Home buyers fair planned in Wheaton

Despite the economic doom and gloom, experts say it's a great time for qualified buyers to purchase their first home.

You just need to do some homework.

To help prepare first-time home buyers, a free Home Buyers Fair runs 10 a.m. to 3 p.m. Saturday at DuPage County's administration building, 421 N. County Farm Road, Wheaton. The event is sponsored by the DuPage County Department of Community Services and the DuPage Homeownership Center, which is a HUD-certified housing counseling agency.

Dru Bergman, executive director of the DuPage Homeownership Center, said it's a fantastic housing market for buyers. A large number of homes are for sale "at prices that we haven't seen in years," she said.

"I know people are nervous about the economy," Bergman said. "But if you are prepared, have a job and are qualified (for a loan), now is a great time to buy."

And while Bergman concedes it's tougher to get loan these days, she says it's not impossible. In fact, one goal of the fair is to educate buyers about what loans and incentive programs are available.

In addition to free workshops on every aspect of the home purchasing process, the fair will have exhibits by local lenders, Realtors and insurance agents. HUD representatives will be available to explain FHA loans, and DuPage Habitat for Humanity will host an application session for interested buyers at 10 a.m.

A pair of "Mortgage 101" workshops are offered - at 10:30 a.m. and 1:30 p.m. - to educate people on what to look for and how to protect their interests.

"We've seen people coming in for foreclosure prevention counseling who have said they didn't even realize they had an adjustable-rate mortgage," Bergman said. "They didn't know what they were getting into. They didn't understand how their mortgage product worked."

While the fair is targeted primarily at first-time home buyers, organizers say anyone planning to make a home purchase can benefit. For example, a 1:30 p.m. workshop will offer expert advice on how all buyers can avoid potential pitfalls when dealing with short sales and foreclosed properties.

In addition to co-sponsoring the fair, the DuPage Homeownership Center offers free classes and individual counseling for first-time home buyers, free foreclosure prevention counseling for DuPage homeowners and free reverse mortgage counseling for senior homeowners.

For information about the fair or the center, call (630) 260-2500 or visit dhoc.org.

If you go

What: Home Buyers Fair

When: 10 a.m. to 3 p.m. Saturday

Where: DuPage County Administration Building, 421 N. County Farm Road, Wheaton

Cost: Free

Info: (630) 260-2500 or dhoc.org