Ready to stop renting? Event offers tips for home buyers
It can be confusing.
Realtors will tell you it's a buyer's market.
Banks will emphasize the need for good credit because so many sub-prime lenders have folded.
The DuPage Homeownership Center will help you sort out the pros and cons at its 16th annual Homeownership Fair March 1 in Wheaton.
"There are not too many fairs like this," said Sheila McCann, outreach and development director of the DuPage Homeownership Center.
"There are a lot of home show fairs, but ours is more of an educational fair. There are a lot of foreclosures right now because people were not properly educated."
The DuPage Homeownership Center and the DuPage County Department of Community Services have put together the event from 10 a.m. until 3 p.m. March 1 at the DuPage County Administration Building, 421 N. County Farm Road in Wheaton.
The DuPage Homeownership Center is a not-for-profit counseling agency that has been around since 1991.
Its main goal is to provide assistance to first-time and current homeowners to increase access to and preserve homeownership in DuPage County. Major programs provided by the Homeownership Center include pre-purchase services, homeownership preservation, and community outreach and education.
The free Homeownership Fair is an annual event that allows first-time home buyers and current homeowners to talk to lenders and Realtors, and to learn about other home-buying related services.
A special workshop will be a "Home Buyer Education Class," which runs from 9 a.m. to 1 p.m. Registration is required by calling (630) 260-2500.
Other workshop topics include "Understanding Credit" at 10:30 a.m., "Mortgages 101" at 11:15 a.m., "Shopping for a Home" at noon, and "Foreclosure Prevention" at 12:45 p.m.
Additional exhibits will be provided by the DuPage County Human Services, DuPage Habitat for Humanity, and the Illinois state treasurer's office.
"Right now there are low interest rates and a lot of houses on the market, making this a great time for buyers," McCann said. "We are finding that people get into trouble with their homes because they lost a job or a death in the family and they have no cushion to absorb these extreme situations anymore."
DuPage County still has the highest median sales price for existing single-family homes in the state of Illinois, according to an Illinois Association of Realtors report.
The DuPage Homeownership Center also provides assistance to seniors who wish to remain independent and stay in their homes.
They offer financial assessment and reverse mortgage counseling. The agency's default counseling services for those facing foreclosure rose 140 percent last year and there are even more this year, McCann said.
"Families who are in danger of losing their homes or behind in their mortgage can come in and receive a financial analysis," McCann said. "They find out that they have options."
For more information about the DuPage Homeownership Center, call (630) 260-2500 or visit www.dhoc.org.
If you go
What: DuPage Homeownership Center's Homeownership Fair
Where: DuPage County Administration Building, 421 N. County Farm Road, in Wheaton
When: 10 a.m. to 3 p.m. March 1
Cost: Free
Details: (630) 260-2500 or visit www.dhoc.org
Housing market tips
The DuPage Homeownership Center offers the following suggestions.
If you are looking to purchase a home:
• Get educated. It's important that consumers understand and prepare for homeownership. DuPage Homeownership Center and other HUD-certified counseling agencies offer free home buyer education classes. Free workshops on the homeownership process and foreclosure prevention will be offered at the Homeownership Fair on March 1.
• Be sure you are ready. Before you start looking at homes, talk to a loan officer and get pre-qualified. This will tell you what you can afford and what you might have to do to financially prepare.
• Use professional services. It's worth the expense to have an attorney review your contract and have a home inspection on the property you are purchasing. In the long term it will save you money.
• Make sure you understand the terms of your mortgage.
• Put aside some savings as a cushion for those unexpected expenses, routine maintenance and repairs.
If you are an owner in danger of foreclosure:
• Contact your lender as soon as you have a problem.
• Talk to a HUD-certified housing counselor who will help you prioritize your debts and explore workout solutions.
• Beware of predatory lending schemes/scams.
Source: DuPage Homeownership Center