Homebuyer Counseling
Potential homebuyers seek individual homebuyer counseling
for many different reasons. Some renters
are looking for confirmation that renting continues to be the most suitable
housing option for both their budgets and their goals. Other renters want to begin planning for
homeownership as a long-term goal. Prospective
homebuyers may seek homebuyer counseling as they are hoping to buy within the
next year and they are eager to capture a relatively low-interest rate for
their mortgage.
What is a Counseling Session Like?
The counseling sessions focus primarily on income, debt,
credit and how best to help you achieve sustainable homeownership. We examine different types of homeownership
options including single family homes, condominiums, multi-family homes and
purchase and rehab loans. We’ll discuss
a variety of mortgage products with an emphasis on subsidized mortgages and
down payment and closing cost assistance for income-eligible buyers.
To make the most of the discussion, please bring a recent
pay-stub or tax return if you’re self-employed.
Specific numbers for other incomes sources such as child support, social
security or part-time employment are also helpful. Information on any household income that you
expect to continue is useful.
For each household debt please bring a recent bill or
write down the following: overall
balance owed, minimum monthly payment, interest rate(s) and, available credit
balance for each credit card. If you
have a recent credit report, please bring the report along to our meeting. If you have a personal loan, student loans
and/or automobile loan(s), please review or bring along your original loan
documents or check your account on-line for interest rate(s) and student loan
status.
Financial Literacy Classes
Valley CDC also offers basic financial literacy classes
and individual counseling. If you need
help with budgeting or credit issues we are available to help you.
Current homeowners in Valley CDC’s service area, who are
having difficulty meeting their monthly payments or whose homes are in need of
housing rehab are also welcome to use our individual counseling services.
Single parent homeowners are considered first time
homebuyers under HUD’s first time homebuyer (fthb) definition. This means that single parent homeowners who
are selling a current home and repurchasing are eligible for subsidized
mortgages, assuming that they meet income eligibility guidelines. HUD’s fthb definition also includes
displaced homemakers, such as divorcees who were not the primary wage earners
in their former households. The HUD fthb
status also applies to households that have had a three-year lapse in
homeownership and to homeowners whose homes are not on a permanent foundation.
Eligibility for Free Counseling
Our counseling staff is funded through the
cities of
Northampton and
Easthampton and the town of
Amherst.
We also receive contributions from banks to
support our counseling program.
Our
counseling services are therefore free to area residents.
If you are interested in any of these services, please contact Michele Morris at (413) 586-5855 x18, or send an email to mm@valleycdc.com.
Last update: 2/15/07
