PROview - December 2008 - (Page 18) (FIRST-TIME BUYERS, from page 7) Where to Start As with any new business initiatives, often the question is where to start. Needless to say, before you get ready to distribute flyers with your new brand as a first-time home buyer specialist, consider the following: 1. Establish strong relationships with lenders who specialize in first-time home buyer programs. Not all lenders are able to handle the kind of financing programs your customers may need, so make sure you have a lender relationship for every type of financing program suitable for first-time home buyers. 2. Research local, state and federal programs available to first-time home buyers. Contact the local municipality of the area you want to serve to find out the details of any down payment or closing cost assistance being offered. The cities of St. Petersburg, Clearwater and Largo offer such programs and the rest of the county is covered by Pinellas County. The Pinellas County Housing Financing Authority provides countywide programs. 3. Decide how to best stay on top of new programs and changes to those that exist. Consider signing up to receive newsletters from HUD, FHA, and local housing agencies and make sure to screen news outlets for any local, state, and federal updates to first-time homebuyer programs. 4. Learn the details about FHA loans and find out the various HUD programs available to consumers. Visit the HUD website to learn about new mortgage reforms and programs such as the Neighborhood Stabilization Program and the HOPE for Homeowners Program. You can also review a list of homes available through HUD. Speaking of HUD, you may even consider being a HUDapproved broker. For more information, visit PRO’s Marketing Blog at blogs.tampabayrealtor.com to learn how you can profit from selling HUD homes. Working with first-time home buyers may not be for everyone. However, if you have the passion to help families achieve their dream of buying their first home, willingness to gain much-needed and specialized knowledge, and patience to work with transactions that may take a bit more work than those with experienced home buyers, now is a good time to break into a new niche. All the signs are there. First-time home buyers are ready to enter the market. Are you ready? First-Time Home Buyer Resources Not sure where to start looking for information? Below is a list of resources available to you. U.S. Department of Housing and Urban Development (HUD) Learn about selling HUD Homes and the advantages of FHA loans Tampa Bay Community Development Corporation Housing Finance Authority of Pinellas County City of Clearwater: Economic Development and Housing City of St. Petersburg: Housing and Community Development Department 2008 National Association of REALTORS Profile of Home Buyers and Sellers ($50 for NAR members; $125 for non-members) A Free Guide to Assisting with FHA Loans: Come Home to FHA: How FHA Helps REALTORS Sell More Homes A REALTORS® RESOURCE FOR AFFORDABLE HOUSING PROGRAMS IN PINELLAS COUNTY December 2008 18 PINELLAS REALTOR® ORGANIZATION http://www.tampabaycdc.org/ http://www.pinellascounty.org/community/hfa/default.htm http://www.myclearwater.com/gov/depts/econ_devel/housing.asp http://www.stpete.org/housing/homebuyer.asp http://www.largo.com/department/?fDD=14-0 http://video.tampabayrealtor.com/files/Assistance_Guide_2009.pdf http://www.hud.gov/ http://www.fha.gov/ http://www.hud.gov/groups/brokers.cfm http://www.realtor.org/prodser.nsf/products/186-45-08?OpenDocument&Login http://blogs.tampabayrealtor.com http://www.realtor.org/prodser.nsf/products/186-45-08?OpenDocument&Login http://www.realtor.org/government_affairs/fha_toolkit http://www.realtor.org/government_affairs/fha_toolkit
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