Housing Brochure Under Construction
July of 2008 is the scheduled release of a new brochure targeting first-time home buyers. The brochure, currently under construction, will contain step-by-step instructions for people looking to purchase a home for the first time.
A step-by-step guide will lead buyers through the process, beginning with pre-qualification for a loan by contacting a lender, followed by the home search and how it can be effectively accomplished. The brochure will discuss the benefits and protection of working with a Realtor® if a formal offer is written, inspections and closing procedures, etc.
The brochure will also contain a renting vs. purchase comparison, where the average $400/month rent X 5 years would result in $24,000 spent paying for someone else’s property and could be used to purchase one’s own property, thereby building their own equity. Purchasing vs. renting is an automatic savings plan.
Area lenders typically agree to help cover certain costs associated with this type of project, which is currently being researched with the assistance of local real estate professionals. Even with bad credit, lenders can be found to finance the purchase of a home.
The plan is to incorporate the brochure with the proposed housing assistance program being researched and planned for beginning in 2008. It will be updated as needed to follow the movements of the Rockford housing assistance program.