FORT BRAGG, N.C. - Spc. Alexander Fernandez wants to achieve the American dream of home ownership.
"I'm interested in getting assets for my own benefits," said Fernandez, who serves with the 21st Chemical Company.
Fernandez attended a first-time homebuyers class in the Soldier Support Center Dec. 1. The class is offered quarterly through Army Community Service and is presented by Consumer Credit Counseling Service of Fayetteville.
Holly Close, a CCCS homeownership coordinator, said the class is designed to educate consumers before purchasing homes.
"For homebuyers, their Families and for all of us, this class is important because we are all tied together with the economy," said Close.
Close informed the class of an array of topics ranging from understanding and improving credit to post-home ownership counseling.
For instance, credit scores normally range from 330 to 850, she said. The higher the credit score, the lower the finance charge on owning a home. The credit score predicts the likelihood of a person repaying a loan.
Thirty-five percent of the score is determined by payment history, 30 percent by the amounts owed, 15 percent relates to length of credit history, 10 percent pertains to new credit and 10 percent is tied to the types of credit in use. The percentages are based on information listed at www.myfico.com.
Close highlighted some of the pros of home ownership, including owning one's place, the tax benefit of deducting yearly interest payments and building equity. The cons include the price of having upfront money such as a down payment and closing costs and the possibility of foreclosure.
Fernandez seemed pleased to collect as much information as he could about the potential of owning his first home.
"It was a very helpful class. I learned new detailed information I did not know and that there are people out there to help you out and walk you through the process," said the Torrance, Calif., native.
For Soldiers, there are options available to make homeownership a reality, said Rodney Richardson, lead financial counselor with ACS.
"As a vet, they have guaranteed home loans that basically allow them to be able to borrow money for a home purchase," Richardson said.
VA certificates are available for veterans and coupled with the $8,000 tax credit for first-time homebuyers, ownership seems more attainable.
As an Army retiree and someone who has previously purchased homes, Richardson said the class is beneficial to any Soldier who is thinking of buying a first home.
"Go to class and learn as much as you can about the process, and find a good realtor," he said.
For more information about attending the first-time homebuyers class, call 396-2507 or visit www.fortbragg.com/classreg.php.
Social Sharing