The City of Trotwood and The HomeOwnership Center Aim for Impact in Trotwood

The City of Trotwood partnered with the HomeOwnership Center to bring homeownership and financial counseling services to Trotwood! That’s right, clients of the HomeOwnership Center and the CCCS can make appointments and receive counseling and other services in Trotwood.

Thanks to an initiative spearheaded by Mayor Mary A. Mc Donald, the city made available the necessary office space in the Trotwood Community and Cultural Arts Center located at 4000 Lake Center Drive, Trotwood, OH 45426. The HomeOwnership Center will provide homeownership and personal finance counselors on Tuesday afternoons. Clients can book appointments with the staff members for counseling on subjects like homebuying, credit counseling, debt management, and more.

Would you like to book an appointment?  Call 938.853.1600.

A New Homeownership and Financial Wellness Powerhouse

Graceworks Lutheran Services’ Consumer Credit Counseling Service (CCCS) has offered consumer finance education,  credit counseling, and debt management programs since 1980. County Corp’s The HomeOwnership Center provides homeownership counseling, down payment assistance programs, foreclosure prevention programs, and personal finance education. So, what would happen if you were to combine these two resources for the Dayton region into one organization? We’re about to find out!

Beginning in December 2018,  CCCS will become a service of The HomeOwnership Center. The expanded organization will become a stronger financial and housing resource for the people living in our region. The combined organization will be located within the County Corp headquarters found at 130 W. Second Street, Dayton.  However, a satellite CCCS office will be retained in Springfield.

“County Corp is very excited to be bringing the CCCS program into The HomeOwnership Center,” said County Corp President Steve Naas. “Most importantly, we believe it is critical that counseling resources are retained for households and families in our area. With this addition, County Corp will be the leading provider of financial education and housing counseling in the greater Dayton area.”

 

 

Getting A Tax Refund? Put It Down on Your First Home

What are you doing with your tax refund? Are you trying to save up for a home of your own? Coming up with a down payment for your first home seem like an impossible task?

You’re not alone. The number one problem cited by first-time homebuyers is the difficulty they have saving for a down payment on a new home. It’s not surprising with stagnant wages and high rent. However, this is a perfect season to boost in your down payment. Use your tax refund.

Having just a 3% down payment is enough to qualify you for a mortgage. Really. That means you would need $3,000 down for a $100,000 home. According to the real estate website, Trulia, the average home sale price in the Dayton area in 2017 was $115,500. You could buy that average priced Dayton metro area home with just $3,468 down. If you only consider the City of Dayton, your are looking at an average home priced at $56,900 and just $1,707 down. Of course, the more you can put down, the better off you will be in the long run. Higher down payments can lead to better interest rates and potentially avoiding Private Mortgage Insurance (PMI). Both of these would save you many thousands of dollars over the length of the loan.

Now, let’s get back to your tax refund. According to the IRS, the average tax refund in the spring of 2017 was $3,050. That would make up a serious chunk of your down payment. Of course, not everyone is getting a tax refund of that magnitude. However, if you are planning to buy in the next few years, you have time on your side. Only getting a few hundred dollars back from the government this year? Put that money into a separate savings account. Add more to the account every month along with future windfalls, and your down payment will grow quickly.

Before you spend your tax return on something else, ask yourself what are your priorities? Would you rather grow your down payment or buy a new flat screen TV? If your priority is to buy a new home, then take the road towards homeownership; use your tax refund to grow your down payment fund.

Having Enough for a Down Payment May Not Be Your Only Obstacle.

If you’ve been struggling to put together a down payment, you might need to take a closer look at your finances to determine if you really are ready to buy a home. Your new house payment could very well be much lower than your monthly rent. However, a new home also comes with other expenses like homeowner’s insurance, taxes, and home maintenance. It’s wise to go into your new home with an emergency savings that you can use to make unexpected repairs. For instance, when your furnace breaks down, you have to pay for the repairs on your own.

If you want to know if you are ready to buy a home of your own or want someone to review your finances, contact the HomeOwnership Center and we’ll give you our expert advice.

 

4 Tips to Buying a Home this Season

Ready to put out the welcome mat? We have 4 tips to buying a home, that will set you on the smart path to homeownership.

With the holidays over, some people are gearing up to make their next purchase – a home. The homebuying season is in full swing. Below are four tips you follow to make the best homeownership choice in 2017: strengthen your credit, shop wisely for a mortgage, choose the right house and negotiate the best price.

  1. Strengthen your credit score before looking for a mortgage. The majority of people don’t know their credit score until they begin to look for a home or a mortgage. Since finding the right house takes an average of one to three months, it could pay off to use the time to strengthen your credit score, especially if it means getting a lower mortgage rate. The benefit varies from lender to lender, but a strong credit score can cut as much as half a percent from your rate.A housing counselor from The HomeOwnership Center can provide guidance on what to do to boost your credit score while shopping for a home.
  1. Shop around for the best mortgage. Not every lender offers the same mortgage rate, so shopping around is essential. Yet, according to the Consumer Financial Protection Bureau, nearly half of people who apply for a mortgage don’t shop around. The price of failing to do so can be quite significant after several years.As important as it is to obtain the best mortgage rate, it’s also crucial to be aware of fees charged by mortgage lenders. These fees go by various names—another reason to work closely with a housing counselor from The HomeOwnership Center throughout the process.
  1. Choose your house carefully. With a mortgage-approval letter in hand, it’s time to find your home. A market with low housing supply requires a buyer to look for a “diamond in the rough”—a not-so-perfect house that could be rehabbed to make it suitable. That doesn’t you should settle for a house that doesn’t meet your basic needs. Keep your list of must-haves front and center, but make sure they are not really “nice-to-haves.” Many housing counseling organizations like The HomeOwnership Center can provide a starter list of real estate agents from whom to choose.
  1. Negotiate, negotiate, negotiate. If real estate is location, location, location, then homebuying is negotiate, negotiate, negotiate. Unless you’re buying in the most heated and competitive markets, there is always room for negotiation. Here’s where selecting the right real estate agent pays off. Whether it’s the price of the house—probably the most important item to negotiate—the portion of closing costs to be paid or whether a warranty for major appliances is included, presenting the seller with a list of requests is important. Remember, the seller wants to sell and you want to buy. Home purchases that are mutually beneficial are made in the middle.

Following these tips and working with the team at The HomeOwnership Center will help you successfully find your “home sweet home.”

* Article provided by NeighborWorks America.

5 Things First-Time Homebuyers Need to Know About Home Inspections

The seller of the home you want to buy conducted a home inspection just a month ago. Isn’t that enough for you? Why should you spend the money hiring a home inspector? Your dad walked through the home with you and didn’t see anything. You can trust your dad…right?

Take a look at the following infographic and learn the 5 things first-time homebuyers need to know about home inspections. The information could save you a lot of money.

 

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