Friday, March 29, 2024

Prospective homeowners find help at WSHFC Homebuyers Education Seminar

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BREWSTER – Just over half a dozen prospective homeowners looking for a financing vehicle to help with the purchase of a residence discovered an important tool at a Homebuyer’s Education Seminar held in Brewster last June 23.

Anna Marie Dalbey, managing broker of the Coldwell Banker/Lake Chelan Properties office in Brewster, teamed up with Eagle Home Mortgage loan officer Doug Morger of Wenatchee, to walk new buyers through a comprehensive, five-hour tutorial that covered dozens of topics that informed purchasers need to know to navigate the complex components of a real estate transaction. Additional class instructors included David Garcia of Farmers Insurance and Eric Cantlons of Cantlons Home Inspections.

The seminar, sponsored by the Washington State Housing Finance Commission (WSHFC), rewarded attendees with a Certificate of Achievement as a required step to qualify for a variety of affordable housing programs for a period of two years. Variations of the WSHFC program have been available to homebuyers for some five years

WSHFC defines its mission as that of “a publicly accountable, self-supporting team, dedicated to increasing housing access and affordability and to expanding the availability of quality community services for the people of Washington.”

A key advantage of the WSHFC route is the Downpayment Assistance Program (DPA) available to those who meet the income and credit standards and use a WSHFC mortgage program. Several statewide WSHFC mortgage options offer borrowers DPA of up to four percent of the mortgage loan amount or $10,000 to $15,000 under certain income limits and for military and the disabled. Low interest payback rates of from zero to four percent are also an incentive.

The second step in the WSHFC program recommends buyers contact a WSHFC-trained loan officer for assistance in determining what finance option, based on the applicants’ income and credit rating, best fits their profiles.

“This is probably the biggest purchase you will ever make in your life,” said Dalbey stressing the importance for her listeners to become well-educated in the home buying and maintenance process.

For those who paid attention there was information on topics from fire insurance coverage and water well/septic inspection to real estate law and debt-to-income ratios.

A 29-page Homebuyer Education workbook discussed everything from Fair Housing and predatory lenders to qwning vs renting and the importance of a home inspection. Several pages covered the major points of each mortgage loan program and listed home services agencies by region.
Morger reviewed the dos and don’ts involving mortgages and credit. He also provided guidance on how agencies like Fannie Mae (Federal National Mortgage Association), FHA, VA, and USDA Rural judge credit history events like bankruptcies and foreclosures.

During a short meal break Morger said that he has lost count of how many buyers he has helped and qualified under the new WSHFC programs.

I’ve been doing this for five years and hold a seminar every two months,” said Morger. “Each one draws from 15 to 20 participants, so you can do the math as to how many people have benefited from this program.”

Morger has a seminar scheduled in Wenatchee from 9 a.m. to 2 p.m., Saturday, Sept. 15, at 317 N. Mission in Wenatchee.

The Brewster seminar was the first since the WSHFC program was introduced but Morger and Dalbey are already at work scheduling a second one to be announced at a later date.
 

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