Mortgage rates continue to be at near-record lows and prices for homes in the market are set back to 2001 prices. There are plenty of choices in all different types of housing and neighborhoods. It's the perfect time to buy, right?

Yes, first time homebuyers have many options, but there are also many risks and barriers. Mortgage underwriting is more rigorous than it used to be, and FHA loans will be the main option for many buyers. Obtaining mortgage financing can take more time and require more disclosures and documentation that in years past. Also, there are many homes for sale, but evaluating them requires great care. The last thing a new owner wants to find out is that his American dream has a mold problem, or insanely high condo assessments. This means working with a competent and knowledgeable home purchase team.

Lakeside's housing program addresses the complete housing needs for low and moderate-income residents in Chicago and surrounding communities. Recently, our program has focused on renters, current owners facing financial hardships, and community associations. Since September 2011, Lakeside has offered comprehensive first time homebuyer education and counseling services. The services prepare first time homebuyer participants with the critical knowledge needed to purchase a home. The services also satisfy requirements for down payment assistance programs. Persons who complete the entire set of classes will receive a certificate of completion for home buyer education. The certificate is required by lenders for first time homebuyers.

Lakeside's classes follow nationally approved standards with a comprehensive curriculum from Neighborworks America. Our counselors are also available to work 1x1 with clients to develop and implement home purchase plans, supporting them every step of the way. Like all Lakeside programs, these services are available in Spanish and English.

Even if you are not ready to purchase a home, it is never too late - or too early - to start getting educated. What you will learn about credit, budgeting, making decisions, and developing a housing plan, will come in handy no matter what you decide to do.

Workshop dates and locations have been posted on our website. If you would like more information, please contact Israel Quesada, Housing Specialist, at (773) 381-5253. Space is limited and registration is required.