When a First Time Home Buyers Program is not All it Should Be
When a first time home buyers program is not all it should be who is to blame…the presenter or the audience? Well like
with anything else it is the perspective you take to get it done. Here in RI real estate this program is put on by the RI Housing Authority which is a great knowledge base for all buyers. The center does a lot of good work in working to make housing affordable in the state. It is centered around ensuring that all people who live and work in Rhode Island can afford a safe and healthy home that meets their needs. They provide access to low interest loans, grants, education and consumer counseling to help our customers buy as well as retain their homes. That is their mandate and goal.
However, their program is such that a three hour intense education program they put on is a bit over the top for first time home buyers that have no experience in the world of borrowing or home ownership. Unfortunately, my first time home buyers who are young and qualifying to buy a home are overwhelmed with the information they are being given to digest in one evening session. I am now having to step in to set them up with a mortgage lender who can drill down and answer and better explain the nuances of borrowing, rates, terms, etc. What a waste of time for them! They have come away more confused then when they went to the seminars. They tell me it is a muddle of information.
They all gave evaluations and were honest that it was too much information to digest in order to ask the right questions it was so jumbled up in their minds. They told me they didn’t know where to start to explain what they did not understand. So RI Housing Authority maybe it is time to put your education sessions for first time home buyers over a couple of evenings so there can be more time to digest the first session and have questions to discuss before going onto new material in additional sessions. These are no less the future mortgage holders of property in RI and we want them to fully understand what home ownership entails.
What got us into this mortgage mess was not just the free and easy mortgages but that the borrowers did not understand what the consequences were if they did not honor their agreements and how to evaluate their borrowing needs. Explain in plain and simple english – it’s the KISS rule and unfortunately RI Housing is missing it more often than they are getting it right now. Time to take a step back and rethink the program.
So much for making a RI real estate agent’s job easier…it is back to basics and spending time in detail from the ground up on learning the nuts and bolts of borrowing. When a First Time Home Buyers Program is not All it Should Be.
Ginny Lacey Gorman is your go to agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well. She’s the RI real estate agent with the Sparkly Red Shoes.
Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.