Additional 2016 Homeownership Class Dates

In addition to the 2016  FIRST TIME HOME BUYER CLASS SCHEDULE already announced, classes are now available in Chenango County! (Note the changes to these dates)

FIRST SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • March 1, 8, 15, 22 & April 5th

@ Metro Interfaith, 21 New St., Binghamton 

or

THURSDAYS, 5:30 pm to 8:30 pm:

  • April 14, 21, 28

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

SECOND SESSION:  SATURDAYS, 9:00 am to 1:00 pm

  • April 23, 30 & May 14, 21

@ First Niagara Homeownership Center, 112-122 State St., Binghamton

or

TUESDAYS, 5:30 pm to 8:30 pm:

  • May 10, 17, 24

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

THIRD SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • September 13, 20, 27 & Oct. 4, 11

@ Metro Interfaith, 21 New St., Binghamton

or

TUESDAYS, 5:30 pm to 8:30 pm:

  • October 18, 25, & November 1

@ Quaranta Homeownership Academy, 44 W. Main St., Norwich 

 

Light Supper Provided Each Night Class & Light Breakfast Provided Each Saturday Class

Contact the Homeownership Academy Coordinators for more info & to sign up:

Binghamton: Conant Smith 607.723.0723, Ex. 311   metro.csmith@stny.rr.com

Norwich: Michele Clark 607.334.7114, Ex. 4006  mclark@ofcinc.org

2016 Homeownership Academy Class Dates

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Announcing

The BINGHAMTON HOMEOWNERSHIP ACADEMY

2016  FIRST TIME HOME BUYER CLASS SCHEDULE !

FIRST SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • March 1, 8, 15, 22 & April 5th

@ Metro Interfaith, 21 New St., Binghamton 

 

SECOND SESSION:  SATURDAYS, 9:00 am to 1:00 pm

  • April 23, 30 & May 14, 21

@ First Niagara Homeownership Center, 112-122 State St., Binghamton

 

THIRD SESSION:  TUESDAYS, 5:30 pm to 8:30 pm

  • September 13, 20, 27 & Oct. 4, 11

@ Metro Interfaith, 21 New St., Binghamton

Light Supper Provided Each Night Class & Light Breakfast Provided Each Saturday Class

Contact the Homeownership Academy Coordinator for more info & to sign up:

(607) 723-0723

Email: metro.csmith@stny.rr.com

Enhanced Homebuyer Program

 The City of Binghamton

& Binghamton Homeowner Institute

Proudly Announces the availability of the

Enhanced First Time Homebuyer Program

Buy your first home now!

Limited Availability! First Come, First Serve!

$5,000 Closing Cost Assistance

5 Year Forgiven Loan

Repair funds after closing 

$20,000 for single family

$40,000 for two family

(Partially forgiven loan)

Call for eligibility requirements today! 607.723.0582

Income Limits ($) 1 Person in family 36,600 2 Person in family 41,800 3 Person in family 47,050 4 Person in family 52,250 5 Person in family 56,450 6 Person in family 60,650 7 Person in family 64,800 8 Person in family 69,000

Seven Secrets for First-Time Homebuyers

Seven Secrets for First-Time Homebuyers
1. Visit a certified housing counselor at a nonprofit organization.
Housing counselors credentialed through a nonprofit agency provide objective advice and unbiased recommendations.
2. Get your finances in order.
Find out what your credit report and credit score are and correct any inaccuracies. Lenders look at factors called the four Cs of credit: credit history (timely bill paying), capital (money available for a down payment), capacity (income versus debt), and collateral (the value and condition of the house).
3. Look for down-payment and closing-cost assistance programs. Some nonprofit organizations and state or local government agencies can help you with down payment and closing costs through grant money or low-interest loans.
4. Make sure homeownership fits with your lifestyle.
If you will be in a particular community for less than three years, if the local economy is not doing well, if unemployment is rising, or if your future income will not provide you with enough for mortgage payments and other financial responsibilities in owning a home, then renting may provide the better option.
5. Shop around for everything related to your home purchase.
Follow the “rule of threes” by comparing at least three products, professionals or services before making your final selections.
6. Get pre-approved for financing before shopping for a home.
Pre-approval is different from pre-qualification, which refers to when a lender calculates how much mortgage you likely can afford based on unverified information. A preapproval is a guarantee that the lender will loan you a fixed amount of money, as long as the property appraises over the amount for which you are qualified and you buy within a certain time period.
7. Carefully select a location.
Research area schools, property tax rates, insurance rates, and crime statistics. Spend time thinking about things that may be important.

*You can order your credit report and credit score from each of the three major credit reporting agencies: Experian; Equifax; and TransUnion. For more information on credit scoring, visit http://www.myfico.com.

Housing and Mortgage Industry News

Per the November/December issue of the “New York State REALTOR” magazine, here is a summary of some top economists outlook for 2014….food for thought!

“What is your outlook on the overall economy going into 2014?”

Chief Economist Lawrence Yun stated, “I expect higher mortgage interest rates…the 30-year fixed rate mortgage…should reach 5% by the middle of the year.” However, that’s still not a bad rate, considering that back in the early 80’s, 30-year fixed rate mortgages topped out between 14%-16%!

Syndicated economics columnist Elliot Eisenberg, a former senior economist for the National Association of Home Builders, commented as follows, “Total housing sales will go up and new home construction activity will be better. It won’t be spectacular, but better than it’s been of late.”

“What are your 2014 housing market forecasts for the nation and New York State, in particular?”

Yun states, “The first-time buyer share (of the market) will likely remain…at 30% of all buyers.”

Eisenberg states, “First-time buyers are to some extent missing in action, and this is a bit of problem…I’m seeing vast increases in sizes of new homes because that market is not being weighed down by first-timers…usually tract homes are built for first-timers. Banks will look at first-timers to gain market share.” Good news for first time homebuyers because 2014 will bring “first time homebuyer friendly” mortgage products to the forefront again. The main challenge for our current “first-timers” is high college debt and low to average credit scores. These challenges will have to be overcome in order for the “first-timer’s” to hit their par market share of 40%.

All the more reason for first time homebuyers to look at the benefits of pre-purchase homeownership education and counseling to prepare them for future homeownership and the opportunity to realize the “American Dream” of owning their own home.

Stay tuned!

First Time Home Buyer Specialist

The Academy is pleased to partner with NYSAR and First Niagara to offer a new class for local Realtors that will help them become specialists in working with first-time homebuyers.

2013-14 PREFERRED PROVIDER PROGRAM Presents:
“First Time Home Buyer Specialist”

This NYSAR approved course offers 9-Hours of Continuing Education Credits, and will be facilitated by
Michele Clark, CRA Residential Lending Specialist for First Niagara Bank.

The class will be held at the Binghamton Homeownership Academy’s new classroom, which is located at 112-122 State Street, Binghamton, and is tentatively scheduled for the first quarter of 2014.

For more information and to be placed on the course wait list, please email Michele Clark, <fthb.bhoa@gmail.com