Finally Home helps educate hopeful buyers
SANDPOINT — "I have been teaching this class since 2008. It’s different than it was in 2009 and 2010, but there are a lot of opportunities still available. Most people don’t get qualified because they’re afraid of the answer," said Chris Bassett, executive director of the Bonner Community Housing Association.
His agency will be hosting an upcoming daylong seminar for potential home buyers called "Finally Home" this Saturday from 9 a.m. to 3 p.m. at BCHA, 105 N. Second Ave. Anybody interested in purchasing a home now or in the next few years will benefit from the class, Bassett said.
It will cover virtually everything a buyer needs to know, from choosing an agent to closing the purchase. Local representatives from the realty, lending, home inspection and insurance fields will provide the instruction, said Basset.
"The Finally Home! home buyer education class can help you get a better rate, find the right property and lender, navigate the home-buying process, avoid costly mistakes, and may even help qualify you for down payment assistance," according to the Idaho Housing and Finance Association, sponsor of the program.
Given the current real estate market, this is an especially opportune time for those who would like to purchase a house but do not know the basics get up to speed on the process.
"Home prices are increasing steadily. The ability to buy homes becomes less affordable as prices go up," Bassett said.
In fact, rising prices are the main concern of prospective buyers, according to the National Association of Realtors. Competition from other buyers, a limited number of properties available and a lack of cash for a down payment are also worrisome to contemporary home seekers.
While "Finally Home" cannot cap real estate prices or pull more sale properties from thin air, it can help people realign their budgets so they can save for a home.
"Most people live paycheck to paycheck," said Bassett. "A huge part of the class is setting financial goals. We just make it very simple," adding that the financial part of the seminar is always a favorite for participants.
Instructors will demystify budgeting, credit scores and qualifications for financing. "Finally Home" provides a solid foundation for anyone interested in buying, Bassett said.
In addition, his agency helps area residents who might not otherwise qualify purchase their own homes.
“We work with home buyers that live and work in Bonner County. They make less than 80 percent of the area's median income -- the majority of people that live and work here. We develop housing and sell it at market value ... We will buy a home, fix it up and resell it. We offer a subsidy up $10,000 to help people get into homes," he said.
BCHA works with IHFA to help clients secure home financing from any of a number of mortgage lenders. Typical loan terms include a low down payment, a low rate of interest, and an IHFA mortgage subsidy. To qualify, a client must have a decent credit score of 630 or more, a work history of a least two years, a debt-to-income ratio below 43 percent and meet HUD income guidelines.
Potential home buyers can pre-register for "Finally Home" by calling BCHA at 208-263-5720. The fee is $20.
Information: FinallyHomeIdaho.com