Livebrary Guides: Financial Literacy: Renters, Future & Current Homeowners

The Mortgage Process Basics

Your Step-by-Step Mortgage Guide (Adobe Reader Required)
Created by Freddie Mac
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In this guide, you will learn about one of the most important steps in the homebuying process—obtaining a mortgage. The materials in this guide will take you from application to closing, and they’ll even address the first months of home ownership to show you the kinds of things you need to do to keep your home. Knowing what to expect will give you the confidence you need to make the best decisions about your home purchase.
Consumer Financial Protection Board: Owning a Home
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We’re here to help you with your home buying process. Just starting out? Learn what to expect and how to get a great deal. About to close? A checklist makes it less stressful.
Looking for the Best Mortgage (Hud.gov)
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Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether
it’s a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
The Consumer Handbook on Adjustable Rate Mortgages (Adobe Reader Required)
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This handbook gives you an overview of ARMs, explains how ARMs work, and discusses some of the issues that you might face as a borrower.
Interest-Only Mortgage Payments and Payment-Option ARMs
Are they for you?
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Owning a home is part of the American dream. But high home prices may make the dream seem out of reach. To make monthly mortgage payments more affordable, many lenders offer home loans that allow you to (1) pay only the interest on the loan during the first few years of the loan term or (2) make only a specified minimum payment that could be less than the monthly interest on the loan.
Whether you are buying a house or refinancing your mortgage, this information can help you decide if an interest-only mortgage payment (an I-O mortgage)--or an adjustable-rate mortgage (ARM) with the option to make a minimum payment (a payment-option ARM)--is right for you.
100 preguntas y respuestas acerca de la compra de una vivienda nueva
100 Questions and Answers Regarding the Purchase of a New Home
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Se dice que el conocimiento abre puertas. Esto es literalmente cierto cuando se trata de comprar una vivienda. Para comprar su primera vivienda, necesita conocer dónde y cómo iniciar el proceso de compra. Las preguntas y respuestas siguientes han sido seleccionadas cuidadosamente para brindarle los conocimientos básicos. Además de la ayuda inicial, este folleto le proporcionará las herramientas necesarias para completar el proceso, desde decidir si está listo para comprar hasta el feliz y último paso: la obtención de las llaves de su casa nueva.
Como Comprar Una Vivienda
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¡El proceso para comprar una vivienda puede parecer complicado, pero si toma las cosas paso a paso, pronto tendrá en sus manos las llaves para su propia casa!
How to Buy a House by Michael Bluejay
This site contains a lot more than a typical pamphlet or even what you'd learn from most real estate agents.

Federal, State and County Homeowner Resource Centers

New York State's Homeowners Resource Center
For most of us our home is our most valuable financial asset, but it’s also a vulnerable asset. Protect yourself and your home.
U.S. Department of Housing and Urban Development: Buying a Home
Thinking about buying a home? We have information that can help!
Suffolk County Contractor's License Lookup
This page will enable you to search for businesses with active licenses in Suffolk County.
Do not assume that the party you are researching is not licensed if no results are returned.
For further verification, please call the Office of Consumer Affairs at (631) 853-4600 Monday through Friday, from 9am to 4 pm.
Town of Brookhaven: Department of Housing and Human Services
Suffolk County Government: First Time Buyers
Buying and owning your own home is considered the American dream. Since it is also a major investment, it is important to approach it with as much information as possible.

Home Ownership Calculators

Freddie Mac - Homeownership Calculators
These calculators are intended to provide guidance and financial estimates. Please reach out to your lender for precise calculations.
Is it Better to Rent or Buy? (New York Times)
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The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal. To help you answer this question, our calculator takes the most important costs associated with buying a house and computes the equivalent monthly rent

New York - Tenant's Rights

Tenants' Rights Guide
This booklet explains many of the laws tenants need to know and provides resources for where you can find more information about landlord and tenant issues.
Tenant Rights, Laws and Protections: New York (HUD)
Know your responsibilities as a tenant. Read your lease agreement carefully!
New York State Homes and Community Renewal: Office of Rent Administration
Contact Homes and Community Renewal
To obtain information about HCR we encourage you to please search the HCR site first.
If you need further assistance please call, write or e-mail us.
Página de recursos para inquilinos
Los inquilinos de renta regulada disfrutan de numerosos derechos, en particular con respecto a los alquileres, arrendamientos y servicios. Para recibir estos derechos debe presentar la solicitud correspondiente a la División de Renovaciones Comunitarias del estado de Nueva York (DHCR, por sus siglas en inglés) o formulario de quejas.

Miscellaneous

The Home Story - A Window into Housing in America
The Home Story is an online source of housing-related information published by Fannie Mae. For more than 75 years Fannie Mae has enabled people to buy or rent a home by providing liquidity for mortgage credit. Through The Home Story, we are applying our expertise and experience in housing to inform renters, homeowners, and, particularly, the next generation of homeowners. We created the publication because we believe that well-informed homeowners are an important part of sustainable lending. Simply stated, everyone benefits when people buy a home they can afford over the long term. We envision The Home Story as a destination for factual and informative content to help people make better housing decisions. We hope that you will explore our publication and tell us what you think about the articles and information we’re sharing with you.

Books on Personal Finance and Home-Ownership

Master Your Debt by Jordan E. Goodman; Bill Westrom
ISBN: 9780470484241
Publication Date: 2010-01-26
Securing Your Financial Future by Christopher Smith
ISBN: 1442214228
Publication Date: 2012-04-16
One Year to an Organized Financial Life by Regina Leeds; Russell Wild (As told to)
ISBN: 9780738213675
Publication Date: 2009-12-29
The $1,000 Challenge by Brian J. O'Connor
ISBN: 9781591846437
Publication Date: 2013-10-29
Mortgage Confidential by David Reed
ISBN: 9780814415436
Publication Date: 2010-08-18

Homeowner & Renter Community Development

Want to talk to a housing Counselor? Visit The Federal Housing and Urban Development Page 'Talk to a Housing Counselor' for counseling information related to buying a home, renting, default, foreclosure avoidance, credit issues or reverse mortgages. Or call: (800) 569-4287.

Homeownership Assistance Programs for Long Island:

Centereach

Community Development Corporation of Long Island
2100 Middle Country Road, Suite 300
Centereach, NY 11720
Phone: (631) 471-1215
Fax: (631) 471-3087
Email

Far Rockaway

Margert Community Corporation
325 Beach 37th Street
Far Rockaway, NY 11691-4103
Phone: (718) 471-3724
Fax: (718) 471-5342
Email

Hauppauge

Long Island Housing Partnership, Inc.
180 Oser Avenue
Hauppauge, NY 11788-3709
Phone: (631) 435-4710 x1
Fax: (631) 435-4751
Email

Bohemia

Long Island Housing Services
640 Johnson Avenue, Suite 8
Bohemia, NY 11716-2624
Phone: (631) 567-5111 x312
Email

Patchogue

Economic Opportunity Council of Suffolk Inc.
475 East Main Street, Suite 206
Patchogue, NY 11772
Phone: (800) 300-4362
Toll-Free: (800) 300-4362
Fax: (631) 289-2178
Email

Community Housing Innovations
55 Medford Avenue, Suite B
Patchogue, NY 11772
Phone: (631) 475-6390
Fax: (631) 475-6393
jsantana@communityhousing.org

Statewide Homeownership Programs:

New York State Housing Finance/Mortgage Agencies (HFA/SONYMA)
New York State Division of Housing and Community Renewal (DCHR) - affordable housing resources
New York City homebuying resources
US Department of Agriculture Rural Housing - homebuyer programs in rural communities
New York affiliates of Habitat for Humanity - through volunteer labor, builds and rehabilitates houses for families in need
New York State Association of REALTORS - affordable housing resources
Homeowner education programs - learn how to purchase and maintain a home of your own
Housing counseling
Community contacts - find out if your community offers homeownership assistance

Homeownership Assistance: New York
Need help buying a home? You may qualify for one of these programs.
Homeowner and Renter's Insurance
You may be able to save hundreds of dollars a year on homeowners' insurance by shopping around. You can also save money with these tips.

Flood Insurance: Federal and State Resources

National Flood Insurance Program
Since standard homeowners insurance doesn't cover flooding, it's important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.

In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.
Why Buy Flood Insurance - Floodsmart.gov
By now, you probably know that only flood insurance covers flood damage, but you probably don't know all of the details. Here are a few of the more frequent terms:
FEMA Flood Map Service Center
The FEMA Flood Map Service Center (MSC) is the official public source for flood hazard information produced in support of the National Flood Insurance Program (NFIP). Use the MSC to find your official flood map, access a range of other flood hazard products, and take advantage of tools for better understanding flood risk.
What to Know Before Buying a Flood Insurance Policy - Ask your Agent the Right Questions
There are several things you should know before talking to your insurance agent that can help determine the right flood insurance for you.
Q&A about Flood Insurance in NYS
The National Flood Insurance Program offers flood insurance to homeowners, renters and business owners, provided their communities use the program's strategies for reducing flood risk, including adopting and enforcing floodplain management ordinances to reduce future flood damage. Community participation in the National Flood Insurance Program is voluntary. However, flood insurance and many kinds of federal disaster assistance are not available in communities that do not participate in the program. Fortunately, in New York, 1,466 communities participate in the National Flood Insurance Program.

Federal Housing Administration Programs

HUD in New York
Let FHA Loans Help You
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.
Good Neighbor Next Door Program
Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Helping Public Housing Residents Buy Homes
HUD wants to help public housing residents become homeowners! If you're a public housing resident, you may be able to convert your rent into a mortgage payment. Contact your local public housing agency for details.
Section 184 Indian Home Loan Guarantee Program
The Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used, both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.
Home Improvements
Whether you want to fix a faucet or add a new addition to your home, you need to know the facts and the pitfalls of home improvements. Here are some sources that can help.
HUD Revitalization Area Sales Programs
Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote "the revitalization, through expanded homeownership opportunities, of revitalization areas."

HUD-owned single family properties located in a Revitalization Area are eligible for discounted sale through special programs.
HUD Homes for Sale | Search HUD Homes Listing
Neighborhood Stabilization Program (HUD Exchange)
Congress established the Neighborhood Stabilization Program (NSP) for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.

New York State Homeowner Programs

Compare SONYMA to FHA (Spreadsheet Software Required)
What's better - an FHA loan or a SONYMA loan? Use the below calculator to determine which product may be better for you.
Homes for Veterans Program (SONYMA)
SONYMA, in conjunction with the New York State Department of Veterans' Affairs, is pleased to offer the Homes for Veterans Program that will enable more U.S. military veterans and active duty U.S. military personnel to buy their first home (or move to a different home if you are a U.S. military veteran). A change in Federal law enables SONYMA to waive the first-time homebuyer requirement for any veteran (and their spouse or co-borrower) who:
Served in active military, naval, or air service; and
Has been discharged or released from their military duties under conditions other than dishonorable.
Or any first time homebuyer may take advantage of the program benefits if they are:
A U.S. military personnel stationed in New York State, regardless of discharge status;
An active or honorably discharged National Guardsman and reservists.
Remodel New York (SONYMA)
The Remodel New York Program provides competitive interest rate financing to qualified first time homebuyers for the purchase and renovation of homes in need of improvements or repairs. Under Remodel New York, SONYMA will finance both the purchase and the renovation of the home with one mortgage.
Achieving the Dream Program (SONYMA)
SONYMA's Achieving the Dream Mortgage Program provides qualified low income first time homebuyers with low downpayment mortgage financing on one and two family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at a very low fixed interest rate.
Low Interest Rate Program (SONYMA)
SONYMA's Low Interest Rate Program provides qualified low and moderate income first time homebuyers with low downpayment mortgage financing on one to four family dwellings (including condominiums and cooperative apartments, as well as manufactured homes permanently attached to real property) at competitive fixed interest rates.
AHC Grantee List - Long Island (Adobe Reader Required)
AHC provides grants to organizations to help subsidize the cost of necessary repairs and renovations to homes owned by low- and moderate-income homeowners. Homeowners in need of repair or renovation must apply directly to AHC Grantee organizations to benefit from these subsidies. Please note that AHC does not provide grants directly to individuals.
Buy Your Manufactured Home Park (HFA)
MHCFP assists manufactured home park residents in purchasing the land underlying their homes, making infrastructure improvements, and forming cooperatives. By owning and managing their parks, residents are able to take greater control over their housing costs and living conditions.

Default and Foreclosure Resources

New York State Non-Profit Housing Counseling Agencies
New York State Non-Profit Housing Counseling Agencies Providing Services to Homeowners in Default and Foreclosure.
Homeowners Resource Center
For most of us our home is our most valuable financial asset, but it’s also a vulnerable asset. Protect yourself and your home.
HomePath by Fannie Mae - Foreclosed Property Search
Search for Thousands of Foreclosed Homes, Instantly.
Homesteps by Freddie Mac - Search for Homes Owned by Freddie Mac