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The HOPE VI Homeownership Institute
seeks to move people from dependency to self-sufficiency.
The Institute works with affordable housing residents
who are committed to the goal of becoming home owners
and provides the stepping-stones necessary to achieve
this goal. A counselor will be assigned to guide and
support each family on their path to home ownership.
Educational Curriculum
The curriculum is designed to explain
the basics of how to be a successful home owner. Sessions
are taught by mortgage bankers, real estate agents,
cooperative extension specialists, representatives of
local non-profit agencies, and credit counselors. The
program lasts two years and includes a 13-month comprehensive
education program
The topics covered are:
- Self-Improvement
- Credit History and Reporting
- Should I Rent or Buy?
- Buying a Home - An Overview
- What's in a Mortgage Payment? How Much Can You Afford?
- Qualifying for a Mortgage Loan
- Loan Application
- Consumer Protection
- Budgeting/Money Management
- Helpers in the Housing Business
- Your Rights as a Homeowner
- Qualities of a Successful Homeowner
- Down Payments, Closing Costs, and Financing
- Selecting Your House
- Maintaining Your Home
- Post Occupancy Counseling
Eligibility Criteria
Individuals must:
- Reside in CHA public housing communities, receive
a Section 8 voucher, or be on the CHA waiting list
- Be employed full time
- Have a minimum gross income of $18,000 per year
- Have had stable employment for at least 12 months
- Be willing to commit to the terms of the Homeownership
Institute
- Sign and follow a contract of participation
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