mel wilson 18860 nordhoff street northridge, ca 91324 phone: 818-534-2400 ext. 2424 mobile:...

Mel Wilson18860 Nordhoff StreetNorthridge, Ca 91324

Phone: 818-534-2400 Ext. 2424Mobile: 818-402-6708

E-mail: alterawilson@gmail.com

The American Dream

Are You Ready?

Mel Wilson and Associates ©

Mel Wilson & Associates ©

The American Dream ofHomeownership

• Would you like to share in the American Dream?Today, we will show you how.

Homeownership is the basis for a number of Positive Social,

Economic, Family and Civic Outcomes

• Owning a home embodies the promise of individual autonomy and is the aspiration of most American households

• Homeownership allows households to accumulate wealth and social status

Mel Wilson & Associates ALTERA Real Estate

It’s More Than Just a House!

It’s:• A Place of Comfort• A Milestone In Life• Your Anchor• A Family Affair• A Tax Advantage• An Investment• A Home

©Mel Wilson & Associates ©

Would you like to share in the American Dream?

It is up to you!

What You Will Learn Today• Housing Steps• Fair Housing• Importance of Pre-Approved Financing• Elements of Choosing a Home• The Importance of Using a Realtor®• The Escrow Process• Government Home-Buying Programs• Government Agencies• Loan Types• Budget Techniques• Elements of Credit• Beware of Identity Theft and Fraud Mel Wilson & Associates ©

Agency Relationship Disclosure

Buyer Representation AgreementBuyer Representation Agreement

How Much Can I Afford?• What does my budget look

like?• What are my financing

options?• How much money do I have

for down payment?• What are the market

conditions?

Affordability depends on budgeting, financing options, and market conditions.

Housing Steps

Buying my first home is a very important step in my life.

This is a decision that I should weigh carefully.

So what is best for me and my family? Renting or owning my own home?

Homeownership

Renting

Homeless

You are in Charge!

• Should I rent or should I buy?• How do I pay for my home?• What area do I want to live in?• What kind housing do I want?Mel Wilson & Associates ©

Fair Housing is My Right

• Fair Housing Act• Civil Rights Act 1968• Section 8• Unruh Civil Rights Act 1959• Fair Employment and

Housing Act of 1963• California Fair Housing Act of

1992 Housing discrimination based on your race, color, national origin, religion, sex, family status, or disability is illegal by federal and state laws.

Fair Housing is My RightIt is illegal to:• Give different housing services or facilities • Deny that housing is available for inspection,

sale, or rental • Persuade owners to sell or rent (blockbusting) • Deny anyone access to or membership in a

facility or service (such as a multiple listing service) related to the sale or rental of housing.

• You can file a complaint by using HUD’s online form found at http://hud.gov.

• You can call toll-free 1 (800) 669-9777.

• You can print out a form , complete it, and drop it or mail it to:

Office of Fair Housing and Equal OpportunityDepartment of Housing and Urban DevelopmentRoom 5204451 Seventh St. SWWashington, DC 20410-2000

San Francisco Regional Office of FHEOU.S. Department of Housing and Urban Development600 Harrison Street, 3rd FloorSan Francisco, California 94107-1387(415) 489-65241-800-347-3739TTY (415) 436-6594

Fair Housing is My Right

Why Should I Get Pre-Approved Financing?

• There are many advantages of getting Pre-Approved Financing:

Faster closing times. I know my price range. I gain negotiating power. I know my monthly payments. I can immediately look at the right homes. I know my interest rate and financing cost. Peace of Mind. Mel Wilson & Associates ©

Major Steps in the Home Buying Process

• Decide whether to rent or buy• Decide how much I can afford.• Decide the price, type of home,

size, location, and features I desire.

• Get pre-approved financing• Decide who I want to work

with.• Once I find a home, I must

carefully inspect it.Mel Wilson & Associates ©

Who Are The Players?

The Buyer(s) The Seller(s) Realtor® The Lenders Escrow Inspector(s)

Credit is the Key

Elements of Credit

Report Bureaus FICO Scores Judgments

Credit Bureaus• Equifax:1-800-685-1111; equifax.com • Experian: 1-888-397-3742; experian.com • TransUnion: 1-800-916-8800; transunion.com

Each of the nationwide consumer reporting companies is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.

For a free credit report on: call 1-877-322-8228; visit https://www.annualcreditreport.com; or complete the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request ServiceP.O. Box 105281Atlanta, GA 30348-5281

Check your credit report at least once a year!Mel Wilson & Associates ©

FICO Score

• Fair Issac Company (FICO)• Represents your credit-worthiness and the

likelihood that you will pay your debt.

Don’t be a Victim!

• Educate yourself in order to protect your credit:– Don’t fall into financial scams– Don’t allow your personal information to be exposed

and available for thieves to retrieve– No Mortgage fraud – deal with integrity

• Be Informed: The Federal Trade Commission Offers valuable information:

http://www.ftc.gov/bcp/edu/microsites/idtheft/consumers/about-identity-theft.html

Where Do I Want To Live?

• Decisions, decisions, decisions…. What community amenities do I want?

Public transportation Entertainment Parks

What about the schools? How safe is the neighborhood? Are there any special incentives?

Tax breaks: MCC, property tax portability, HERO tract

Closeness to my job, family, and/or church? Government programs

Why Work With A REALTOR®?• Helps you negotiate. • Guides you through the closing process.• Helps you determine your buying power. • Has resources to assist you in your home

search.• Provides objective evaluation of buyer’s

proposal.• Advise you on the best time to buy a property.• Advise you on the best time to sell a property.

Why Work With A REALTOR®?• Provides objective information about each

property.• Helps you find other professionals involved

in the process.• Helps you determine the value and condition

of the property.• Helps buyers and sellers understand the

current market conditions.• Helps you understand financing options and

identify qualified lenders. • Provides up-to-date information on market,

price, financing, and competing properties.

Finding the Right REALTOR®• Choosing a REALTOR® is a very important decision.• Who you choose depends on a number of things:

– What kind of property do I want to buy?• Commercial• Industrial• Residential• Apartment Building• Land• Distressed (REO, Short-Sale)• International

– What type of buyer I am ?• Senior• First-Time Homebuyer• Repeat Buyer• Military• Special Needs

– Where do I want to buy?• Location, Location, LocationThere are many REALTOR® designations because they are professionals that have specialized market

knowledge. Which one do you need?

GRICRE

CIPS CRSGREEN

SFRCIPS

Does My REALTOR® Understand Me?

Having a REALTOR® that understands and speaks my language, respects my culture, and caters to my physical needs is VERY important:

• To avoid fraud• To avoid confusion• To find the right home• To help me feel at ease• To walk smoothly through the home-buying process

ArmenianArabic

English

Tagalog

French

Korean

Polish

German

Portuguese

Spanish

Cantonese

Mandarin

Looking For A HOME• Amenities

# Bathrooms? # Bedrooms? Garage Capacity Special Needs

• Style•Craftsman•Ranch•Bungalow•Modern•Tudor•Contemporary

• Location• Suburbs• Beach• Desert• City Life Mel Wilson & Associates ©

I Would Like To Make An Offer That Gets Accepted!

• Client-Realtor Consultation• Client-Lender Consultation• Financial Pre-Approval• Update on Market Conditions• Properly Written Offer• “P”rayer• Successful Negotiation

Inspections

• Structural Pest Control• Physical• Geological• Property Hazard Disclosure

Report• Hazardous Materials• Energy Audit• Roof• Pool/Spa

• Well and Septic• Water Conservation• Structural Engineering• Chimney• Heating and Air

Conditioning• Zoning and Building

Permit Compliance

Reports and Findings

• Title Report• Termite Report• Insurance Claims Report• Environmental Report• Geological Activity

Report

Escrow & Closing

• Opening of Escrow– 45-75 days

• Escrow’s Company Duties– Neutral Third Party– Custodians of transaction

documents• Preliminary title report• Termite report• Loan documents

– Drafting and recording documents

– Prepare escrow instructions

• Closing– Escrow instructions

executed– Funds disbursed– Documents recorded– Title insurance policy

issued– Preparing final

itemized settlement statement

California’s Tax Portability Programs• Prop. 60. Allows transfers of base year

values within the same county (intra-county). Must be 55 years or older.

• Prop. 90 Allows transfers of base year values between counties in California. There are seven participating counties: Alameda, Los Angeles, San Diego, Orange, San Mateo, Santa Clara, and Ventura. Must be 55 years or older.

• Prop. 110 Allows the transfer of a base year value for severely and permanently disabled persons when they sell an existing home and buy or build another.

Functions:• Provide liquidity to the financial market• Stabilize residential markets • Purchase primary mortgages from

banks• They do not make direct home loans

Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that work in the secondary mortgage market (mortgage bankers, brokers and other primary mortgage market partners) to help ensure they have funds to lend to home buyers at affordable rates.

Meet Fannie & Freddie:Government Sponsored Enterprises

Government Lending Agencies

• Federal Housing Administration (FHA) provides mortgage insurance on FHA approved loans. It helps buyers get access to affordable housing financing.

• U.S. Department of Veteran Affairs (VA) offers loans to veterans and members of the military services.

Government Lending Agencies

•CalHFA is California’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. Loan products offered are conventional, real estate owned, and down payment assistance.•Cal-Vet loans are below market interest rate loans offered by the California Department of Veteran Affairs. Active military personnel and military veterans can apply for loans up to $521,250 with low or no down payment.•Secondary loans from the Local Government are designed to increase purchasing power. The County and the City of Los Angeles, and a number of cities within the County offer a number of down payment assistance and secondary loans.

It Pay$ To Use A REALTORIn addition to the governmental programs, you may be qualified to receive additional help by using a Realtor. The California Association of Realtors (CAR), and the Southland Regional Association of Realtors (SRAR) offer home buying grants that can be combined with the government programs and will effectively increase your purchasing power.CAR also offers the C.A.R.H.A.F Mortgage Protection Program which is designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss. Qualifying buyers can receive up to $1,500 a month for up to six months in the event of job loss, a qualified co-buyer can also receive a $750 benefit for up to six months to help pay the mortgage.

Ask a representative after the seminar!

Like The Weather-Every Market Is Local

• Location, location, location; an old cliché, yet so true.

• What factors make a difference in property values?

• Weather• Community Amenities• Community Job Market• Schools• Geography• Views• Safety

How Much Can I Afford?

• It all depends on….

– My budget– My credit score– The type of loan– The location– The kind of property– The condition of the property– My debt– Market conditions– Who represents me Mel Wilson & Associates ©

Budget Techniques

• Have a plan• Write it down• Discipline• Saving techniques• Spending techniques

“Enjoying The American Dream”

• Two-thirds of all U.S. households own their home and enjoy many socio-economic benefits.

“Enjoying the American Dream”

Homeownership Social Benefits!

• Boosts the educational performance of children.

• Induces higher participation in civic and volunteering activity.

• Improves health care outcomes.• Lowers crime rates. • Lessens welfare dependency.

Home Ownership Social Benefits

“Readiness Indicator Questions"

• Do I Have A Secure Job?• Am I Willing To Adjust My Lifestyle To Save For A

Home?• Am I willing to Take On A Second Job?• Are Interest Rates Low?• Can I Obtain A Loan?• Can I Maintain My Lifestyle?• Am I Ready to Search For Homes In My Desired

Neighborhoods?

Readiness Indicator Questions

• Make A Decision• Start Working With A Realtor• Get Your Pre-Approval Loan Letter

• Complete The Wish List• Search For Homes On The MLS (Internet)• Make an offer to purchase ‘My Dream Home’

My Next Steps

Mel Wilson & Associates

Mel Wilson18860 Nordhoff StreetNorthridge, Ca 91324

Phone: 818-534-2400 Ext. 2424Mobile: 818-402-6708

E-mail: alterawilson@gmail.com

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