Post on 31-Dec-2015
MAM Conference 2004
Minnesota Home Ownership Center
Minnesota Home Minnesota Home
Ownership CenterOwnership Center
Homes For All Convention Homes For All Convention
December 7, 2006December 7, 2006
MAM Conference 2004
Minnesota Home Ownership Center
Founded in 1993, the Minnesota Home
Ownership Center (the Center) is a 501(c)(3)
nonprofit intermediary organization dedicated to
enabling Minnesotans with low- and moderate-
incomes to purchase and maintain homes
Who Is The Home Ownership Center?
MAM Conference 2004
Minnesota Home Ownership Center
The Center as an intermediary provides:
• Training
• Technical support
• Funding
• Network of more than 40 provider agencies
Who Is The Home Ownership Center?
MAM Conference 2004
Minnesota Home Ownership Center
Comprehensive Home Buyer Training
Two Step Program:
Step 1: Educational Workshop
Step 2: Individualized Housing Counseling
Home Buyer Training
MAM Conference 2004
Minnesota Home Ownership Center
Information
provided by a
variety of housing
professionals in a
workshop setting.
Home Buyer Training
Part 1 Educational Program – Home Stretch
MAM Conference 2004
Minnesota Home Ownership Center
The workshop provides a thorough understanding, from start to finish, of the process and responsibilities of home ownership.
Education: Home Stretch Workshop
Home Buyer Training
MAM Conference 2004
Minnesota Home Ownership Center
• Are you ready to buy a home
• Lifelong money management
• Financing a home
• Getting a mortgage loan
Home Buyer Training
Home Stretch Workshops content:
MAM Conference 2004
Minnesota Home Ownership Center
• Shopping for a home
• The closing process
• Preventing foreclosure
• Life as a homeowner
Home Buyer Training
Home Stretch Workshops content:
MAM Conference 2004
Minnesota Home Ownership Center
Participants have an opportunity to learn from and speak directly with housing experts, including:
• Realtors• Home Inspectors• Insurance agents• Lenders
Education: Home Stretch Workshop
Home Buyer Training
MAM Conference 2004
Minnesota Home Ownership Center
Last year
• 489 workshops held in Minnesota
• 4,878 households attended a workshop
• 92% First Time home buyers
• Median Income $33,800.00
Home Buyer Training
Home Stretch Workshops
MAM Conference 2004
Minnesota Home Ownership Center
Opportunity for home buyers to
work individually with a
housing professional to set up a
specific plan which will put
them on the path to home
ownership.
Home Buyer Training
Part 2: Housing Counseling
MAM Conference 2004
Minnesota Home Ownership Center
Counselors help homebuyers realistically evaluate their readiness for a home purchase, understand their financing and down payment options, and navigate what can be an extremely confusing and difficult process.
Home Buyer Training
Home Stretch Counseling
MAM Conference 2004
Minnesota Home Ownership Center Home Buyer Training
Home Stretch Counseling Content:
• Analysis of financial situation
• Assessment of ability to qualify for a mortgage
• Development of plan to overcome barriers
• Linkages with housing industry professionals
• Review of all aspects of purchasing and financing a home
MAM Conference 2004
Minnesota Home Ownership Center Home Buyer Training
Home Stretch Counseling
Last Year ,
• 1,598 households attended Counseling
• 91% first Time Home Buyers
• 25% Single Moms with children
MAM Conference 2004
Minnesota Home Ownership Center
• Counseling on homeownership problems
• Referrals to additional resources
• Emergency loan program (on case by case basis)
Foreclosure Prevention Program
Foreclosure Prevention Services
MAM Conference 2004
Minnesota Home Ownership Center
• Review options to bring your mortgage current
• Offer assistance in dealing with your lender
• Explain how to avoid predatory lending
• Explain the foreclosure timeline
• Provide options that may be available to avoid foreclosure
Foreclosure Prevention Counselors will:
Foreclosure Prevention Services
MAM Conference 2004
Minnesota Home Ownership Center
Find a provider in your area at:Find a provider in your area at:
www.hocmn.org
Metro:Metro: Greater MN:Greater MN:
(651)659-9336(651)659-9336 (866)642-6466(866)642-6466
(866)HOC-MINN(866)HOC-MINN