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Boise Take’s Control with First Time Home ‘Buyers Bill of Rights’

It is up to the next generation of First Time Home Buyers to TAKE CONTROL of their home ownership future by accepting responsibility and holding their loan officers accountable.

It is the loan officer’s duty to make sure that all First Time Home Buyers fully understand the process, total costs, and complete terms of loan that they are applying for.
I have a list of ‘First Time Home Buyer’s Bill of Rights’ that all loan consultants need to fully explain to all of their clients.

The Buyers Rights are:

1.Will be provided a copy the loan application and Good Faith Estimate at the time of application.
2.To receive a copy of your credit report and provide any necessary counseling.
3.To be provided a copy of the upfront loan disclosures 72 hours after application. Bring your copy of the disclosures to the final closing and make sure nothing has changed.
4.Receive a copy of your appraisal 48 hour before your sign your final loan documents.
5.Be provided with a final HUD 1 closing statement outlining your total costs, prior to signing your final loan documents. If changes need to be made, they need to be done before your sign.
6. To know if your loan is being processed locally, if not, expect the loan process to take weeks instead of days. Out of state processing is a huge disadvantage to first time home buyers. Much control is lost when your loan file goes out-of-town.
If these ”First Time Home Buyer’s Rights’ ‘ are not met, consider working with another loan consultant.

The next wave of First Time Home Buyers need to be a part of the ‘mortgage meltdown’ solution by becoming a much more ‘healthier’ group of responsible home owners. It is also up to all Lenders and Realtors to provide Boise First Time Home Buyers with all of the information and education they need to help them make much better decisions!

There were many contributing factors to the recent mortgage meltdown and increased foreclosures. First time home buyers didn’t have the experience to make informed choices about purchasing their first home and have a full understanding the mortgage process.

Boise first time home buyers need to be empowered! Lack of clarity and explanation on the lenders part didn’t help either. Many first time home buyers didn’t know what qualifying questions they should be asking of their loan officer or what is to expected of the mortgage company. Know Your Rights!

If a first time home buyer has any concerns about a loan consultant or a mortgage company. They can contact the Boise Better Business Bureau or Idaho Department of Finance here in Boise.

Some other resources are Fannie Mae, FHA , and Idaho Housing Authority, (here is Boise), web sites.

Here are 2 more sites the National Association of Consumer Advocates and Mortgage Consumer Advocates.

Go back to basics, print out a Copy of Copy of Personal Budget and take control for your financial future!

Craig Ballhagen Cell 208-713-3309