FINANCIAL MANAGEMENT

MODULE 1: Basics of home buying and financing, budgeting, and credit scores, and identifying financial resources available.

This module will Homebuyer(s) can acurately describe basics of home financing, budgeting, and credit scores. Homebuyer(s) can identify financial resources that are available to them. Homebuyer(s) demonstrates understanding of homebuying terminology.

Homebuyer(s) completes course for loan application within three months of acceptance into homeownership program.

• Homebuyer(s) can calculate their debt to income ratio, and understands what it means.

Mentor and Homebuyer(s):

  • Discuss what they learned during the course.

  • Discuss how traditional mortgages work and how Habitat/MBOH loans are different.

  • Discuss Homebuyer(s) financial challenges and goals.

Mentor asks questions to confirm understanding.

RESOURCES

First-time Homebuyer Class (NWMTCAP)

Glossary of Homebuying Terms (Fannie Mae)