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Free classes address credit issues, needs of first-time home buyers
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Knowledge is the key to home ownership.

Deborah Romero of Ability Mortgage - who has been a mortgage lender since 1997 - noted that people with credit issues, foreclosures, and even bankruptcies can buy homes. All it takes is going through specific steps, and holding a steady course for a year or so or simply just months. At the same time many renters who want to own homes may not realize they could be in a position to do so.

It is why Romero is planning to stage free monthly classes ranging in length from a half hour to an hour at the Manteca Library. One session is billed as a credit class and the other is a first time homebuyers class.

One couple she talked to recently lost their home to foreclosure a few years back due to medical bills. Because they did not file a bankruptcy, they have severe credit issues making it impossible to move toward home ownership. However, if they had gone forward with a bankruptcy filing and settled it in court their credit would have been an issue for just three years or so. Assuming they towed the line after the bankruptcy they’d emerge after a probation period being able to qualify for a mortgage.

The first class is Tuesday, Jan, 25, and will cover credit issues. The class will focus on what type of credit you need to have in order to purchase a home and what you need to do to get there.  Whether it is establishing credit, fixing credit, or finding out the time frames you will have to wait after a bankruptcy, short sale, or foreclosure.  

The second class for first-time homebuyers is Tuesday, Feb. 1.

The class will focus on what you need to do to become a homeowner ranging from what types of loans are available, down payment assistance, money needed, credit needed, co-signers -  everything.

Romero noted that the advantage of finding out what you have to do now give people the opportunity to repair their credit issues or save for down payments as well as determine how much home they can afford to buy in order to take advantage of the current affordable housing market.

Both classes will be held at the Manteca Library and will start at 7 p.m.  There will be no charge.  This is a free service to help people know how to make critical financial decisions and position themselves in the future.  For more information call 825-9383.