Homebuyer Education
Shelter is a priority of every living being.
Providing and preserving that shelter is our passion.
Copyright © 2009 Neighborhood Housing Services of Southern Nevada.All Rights Reserved.
A primary goal of NHSSN is to provide homeownership opportunities to first time homebuyers with incomes of 80% or below Area Median Income (see chart). Home ownership helps stabilize the family unit as well as communities. This line of business includes several components.
Homebuyer Education. An eight-hour course that covers the basics of how to purchase a home, the players involved, pitfalls, inspections, insurance, etc. After the class, each attendee receives a Completion Certificate that is valid for one year and is a requirement for those individuals wishing to apply for and receive Down Payment Assistance (in any form) or other city / government programs.
One-on-One Counseling. After attending a HBE class, the attendee schedules a one-on-appointment with an NHS Housing Counselor. At this session, they go over credit issues, mortgage options, barriers to purchasing and answer any questions. The Housing Counselor prepares a written Action Plan for each client listing out all necessary requirements needed to prepare the client for a home purchase. Follow-up is done with the client until all barriers are removed, and he/she is able to quality for a mortgage.
Post-Purchase Counseling. NHSSN Housing Counselor follows up with first-time homebuyers on a regular basis to ensure they are making their payments on time and maintaining a family budget. The Counselor makes referrals to other organizations, if needed, and provides information on home repairs and other housing-related topics. The purpose of these updates is to provide support during the first year of homeownership to maintain positive home values and to prevent possible foreclosures. Post-purchase counseling includes educational workshops in which guest lecturers speak on various housing-related subjects. This can include DIY demonstrations and/or incentives (gift cards or discounts). Example: Energy efficiencies, i.e., replacing single pane windows with thermal pane windows to reduce energy costs in summer/winter.
Lender Training. We encourage partnerships with community Lenders, Realtors, Title Companies and others. Every year, we have an open enrollment / application process for Lender participation. We charge an annual Administrative fee to cover the cost of processing the paperwork and conducting training for the Lender, which includes training for One Team Leader and up to Five Loan Officers. Once the application deadline has passed, we only work with the Lenders who have applied by the deadline. These Lenders are asked to assist the Homeownership Team by providing guest speakers at the Homebuyer classes, provide refreshments, and/or make other donations or contributions to help support the organization. As a Partner they will have access to all programs available at NHSSN for their clients.
Realtor Training. NHSSN also provides Realtor Training on a monthly or as-needed basis. These two-hour training sessions provide the Realtor an overview of the process and guidelines they must follow in working with our programs. The Realtors are charged a fee of $20.00 each and receive a Training Certification that is good for six months. After the six months, they must come back and re-certify. This is needed due to constantly changing programs and guidelines. The fees generated are then used to help cover the Homebuyer Education classes. We do not charge the attendees a fee for the classes.
