Mi Propia Casa, Home of My Own

Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253

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Thank You!!!

• Sponsored by New Mexico State University and the City of Las Cruces

• Supported by U.S. Department of Housing and Urban Development

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Introduction•Information and insight into the home-

buying process•Rent vs. Buy•Costs Involved•Managing a House

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Sections1. Managing Money2. Renting a Home3. Deciding to Buy a Home4. Home-Buying Process5. Maintaining the Home6. Being a Responsible Homeowner

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The Website

nmhomeofmyown.org

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For EducatorsTeaching Resources

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Section 1: Managing Money• Making Your Money Work

▫ Determining What is Important▫ Where Are You Now?▫ Stop Spending Leaks▫ Developing A Spending Plan

• Using Credit▫ What is Credit and How Much Can I Afford?

• Building Savings▫ Ways to Save▫ How your Money can Grow▫ Where to Save▫ Investment Options

• Selecting A Financial Institution▫ Checking and Savings Accounts

• Creating A Record System▫ Keeping Records in Order and Where to Keep Records

• Determine Readiness ▫ Financial Readiness and Benefits and Challenges

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Section 2: Renting a Home• Deciding to Rent

▫ Advantages and Disadvantages of Renting

▫ Who Will Live There? More About Roommates

▫ What Can You Afford?▫ What Do You Want?

• Finding a Home to Rent▫ Finding a Rental Unit▫ Comparing Rental Units▫ Renting a House▫ Renting With an Option to

Buy

• The Rental Process▫ The Rental Application▫ Your Right to Fair Housing▫ Rental Contracts

• Legal Aspects of Renting in New Mexico▫ Regulation of Rental

Contracts▫ New Mexico Rental Law▫ Military Personnel

• Moving Into Your Rented Home▫ Renters Insurance▫ Verifying the Condition of

the Rental Unit

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Section 3: Deciding to Buy a Home

• Homeownership Considerations▫Deciding to Own▫Needs and Wants

• Finding the Right Home▫How Much House You Can Afford▫The Cost of a Home▫Shopping for a Home

• Housing Types and Construction▫Types of Construction▫Choosing Site-Built Homes▫Choosing Manufactured Homes

• Types of Homeownership

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Section 4: Home-Buying Process• Financial Readiness

▫ What Creditors Look For▫ Finding Mortgage Money▫ Types of Financial Institutions▫ Mortgage Options▫ Down Payment and Closing

Costs▫ Pre-Qualification or Pre-

Approval • Factors to Consider in

Housing Selection▫ Personal Needs and Wants▫ Location▫ Type and Style of House▫ Type of Construction▫ Interior and Exterior Space▫ Special Needs▫ Building as an Option

• Locating a House▫ Finding the House▫ Using Real Estate

Professionals▫ Buying Direct From

Owner • The Sales Contract

▫ Components▫ Acceptance

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Section 4: Home-Buying Process

• Home Inspections▫ Reasons for Home

Inspections▫ Locating an Inspector▫ What Inspections Include▫ Limits of Liability

• The Mortgage Process▫ Loan Application Process▫ Loan Approval Process▫ The Mortgage Payment

• Purchasing Homeowners Insurance▫ Before You Start Looking

for a Home▫ Stability of the Insurance

Company▫ Costs and Coverage▫ Customer Service

• Warranties• The Closing

▫ Preparation for Closing▫ Final Walk Through▫ Closing Day Procedures

• Conclusion

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Section 5: Maintaining the HomeInterior Maintenance• Preventive Home Maintenance

Checkup• Make a Basic Toolkit for

Simple Home Repairs• Selection and Use of Home

Cleaning Products• Discovering the Secrets of

Successful Storage• Heating• Cooling• Plumbing• Electrical• Appliances• Flooring• Walls• Furniture

Exterior Maintenance: • Home Exterior• Roof• Landscaping and • Lawn CareHome Safety: • Child-Proofing Your Home• Is Your Home Safe From

Fire Hazards?• Smoke Alarms• Carbon Monoxide Alarms• Are Your Children Safe

From Poisons?• Protecting Yourself Against

Burglary

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Section 5: Maintaining the HomeConservation: • Weatherize Your Home• Easy Tips to Save Money and the

Planet• How to Stop Air Leaks Around

Windows• Energy-Efficient Heating and

Cooling• Indoor Water Conservation Tips• Outdoor Water Conservation TipsEnvironment Issues: • Green Building• Reduce-Reuse-Recycle• Create a Home Recycling Center• Mold• Household Hazardous Waste• Alternatives That Are Relatively

Free of Toxic Effects• Radon

Pest Control: • Cockroaches and Their

Control • Southwest InsectsAccessible Living: • Update Your Home for a

Lifetime of Living• Vision and Hearing Loss• Hand Dexterity• Strength and Range of

Motion• Cognitive Difficulties and

Mobility Impairments• Balance and Coordination

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Section 6: Being a Responsible Homeowner•Getting to Know Your New Home

▫Maintenance, Repairs, Home Improvements

▫Universal Design for Easy Living▫When and How to Hire a Professional

•Financial Issues for Responsible Homeowner▫Home Equity Loans▫Predatory Lending

•Managing Financial Difficulties•Foreclosure•Legal Responsibilities

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OtherUniqueness of Home of My Own

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Printout Materials•High-quality, free

▫PDF and HTML•Samples: Roommate Agreement, •Checklist: Seasonal Home Maintenance,

Rental Application, Home Shopping•Worksheet: How Much We Owe,

Comparing Rental Units, Rental Budget, Spending Plan

•Links: Calculator, reference, Department of Energy

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Contract Example

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Checklist Example

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Worksheet Example

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From Basics …

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… to Advanced

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Visuals

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Terms and Definitions• In both English and Spanish• More than 250 terms and definitions• Examples

▫ Escrow Account - An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums or other charges when they are due. Sometimes referred to as an impound or reserve account.

▫ Hipoteca global o con pago final mayor (Balloon mortgage) - Una hipoteca que requiere un pago grande al final del plazo del préstamo. Estas hipotecas generalmente tienen una tasa de interés muy baja durante un período inicial (usualmente 5, 7 ó 10 años) y mensualidades muy bajas. Al concluir el período, se vence el saldo completo. Muchos prestatarios pagan el saldo refinanciando la hipoteca.

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FAQs1. What is Home of My Own?2. How much does it cost to take the Home of My Own

course?3. How much time does it take to complete each class?4. Do I have to enroll in the whole program, or can I

enroll in just the parts I think I need? 5. Can I print anything that I see on the Web site?6. How can I find out where and when classes will be

held?7. Who are the points-of-contact at the City of Las

Cruces and New Mexico State University for the program?

8. Are there other places where I can get answers to a few questions without taking the classes or reading through the Home of My Own Website?

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Translated into Spanish

•Website materials

•Handouts▫PDFs

•Terms and Definitions

•Frequently Asked Questions

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Sign-In Sheet and Evaluations• Sign In Sheet (PDF)• Evaluations (PDF)

▫Evaluation: short answer What did you find most/least helpful in this session?,

What could be done to improve the class?, What more would you like to know more about this topic?

▫Evaluation: multiple choice 4. The handouts/work sheets:

a. Will be very helpful in the home-buying process.b. Will be helpful in the home-buying process.c. Will be slightly helpful in the home-buying process.d. Will not be helpful in the home-buying process.

▫Evaluation: rating scale Class Activities

10 (Very Helpful) ::: 1 (Not Helpful); NA

Mi Propia CasaHome of My OwnFahzy Abdul-RahmanNew Mexico State Universityfahzy@nmsu.edu; 575-646-2253