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Frequently
Asked Questions
I am just starting to think about buying a home.
Is this program right for me?
Absolutely. Now is the best
time for you to begin to learn about all of the steps involved in the home
purchase process and become familiar with the many options that will become
available to you along the way. The
sooner you know what will be involved in the process, the more confident you can
feel in the decisions that you make along the way.
What if I have already started trying to purchase a
home on my own?
This program is for everyone. You
may have experienced a good deal of success so far, and there is no harm in
becoming an even wiser buyer so that you continue to make smart decisions along
the way. We often hear from folks
who have tried to start the process on their own and experienced frustration
with not understanding what is involved and what is necessary throughout the
process.
What will I gain from attending the homebuyer
education seminar? Can I receive
special grants and loan programs?
After completing the homebuyer education and training program you will be
eligible to receive a number of grant, loan, and special financing programs
offered to low- to moderate-income households.
Banks offer a loan program to first time homebuyers known as a CRA
(Community Reinvestment Act) loan. CRA
programs differ from bank to bank, but each offers benefits to purchasers who
are eligible for the loan. One bank
my offer an unbeatable interest rate while another may offer a grant toward
closing costs. All of these CRA
loans are zero-point, low-cost loans, meaning that borrowers pay minimal upfront
costs – usually only an application fee.
What if my credit is not so great?
Can I still be a part of this program?
Any future homebuyer must have good enough credit to qualify for a loan.
This program does not offer you a way to obtain a mortgage with unpaid
collections, judgments, or other delinquent balances.
You can, and should, still participate in homebuyer education.
It is never too early to start learning about the home purchase process
and gain an understanding of what is involved.
We do help homebuyers understand their credit, but we cannot help anyone
settle bad debts. If you require
such assistance, you should also simultaneously seek credit counseling while you
participate in this program.
How long will it take for me to purchase a home?
Each person and every situation is different.
The most important thing to keep in mind is that you need time to plan.
Poor or complete lack of planning is what gets many unknowledgeable
homebuyers into trouble. Be
realistic. Don’t wait until one or
two months before your lease is up to start thinking about buying a home.
Is the certificate I receive for completing the
homebuyer education course only good for a certain amount of time?
It is up to the funding source to make this determination.
Whether it is your mortgage lender or the source offering a grant or
subsidy, the party giving the money makes the decision.
Some programs, like the First Home Club, may specify at which point
during the process you are to complete homebuyer education.
I am aware that there are other programs offered at
no cost. Please explain the $20
registration fee.
We at The Affordable Homes Group would like to do everything possible to
help first time homebuyers like you learn to make the best decisions when
purchasing a home. We feel that you
are entitled to these services, and for past 8 years have been providing them to
you almost entirely at our own cost. Because
of the increasing demand for pre-purchase counseling and the ever-growing
numbers attending our seminars, it is simply impossible for us to continue to
meet this need with the same quality of services and materials.
In order for us to do so, we ask future buyers cover the cost of the
curriculum and materials they are provided when attending the homebuyer
education seminars. Delta Real
Estate funds the remainder of our expenses, including one-on-one counseling
services, which are still offered at no charge.
What makes this program especially right for me?
Home Start, Inc. is a Fannie Mae approved pre-purchase education
provider. We have also been
recognized by local Housing and Urban Development (HUD) representatives, and had
the regional director present in past seminars.
We are approved by the Federal Home Loan Bank of
New York
for First Home Club counseling.
We use our own curriculum in our education seminars.
We spent over six months developing the material when Home Start, Inc.
began in 1996, and are constantly adding updated, corrected, and otherwise
helpful information as the laws and practices affecting the lending and real
estate markets change. In March 2003
we performed a major overhaul on our material, as a good deal had changed up to
that time. Because the curriculum is
something that we have compiled and written ourselves, we are very confident in
the accuracy of the information we are providing.
Our curriculum is a tool that serves as a helpful reference throughout
the purchase process. We have had
clients bring their book to the settlement table and refer to it as closing is
taking place!
Home Start, Inc. partners with Delta Real Estate, another part of our
non-profit organization. In addition
to being education providers, the staff that work with Home Start, Inc. are also
New Jersey
licensed real estate salespersons and brokers.
Our Broker of Record, Kent Pips, is now licensed by the state of New Jersey as a
Real Estate Instructor, making him qualified to teach those becoming agents
about real estate laws and practices. We are Realtors®, members of the National Association of Realtors.
We work with clients every day in the real estate market.
Our experience and knowledge is not developed simply in the classroom
setting, but in the real world of home sales and purchases.
When we say that we successfully represent clients from the very
beginning to the very end, we mean it.
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