First Time Homebuyer Program:
MHANY has a comprehensive First Time Homebuyer Program which includes homebuyer workshops, one on one counseling, special mortgage products and unique collaborations to promote affordable first time home ownership opportunities. See client testimonies at end of page.
First Time Homebuyer Workshop/Seminar
This workshop is given once per week per location and lasts for approximately two hours. It is mandatory that every prospective homebuyer attends a First Time Homebuyer workshop/seminar. The workshop/seminar includes discussion of:
The steps to buying a new home
Key questions prospective homebuyers should ask themselves to determine if they are ready for homeownership
Mortgage payment versus rent - similarities/differences; pros/cons
Bank criteria for loan applicants
Down payment assistance (for eligible purchasers)
Walk through of how MHANY's staff determine home buyer's affordability
Pros and cons of purchasing different types of homes
Condominiums/Cooperatives; the differences, formation, governance, common charges etc.
Things to look for when reviewing the third party engineer inspection report - every homebuyer should spend this money on independent engineer's report
Terminology the homebuyer will hear during the home buying process
Post Closing-after you own, what to be careful with once you own the home including rental collection, being a landlord, maintenance