First-Time Homebuyers to Get Tips from Industry Professionals

In case you missed last week's post, the Community Action Project of Tulsa County will hold a Homebuyer Education Seminar.

People who have signed up for the free program will receive orientation and a financial readiness assessment from a CAP counselor. Then, they attend this seminar to help guide them through the steps of a home purchase.

Kathryn Jones and Christine Baker of Coldwell Banker Select will teach those in attendance about how a successful home search works.

John Buchanan, Jr. of Country Financial will review what to look for in homeowners' insurance and how to shop properly.

I, Tim Epps of Fairway Mortgage, will talk with the audience about how to obtain the best loan available for their situation and how the mortgage market and process works.

Based on where they select a home, those that enroll and complete this program can be eligible for up to $3500 in down payment assistance from CAP.

With all of the constant changes in real estate, insurance and mortgages, this program can help all buyers get up to date. The adage that "all real estate is local" has never been more true. Values in Oklahoma have not seen the precipitous drops that the largest 10 and 20 markets have seen. Those markets reported in the Case-Schiller Index also saw precipitous rises in value while Tulsa, Oklahoma City, and the rest of the state saw our home values rise at a modest, sustainable rate.

Mortgage guidelines are updated mainly on what happens in the market as a whole, so we are not immune from what happens outside of Oklahoma. But money is still available. Good loans (with good rates and terms) are available for most borrowers.

If you think you may want to buy a home, first time or not, check in to the Community Action Project of Tulsa County's Homebuyer Education Program. It will prepare you for everything they don't show you on House Hunters or Property Virgins.

Tim Epps

918-528-4010

Tim@MyFairway.Net

More Help for First-Time Homebuyers (Repeat Homebuyers Will Learn Also)

Do you dream of owning a new home, but worry that you will not qualify for a mortgage?

Do you need downpayment and closing cost assistance?

Do you live in Oklahoma?

Hope has arrived! No, not the hope that was sworn in yesterday. This hope is brought to you by the various community action agencies in Oklahoma. I am writing today about the Tulsa area agency specifically, but similar programs are available throughout the state. See the Oklahoma Association of Community Action Agencies website for details on your local program.

The Community Action Project of Tulsa County provides a tremendous program to educate potential buyers on homeownership and how to prepare themselves for it.

Education consists of:

• Housing Orientation - offered several times per month.
• Financial Readiness Assessment - a housing counselor reviews your credit report, assists with discrepancies and develops a plan of action to build and/or repair your credit.
• Homebuyer Education Seminar - covers budgeting, money management, finding the right loan, finding the right home, insuring your purchase, and the steps to take to ensure a smooth process.

This education can be invaluable to anyone in the market for a new home. How many of us did it exactly right the first time? Do you even remember all of the pitfalls and hurdles? How much has changed since then?

If you are a first-time homebuyer, you can get up to $3500 toward your down payment and/or closing costs! Simply complete the CAP program, purchase a home within CAP's service area, qualify for financing, and meet income guidelines. (Down payment assistance funds are subject to availability and the purchased property must be your primary residence.)

Coupled with the $7500 (maximum) tax credit you can get from the IRS, you can receive up to $11,000 toward your first home if you buy before June 30, 2009!

Call Shelli Davidson at the Community Action Project, 918-382-3240, for more information and scheduling. Classes can fill up fast (and funds for down payment assistance are limited), so call today to reserve your spot. [I understand that the speakers at the next session (January 31, 2009) are full of great information for Tulsa area first-time homebuyers!]

Have you been through this program? How did it help you? Please comment below.

Tim Epps
918-528-4010
Tim@MyFairway.net