course material. After the educational portion, participants met with more than 15 vendors, including Mortgage Representatives, Realtors, Home Inspectors, Real Estate Attorneys, Credit Counselors, Homeowners Insurance Representatives and more. In addition participants attended a workshop about the State of NJ Low/Moderate Income Program as well as Down Payment Assistance Grants.
For information on our 2010 "20th Anniversary" First Time Home Buyer Seminar & Expo, click on the following link after March 15, 2010.
2010 First Time Home Buyer Seminar & Expo
The First Home Club
Do You Have A Great (650 or higher) Credit Score?
Do You Want to Buy a House In The Next 24 months?
Can You Afford to Put the Same Amount Money Every Month into a Systematic Savings Account for 10-24 Months?
Do You Want to Buy a Condo, Townhouse or Single Family Home in NJ?
Are You A First Time Homebuyer?
If you answered, “Yes” to the above--- Read on!
One major hurdle that first time homebuyers face is the difficulty in trying to save for a considerable amount of money for the purpose of down payment and closing costs when they are already paying high rental rates. The Federal Home Loan Bank of New York’s “First Home Club” program helps make the dream of home ownership a reality for low and moderate-income individuals and families in this type of situation. The Somerset County Coalition on Affordable Housing (SCCOAH) works collaboratively with Investors Savings Bank and Magyar Bank to do the educational portion.
The First Home Club program requires applicants to have a credit score of 650 or higher. Anyone who is not sure of their credit score can call 1-877-322-8228 to request a free copy or they can go to www.annualcreditreport.com and request a copy online.
The First Home Club provides households with incomes below 80% of the area median income with down payment and closing cost assistance. They provide a grant of four dollars in matching funds for each dollar saved by the approved participant. The maximum is $7,500 in matching funds to an eligible first-time homebuyer who purchases a home in New Jersey. The average participant makes systematic deposits (by the 15th of every month) of $187.50 per month for 10 months.
In addition to agreeing to make the monthly deposits, enrolled participants must attend all of the home ownership counseling requirements set by SCCOAH. Acceptance in the 2009 program will require attendance at mandatory group and individual counseling sessions. One of the other very important requirements is that all participants do a monthly budget and fax or email to their counselor each month.
First Home Club participants agree at time of closing to sign a 5-year subordinate mortgage with the member bank for the amount of grant funds. If they live in their home for 5 years then they do not have to pay back the funds and the subordinate mortgage is cancelled.
To find out more information or to arrange an in-person meeting to fill out an application for First Home Club Program, contact SCCOAH at 908-704-9649, mailbox #7.