Homebuyer Education Counseling
Summary and Agenda

Our Homebuyer Education counseling course is designed for first-time homebuyers who anticipate the need for financing through an affordable housing loan program. The most favorable point in time to begin this counseling program is when a prospective buyer anticipates a home purchase within the next six to twelve months. In any event, this course should be completed prior to loan closing.

InCharge Housing Counseling currently provides its homebuyer education counseling on behalf of Genworth Financial Mortgage Insurance Corporation, Radian Group, United Guaranty Mortgage Insurance, and many other organizations. InCharge Housing Counseling Services has adopted an agenda for this counseling program, which substantially covers the material contained in our Charting a Course to Homeownership study guide, Genworth's "Home Buyer Program Guide" and Radian's "Study Guide for Prospective Homebuyers."

Course Agenda:		Estimated Completion Time:
I. Introduction to the home buying process A. Reasons to buy vs. rent B. The path to home purchase C. Who are the players and what are their roles D. What can I afford and how do I qualify		2 hours
II. Develop and maintain a spending plan (budget) A. Overview of income and assets B. Document spending habits C. Setting aside reserves (savings) D. Debt to income ratios - know your limits E. Short and long term goals		6 hours
III. Buying the right home A. Decide what you want B. Advantages of a home inspection C. Negotiating a purchase contract D. Understanding the value of comparable homes		2 hours
IV. Obtaining the mortgage A. Selecting the right loan program B. Loan application C. Processing D. Closing the transaction E. What are the key terms of the mortgage F. What are the components of the mortgage payment G. What types of insurance will be required H. Why your lender collects escrow in the payment		4 hours
V. Life as a homeowner A. Setting maintenance schedules B. Establish maintenance reserves for unexpected repairs C. When should I seek help D. Who to contact for delinquency assistance E. What is foreclosure and a deficiency judgment		2 hours

Course Completion: The length of time to complete the homebuyer education-counseling course is dependant upon the prospective borrowers knowledge base, ability to absorb and retain the study guide material as well as complete the worksheets. We expect this course to involve approximately 15 to 20 hours of the prospective borrowers time. Our counselors are available 8:00 a.m. to 8:00 p.m. Monday through Friday eastern time for instruction and questions during the counseling program.

Certificate of Completion: Immediately following the successful completion of the homebuyer education-counseling program, a certificate of completion is issued to the lender as evidence that the prospective borrower understands the course content and the responsibilities of homeownership.