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