First-Time Homebuyer Classes
The Northwest Side Housing Center (NWSHC) is dedicated to offering FREE financial education to residents of the Chicagoland area. Designed to meet the requirements of the U.S. Department of Housing and Urban Development (HUD), our education and counseling program includes eight hours of pre-purchase education and counseling. The program is valuable for individuals participating in down payment assistance programs, the neighborhood stabilization program and other home purchase programs. A certificate will be provided upon program completion. Sign up today!
Part 1: Managing your Money and Credit – 4 hours
Instructors outline credit reports and the factors that create and change a credit score, types of credit accounts, credit reporting agencies, discrepancy disputes and the importance of maintaining good credit in today’s lending environment. Participants will also learn to understand the cost of credit, how to utilize it responsibly and how to prepare personal credit in order to receive a pre-approval for a mortgage. In addition, the series focuses on learning to manage debt and adjusting a budget pre and post-purchase, including saving, spending, and debt management.
Part 2: Purchasing a Home in Today’s Market – 4 hours
A panel of Real Estate experts provides insight to their roles as professionals in the home purchase transaction. The panel regularly features a loan officer, real estate agent, and real estate attorney. Each presenter will explain their role in the process and will offer insight on the pre-approval process, loan products, closing costs, finding a property, the purchase contract, addendums, and the REO and short sale bidding process. In addition, our Pre-Purchase counselors go over closing the deal, and discuss next steps post purchase to ensure homeowner success through financial budgeting.
*Attendance at both four hour classes (eight hours total) is required to obtain the Homebuyer Education Certificate.