Program Strategy
The H.O.M.E. Buyer Education series is offered as either a Monday night series or as a Saturday series. The Monday night series meets from 6:30-8:30 p.m. for six weeks. The Saturday series meets on two consecutive Saturdays from 9:00 a.m. – 1 p.m. Each participant is also required to attend a one-on-one financial counseling session to discuss their budget and address any credit issues. Each graduate will receive a certificate of completion which will be honored by the City of Columbus for 12 months from the date of completion.
GLDC’s H.O.M.E. Program has been certified by the City of Columbus to provide home ownership education since August 2005. The City’s certification means that H.O.M.E. graduates may qualify for up to $5,000.00 in down payment assistance (based on income eligibility) through the City’s American Dream Down payment Assistance Initiative (ADDI).
Saturday Series
Two consecutive Saturdays, 9 am-1 pm. Participants must attend both Saturdays plus a one-on-one financial counseling session to graduate.
2011 Saturday Schedule*
February 19th and 26th
March 19th and 26th
May 7th and 14th
July 9th and 16th
September 10th and 17th
October 1st and 8th
*Schedule is subject to change. Pre-registration is recommended. Class size may be limited.
Monday Series
Six (6) Monday evenings (usually consecutive except for holidays), 6:30 – 8:30 p.m., plus a one-on-one financial counseling session.
2011 Monday Schedule*
March 28th - May 2nd
May 16th - June 27th
July 18th - August 22nd
September 12th – October 17th
*Schedule is subject to change. Pre-registration is recommended. Class size may be limited.
Place: Clarence D. Lumpkin Point of Pride Building
1410 Cleveland Avenue (corner of Cleveland and Eleventh) (Map)
Call Mashelle to register! (614) 294-9600
Or email Mashelle@greaterlinden.org
Program Overview
H.O.M.E. is designed to guide the individual through the major steps of purchasing a home. Our goal is to educate and empower the homebuyer to make good decisions throughout the home-buying process. The overall program covers 6 topics and includes a one-on-one counseling session and a graduation ceremony.
Topic 1 – Budgeting/Credit
Students will learn:
- The purpose for a budget and why it’s necessary
- How to establish and maintain a budget (explore various budgeting systems)
- How to save for the down payment, home inspection and other mandatory costs
- How to obtain free copies of their credit reports and how to understand the information contained in the report (Equifax, Experian & TransUnion)
- How to make corrections, settle outstanding debts, dispute incorrect items and add a consumer statement if necessary
- Why an emergency account is important
Each participant will schedule at least one (1) session with the Housing Counselor to discuss his/her current financial profile, develop a budget in accordance with personal goals and review his/her credit report. A strategy to clear up any existing credit issues to achieve a higher credit score will be recommended. The participant will also be informed of how to effectively utilize existing credit and to establish new credit (secured cards) if necessary.
Topic 2 – Banking/Savings & Investments
Students will learn:
- How to become ‘bankable’ and how to get out of check systems.
- The benefits of banking versus check cashing establishments
- Establishing a checking/savings account and how to balance accounts
- Various methods to save money
- What an IDA account is
- The value of participating in retirement plans
Topic 3 – Shopping for a Loan-Down Payment Assistance/Selecting a Realtor
The selection of both a Lender and Realtor are crucial to the purchase process, and this section will provide the student information to make a sound decision, thus making the home-buying process flow smoothly.
Students will learn:
- The major steps of the loan approval process
- Terms commonly used by the Lender/Realtor during the loan process
- Supporting documents required by the Lender at loan application
- The calculation of debt-to-income ratios and its effect on the loan type
- Supporting documents required by the Realtor prior to signing a contract
- Qualities of a good Lender/Realtor and how to make the right selection
- What to do (and not to do) while in the loan process
- Sources for down payment assistance
Topic 4 – Home Inspection/Appraisal/Homeowner’s Insurance
Students will learn:
- The difference between a home inspection and an appraisal
- The need for a home inspection in deciding if a property should be purchased
- What an appraisal looks like and the information it contains
- Do they need to have both?
- How to select an insurance agent and compare costs for various insurance products
Topic 5 – Why Do I need a Lawyer?/The Closing/Foreclosure Prevention
Students will learn:
- The benefits of a pre-paid legal plan
- Services that a ‘regular’ attorney can provide
- What to expect at the closing and who SHOULD attend
- Steps to take to prevent foreclosure…who to call first!
Topic 6 – Investor Night / Graduation
Students will:
- Meet investors who have houses available for lease and/or land contract options while participants work on improving their credit in preparation to buy the home.
- Receive encouragement to contact GLDC with any follow-up questions and/or to report their home purchase.
- Celebrate their successful completion of all course requirements and receive their certificates!
H.O.M.E. Buddies
One of the best features of the H.O.M.E. Buyer Education program is that it is team taught by a talented and caring group of experienced and qualified professionals called H.O.M.E. Buddies. During the series, participants will have the opportunity to meet real estate agents, mortgage lenders, home inspectors and other professionals who will help them understand each step of the home buying process and what to expect with each step. The H.O.M.E. Buddies are valued partners and a key element in the H.O.M.E. Buyer Education program’s success.
Call 294-9600 for additional information or to pre-register for an upcoming class!
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