Agmt 2018 Bay Area Affordable Homeownership Alliance (BAAHA) #3450

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EXHIBIT E ECHO Housing PRE -PURCHASE COUNSELING AND HOMEBUYER EDUCATION PRE -PURCHASE COUNSELING HOMEBUYER EDUCATION 2018-2019 Cost Proiections PRE -PURCHASE COUNSELING ECHO Housing will provide each household an average of 5 hours for intake and counseling at a rate of $300 per household. Pre -Purchase Counseling — One household x 5 hours x $60 = $300. Pre -purchase Counseling assists potential homeowners by educating them and providing counseling on a variety of subjects including budgeting, selective buying, home ownership responsibilities, the Federal Housing Administration (FHA), the California Housing Finance Agency (CFHA), and Mortgage Credit Certificates (MCC), as well as conventional financing, HUD -mortgage insurance and assistance programs; how to apply for HUD -insured mortgages; purchase procedures, including housing inspections, closing costs, alternatives for financing the purchase; real estate terms; budgeting, mortgages, down payments, and interest rates are reviewed and discussed. Counseling also includes information on fair housing and fair lending and predatory lending procedures, Real Estate Settlement Procedures Act and settlement procedures. The Housing Counselor is responsible for reviewing all documentation collected from the potential homebuyers, examining and identifying barriers to homeownership; creating an action plan with the potential homebuyers; assessing their preparedness for the purchase; and preparing them for the responsibility of being homeowners. More specifically, the Housing Counselor reviews the credit report with the clients, and determines what steps need to be taken to clean up adverse credit; begins to develop a budget based on current income and expenses, and provides counseling on money -saving methods. Materials and links to be distributed in conjunction with Pre -Purchase Counseling: Credit Report — htty://www.annualcreditrel)ort.com For Your Protection Get a Home Inspection Ten Important Questions to Ask A Home Inspector http://portal.hud.,ov/hudportal/HUD?src=/i want to/buv a home Lender List - htti)://www.hud.,ov/lUcode/Usicrit.cfm HOMEBUYER EDUCATION ECHO Housing will provide 12 Home Buyer Education classes at an average of 30 hours for preparation and education per class at a rate of $1,800 per class. Homebuyer Education — *40 clients per class - 12 classes x 30 hours x $60 = $21.600. Toll `i �e h 75-451 _PC O ax 51-53�-4w3 Consulting Services Agreement between City of San Leandro and Last revised July 1, 2018 BAAHA for Homebuyer Program—Exhibit E Page 1 of 3 -4 770.4 Street ECHO H Hanvard CA?4541 510-58 1-9380 Eden Council for Hope and Opportunity WWW.9chofairhousing.org PRE -PURCHASE COUNSELING HOMEBUYER EDUCATION 2018-2019 Cost Proiections PRE -PURCHASE COUNSELING ECHO Housing will provide each household an average of 5 hours for intake and counseling at a rate of $300 per household. Pre -Purchase Counseling — One household x 5 hours x $60 = $300. Pre -purchase Counseling assists potential homeowners by educating them and providing counseling on a variety of subjects including budgeting, selective buying, home ownership responsibilities, the Federal Housing Administration (FHA), the California Housing Finance Agency (CFHA), and Mortgage Credit Certificates (MCC), as well as conventional financing, HUD -mortgage insurance and assistance programs; how to apply for HUD -insured mortgages; purchase procedures, including housing inspections, closing costs, alternatives for financing the purchase; real estate terms; budgeting, mortgages, down payments, and interest rates are reviewed and discussed. Counseling also includes information on fair housing and fair lending and predatory lending procedures, Real Estate Settlement Procedures Act and settlement procedures. The Housing Counselor is responsible for reviewing all documentation collected from the potential homebuyers, examining and identifying barriers to homeownership; creating an action plan with the potential homebuyers; assessing their preparedness for the purchase; and preparing them for the responsibility of being homeowners. More specifically, the Housing Counselor reviews the credit report with the clients, and determines what steps need to be taken to clean up adverse credit; begins to develop a budget based on current income and expenses, and provides counseling on money -saving methods. Materials and links to be distributed in conjunction with Pre -Purchase Counseling: Credit Report — htty://www.annualcreditrel)ort.com For Your Protection Get a Home Inspection Ten Important Questions to Ask A Home Inspector http://portal.hud.,ov/hudportal/HUD?src=/i want to/buv a home Lender List - htti)://www.hud.,ov/lUcode/Usicrit.cfm HOMEBUYER EDUCATION ECHO Housing will provide 12 Home Buyer Education classes at an average of 30 hours for preparation and education per class at a rate of $1,800 per class. Homebuyer Education — *40 clients per class - 12 classes x 30 hours x $60 = $21.600. Toll `i �e h 75-451 _PC O ax 51-53�-4w3 Consulting Services Agreement between City of San Leandro and Last revised July 1, 2018 BAAHA for Homebuyer Program—Exhibit E Page 1 of 3