Stories this issue: • Tips on How to Burglar Proof Your Home. read more> • Use Your Section 8 Vouchers for Homeownership. read more> • Upcoming Homeownership Events. read more> Section 8 Success Stories Courtesy of Bob Rowlands, Homeownership Coordinator, Pierce County Housing Authority Mr. and Mrs. Kovac left war-torn Bosnia to search for their dreams. “Everybody has a dream and this is my dream!” The Kovacs are moving into their new home purchased with Pierce County Housing Authority Section 8 assistance. ”When you change countries and languages, you have to change everything” Mr. Kovac said. “I finally got my dream thanks to the work of Mr. Bob” (Homeownership Coordinator). They also received help from their real estate agent, Tamarra White. continue>	Fall 2006   Ask Emily Dear Emily, I keep hearing the term Predatory Lending, what is it and how do I know if the loan I am being offered is predatory? Signed, Looking at Loans click here to read Emily's answer > Homeowner's Corner with your State Farm® Insurance Agents Tips on How to Burglar Proof Your Home read how here >

Upcoming Homeownership Events

Open House

November 4th, 2006

12:30 -4:30 pm

Kirkland , WA

YES - YOU CAN LIVE ON THE SEATTLE EASTSIDE FOR UNDER $300K!  

The Washington Homeownership Center, US Bank Home Mortgage and hope-link is hosting an OPEN HOUSE on November 4th from 12:30 to 4:40 pm so you can view these incredible NEW condos (3 floor plans available). The  ESPLANADE CONDOMINIUMS  are minutes away from Juanita Bay Park (on Lake Washington). These homes include such high-end features as granite countertops in the kitchen and baths, fireplaces, crown molding, flooring is tile and carpet!  Bring the family to this exciting event! Free hot-dogs, soft drinks, popcorn; credit counseling; home buyer resources;  information on assistance programs that can help close the affordability gap for Eastside buyers; Loan Officers available to discuss financing options - i.e. 100% financing for qualified borrowers. As if that is not enough-- bring this ad and receive a $4,000 BUYER BONUS from US Bank!  

Habitat for Humanity Home Ownership Application Meeting  Tacoma/Pierce County

9:30 am  Saturday, October 28th

Family Investment Center (Shalishan)

1728 East 44th Street., Tacoma

Are you living in substandard or overcrowded housing? Are you willing to work to build your house? Can you afford to make loan payments of $550 per month? Does your total household income fall within these annual income guidelines?

 If you said yes to all these questions and would like to apply for a Habitat house don't miss the last application meeting for 2006!

Call the Habitat office with any questions 253.627.5626

To speed up your application process please bring COPIES of:

• Birth Certificates or immigration documents for all family members
• Social Security cards for all family members
• 2004 and 2005 Federal Tax return for all wage earners ( including W-2s)
• Proof of all household income for past 12 months(paycheck stubs, TANF, alimony/child support, SSI statements, DSHS, food stamps, etc)
• Addresses of: landlord, place of employment, and bank (including account number)
• Rent reciept or lease
• Documentation of all debts
• Insurance statements
• Utility statements

For more information about Habitat for Humanity in Washington, see http://www.habitat.org/local/affiliate.asp?place=72

Success Stories   (continued from above)

Spomenka and Voislav Kovac have always wanted their own home. With the help of Section 8, Tacoma and Pierce County Housing Authorities, Countrywide Mortgage, Pierce County down payment assistance and the Washington State Housing and Finance Commission their dream has become a reality.

The Kovacs including their five children are currently moving to their new home. It was just constructed by Quadrant Homes in the New Salishan area. It is a beautiful two-story four-bedroom home with a two-car garage. It even has enough bathrooms for their teenagers!

The Kovac family saved money, attended classes and acquired down-payment assistance to purchase their home. They will pay a portion of the payment and the Housing Authority will pay a portion of the payment.

This dream come true is available to any Section 8 families willing to work towards their goals as the Kovacs did.

Another family that achieved their goals is the family of Stacy S. She attended classes, saved money, acquired FSS escrow money and purchased a new home in a gated community. This month she will begin to pay the full mortgage herself. The home completely belongs to her and she is glad that PCHA will be able to help another family with the subsidy she once had. She felt that PCHA was a “blessing”.

For information about Homeownership options with the Pierce County Housing Authority please call Bob Rowlands at (323) 620-5427.

***Names have been altered to protect the identity of individuals.*****

Dear Emily,

                      I keep hearing the term Predatory Lending, what is it and how do I know if the loan I am being offered is predatory?

                           Signed, Looking at Loans

Dear Looking at Loans,

Predatory lending is an abusive lending practice that takes advantage of borrowers. Predatory lending can be one or more abusive lending practices such as: excessive interest rates and / or high fees, failing to disclose the true terms of the loan, approving a loan with payments higher than the borrower can afford to pay and pressuring a borrower to sign documents with out understanding the terms of the loan.  There is a difference however between a sub-prime loan and a predatory loan.  A sub-prime loan helps borrowers with less than perfect credit, inconsistent employment history, or incomplete documentation.  The loan has a higher interest rate since the lender is taking a bigger risk in making the loan.  Payments are structures within the borrower’s ability to repay the loan.  There are non-profit agencies around the state that can help with loan documentation review and help you decide if the loan is predatory in nature. 

To see what resources are available in your area, log onto www.homeownership-wa.org and search under ‘Resources Near You’

Dear Emily,

                        I am ready to start the home buying process and am wondering how much money I am going to need to have saved?

                        Signed, Starting to Save

Dear Starting to Save,

After you have completed a first time homebuyer seminar you will need to meet with a lender to determine how much of a loan you qualify for.  Your lender and closing agent will help you determine the amount you will need to have available; however, the amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. A lender is required to provide you with a good faith estimate of all settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing. Closing costs generally range from 2% to 3% of your loan amount. 

For a current seminar list long onto www.homeownership-wa.org and search under step 1 – education. 

Don't Invite Burglars In...Tips to Protect Your Home

Provided by State Farm® Insurance Agents

        Imagine coming home to find that someone has broken into your home and stolen valuable items and ransacked your personal possessions.  The feeling of devastation can be overwhelming for victims of burglars.  It’s a crime we are all vulnerable to, whether we live in the city or rural area, have a high or low income, live in a house or in an apartment complex.

           According to the FBI, a burglary happens every 15 seconds in the United States.  It’s a serious crime.  The problem is many of us, through our own carelessness, make it easier for burglars to carry out their work.  A few simple steps can make your home a harder target for burglars.

• Lock all outside doors before you leave or go to bed.

• Lock all windows.

• Leave a few lights on when you are not home.

• Keep all garage doors closed and locked.

• Don’t allow daily deliveries, like newspaper and mail, to pile up when you’re out of town.  Ask a friend or neighbor to pick them up for you or arrange to have deliveries stopped until you return.

• When you’re on vacation, arrange to have someone take care of your yard.

• Contact a locksmith for advice on pick-resistant locks for your doors, sliding glass doors and windows.
• Don’t leave keys under flower pots doormats or other “secret” hiding places – burglars know all of them.
• Keep a detailed inventory of all your personal possessions.  Include a description of the item, date of purchase, original value and any serial numbers.  A videotape can be helpful.
• Be a good neighbor.  If you notice anything suspicious in you neighborhood, contact the police immediately.