To help you prepare for homeownership, the Wyoming Community Development Authority and Wyoming Housing Network, Inc. (WHN) have created an online class that makes the complex process of home purchasing more understandable and attainable. The cost is $50.
A recent analysis of State Housing Finance Agency Support for Homeownership Education and Counselling Services was released which summarizes the outcomes of successful homebuyer education programs. That report can be found here.
To register for the online homebuyer education class, go to WHN's web-site at http://www.whninc.org/
In addition to the online course, WHN also provides the one-on-one budgeting and counselling session that can be completed at the Wyoming Housing Network's office in Casper or over the telephone. This session gives homebuyers a chance to ask questions specific to their own situation. WCDA requires completion of both the online class and the one-on-one counseling session before you close on your WCDA loan. You will be issued completion certificates for both the online class and the one-on-one budgeting session.
Some of the specific subjects that are covered are:
- How to examine your housing needs and prepare to make housing decisions about your own situations.
- The advantages and disadvantages of new homes, existing homes, factory built homes and condominiums.
- How to analyze your own financial situations and learn strategies to improve your financial management to prepare for homeownership.
- How much you can afford to pay for a house including down payment, loan principal and interest as well as insurance and tax payments.
- How to maximize your chances for qualifying for a loan.
- Strategies in shopping for a home.
- How to evaluate the location, structure and features of your home.
- The home inspection and appraisal process.
- Mortgage terminology and how to apply for a mortgage loan.
- Different types of lending programs, different sources for mortgage loans, comparing the different programs and discussing options when a loan application is denied.
- How to prepare for the real estate transaction closing process.
- The responsibilities and opportunities of homeownership.
- How to schedule routine home maintenance, choose home improvements and make wise use of home equity.
- The purpose of title insurance, mortgage insurance, homeowners insurance, flood insurance, home warranties and credit/life insurance.