What you need to know before you buy a home …

Have you thought about buy­ing a home? Do you know what home equi­ty is? Are you won­der­ing what your cred­it score is? I have to con­fess that I know very lit­tle about the process of buy­ing a home and have been intim­i­dat­ed by it because all that I heard from fam­i­ly mem­bers and friends was about how stress­ful it was!

For­tu­nate­ly, when I was in Queens, NY last week, I was lucky enough to par­tic­i­pate in work­shop pre­sent­ed by Chhaya CDC called “The Road to Home­own­er­ship: Your Rights, Risks, and Rewards.” This very empow­er­ing and acces­si­ble work­shop demys­ti­fied what it means to buy a home and how you go about doing it. Right then and there, my ques­tions were answered and the process was bro­ken down for me. This work­shop is a part of a series that cov­ers var­i­ous relat­ed top­ics such as whether home­own­er­ship is right for you, finan­cial and cred­it basics, ana­lyz­ing whether you can afford a mort­gage, and how to avoid preda­to­ry lenders. These work­shops are par­tic­u­lar­ly time­ly, giv­en the recent fore­clo­sure cri­sis that has affect­ed many Amer­i­cans and has brought up ques­tions about how exact­ly the home­buy­ing process works in the U.S. If you’re in the New York City area and inter­est­ed in attend­ing one of these work­shops, vis­it Chhaya CDC’s web­site or email them at info@chhayacdc.org.

Chhaya CDC is an orga­ni­za­tion based in Queens that address­es and advo­cates for the hous­ing and com­mu­ni­ty devel­op­ment needs of South Asian Amer­i­cans in New York City. They pro­vide indi­vid­u­al­ized home­own­er­ship and finan­cial coun­sel­ing, work on ten­ants’ rights issues, and engage in com­mu­ni­ty out­reach on hous­ing and com­mu­ni­ty devel­op­ment issues. They also devel­op “know your rights” brochures for the com­mu­ni­ty, includ­ing fact­sheet on how to avoid fore­clo­sure res­cue scams (avail­able in Eng­lish and Bangla).