RDA Agmt 2009 Bay Area Homebuyer Agency (2)

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• Homebuyer financing programs -public and private sector • Choosing a real estate professionals and services • Searching for a property • Negotiating the purchase • Property insurance • Escrow and title procedures • Closing the sale • Responsibilities of homeownership (economic -including default management, personal and physical) • Becoming a community member and neighbor Target goal for the homebuyer education seminars: Award certificates of completion to 75 households for completing the FTHB homebuyer education seminars C. REAL ESTATE PROFESSIONALS WORKSHOPS Consultant will conduct one (1) workshop targeting local realtors and lenders to educate them about the FTHB and IH/BMR Programs and seek their assistance in promoting these programs. D. HOMEBUYER COUNSELING Consultant duties include conducting free individual counseling with households meeting the following eligibility criteria and providing further assistance to households who have completed a FTHB educational seminar. Counseling curriculum shall include: 1) preliminary personal financial resource analysis; 2) setting up a purchase plan and 3) focused education on the homebuying process. Counseling sessions shall also involve promotion and implementation of the WISH Program for eligible households. The WISH Program provides qualified low-income first time homebuyers with matching forgivable loans from one of several participating member banks and will match up to $3 for every dollar (to a maximum of $15,000) contributed by the homeowner toward the purchase of the home. • Must be first time homebuyers (participants may not have owned a residential property for of least the past three years) • Must live or work in the City of San Leandro • Must have incomes of or below 120% of Area Median Income (AMI) • Must have steady employment and/or income • Must have credit scores that are above 620 or its equivalent. All individuals/households with lesser scores will be immediately referred over fo the nonprofit Operation Hope for credit and debt management, • Must not be overextended with their credit, All individualslhouseholds will be classified as overextended if their debt is in excess of 20% of (heir monthly income. All individuals/households with overextended credit will be immediately referred over to Operation Hope for credit and debt management counseling. Target goal for Homebuyer Counseling: Provide individual counseling for 25 eligible households Consulting Services Agreement between July 1, 2009 RDA of the City of San Leandro and BAHBA --Exhibit A Page 2 of 4