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Fannie Mae Foundation Home Buying Fair

Fannie Mae Foundation Home Buying Fair. Washington, DC Convention Center July 19, 2003 10 am – 4 pm. Ashby & Associates. Consider the following. Home price: $140,000.00 Today’s interest rate (estimate) of 5.75% Annual property taxes (estimate): $800.00

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Fannie Mae Foundation Home Buying Fair

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  1. Fannie Mae Foundation Home Buying Fair • Washington, DC Convention Center • July 19, 2003 • 10 am – 4 pm Ashby & Associates Century 21 Ashby & Associates

  2. Consider the following • Home price: $140,000.00 • Today’s interest rate (estimate) of 5.75% • Annual property taxes (estimate): $800.00 • Annual homeowners insurance (estimate): $400.00 • Principal and Interest (30 years): $817.00 • Total Monthly Mortgage Payment (PITI): $917.00; this includes monthly payment for property taxes and insurance Century 21 Ashby & Associates

  3. Home buying process • 1. Are you ready? • 2. Contact us at Century 21 Ashby & Associates • 3. You get loan pre-approval / approval • 4. You get funding from your lender • 5. We look for homes that meet your criteria • 6. You choose a home • 7. We make an offer for your home of choice • 8. You obtain homeowner’s insurance • 9. We close the deal at settlement • 10. You move into your first home!!! Century 21 Ashby & Associates

  4. To start the home buying process • Step 1: Determine if you are ready • Step 2: Call Century 21 Ashby and Associates at 202-543-8060 and ask for Charles T. Janifer • Step 3: Get a mortgage pre-approval and approval letter from a lender Century 21 Ashby & Associates

  5. 1. Are You Ready? • Have you started planning? • Do you know what you want? • What is your timeframe? • Is your financial house in order? Century 21 Ashby & Associates

  6. 2. Contact us at Century 21 Ashby and Associates – 202.543.8060 • Charles T. Janifer • Cell: 240-506-0100 Century 21 Ashby & Associates

  7. 3. Mortgage loan pre-approval and approval • Use your lender of choice -OR- a referral: • Wells Fargo – Yvonne Gipson @ 202-529-9024 • Required documents • W-2 Form(s) • Verification of employment • Bank statements • Utility bills • Two years of income taxes if self employed Century 21 Ashby & Associates

  8. 4. Get funding • You determine financing options and terms that meet your needs with your mortgage lender of choice based on your situation Century 21 Ashby & Associates

  9. 5. Look for a home • Together, we determine your search criteria • Number of bedrooms: ___ • Number of bathrooms: ___ • Neighborhood: ___ • Garage(s): ___ • We search the available inventory of homes and visit them with you Century 21 Ashby & Associates

  10. 6. Choose a home • Based on the homes selected, we find a home that will meet your needs Century 21 Ashby & Associates

  11. 7. Make an offer • After we find a home for sale that meets your criteria, we work with you to make an offer and present it to the seller; • Include price and terms that you specify • The seller could: • Accept your offer and ratify the contract –OR- • Make a counter offer and suggest different terms and price –OR- • Reject your offer • A number of reports occur after contract ratification: title search with boundary survey, home inspection by licensed home inspector, lender required appraisal, and termite Century 21 Ashby & Associates

  12. 8. Get Insurance • Your lender will require that you get a homeowner’s insurance policy on your new property (insurance binder) • You can use an insurance company of your choice • This policy will insure you against fire, theft, and other similar situations • You must also get owner’s title insurance on your property to insure against defects in the title after settlement occurs Century 21 Ashby & Associates

  13. 9. Closing the deal • Your property settlement will occur with the settlement attorney of your choice • In some cases, the seller(s) will request settlement at a settlement company of their choice • Settlement includes the legal recordation of all necessary documents, making sure that the title is free and clear of any defects Century 21 Ashby & Associates

  14. Change of address cards US Post Office Charge accounts Subscriptions Friends/Relatives Utilities Water Gas Electric Telephone Cable Subscriptions Newspaper Magazine Memberships Church Clubs & Associations Bank accounts Checking Savings Insurance companies Health Life Automobile Medical HMO PPO Dental Refill prescriptions Miscellaneous Moving company Child school records 10. Mover’s Checklist Century 21 Ashby & Associates

  15. Some Home Ownership Programs in DC • There are a number of DC incentive programs available for you: • DC Employer Assisted Housing Program (EAHP) – assistance up to $11,500.00 for employees of the DC government and is a 1st time home buyer • Home Purchase Assistance Program (HPAP) – provides interest free and low interest loans to qualified residents • DC Metropolitan Police Housing Assistance Program – assistance up to $10,000.00 in deferred loans for down payment and closing cost assistance for members of the DC Police Department • Many others; visit http://dhcd.dc.gov/services/home.shtm for details. Century 21 Ashby & Associates

  16. Home office? • We can assist you with configuration and installation of a home office that includes: • High speed wireless Internet access for your computers • Recommendation on computer purchase • Call 240-506-0100 for details Century 21 Ashby & Associates

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