Valley Community Development Corporation: Home

Pre-Purchase Homebuyer Counseling

People seek individual homebuyer counseling for many different reasons. Some of the people we counsel are renters trying to trying to determine if homeownership is a realistic goal. Other clients have already begun the homebuying process but come in to learn about special, low-interest mortgages for first time homebuyers. Some of our clients want to begin planning for homeownership as a long-term goal. Finally, some people come in for counseling simply to confirm that renting is the most suitable housing option for both their budgets and their goals.

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.

What to bring to your appointment:

To make the most of the discussion, please bring as much of the following as possible:

Income:

A recent pay-stub
Most recent year’s tax return
Child support figures
Social security figures
Part-time employment figures
Information about any other income source

Debt

A recent bill for each credit card, store card or other household debt
Original loan documents for personal loans, car loans, and student loans (If you don’t have your original loan docs, check your account on-line for interest rates and student loan status.)
If you have a recent credit report, please bring the report along to our meeting.

Who qualifies as a First Time Homebuyer?

You are considered a First Time Homebuyer if at least one of the following is true:
You have not owned a house in the past three years.
You are a single parent (even if you have owned recently).
You are a displaced homemaker (you were recently divorced and you were not the primary wage earner in your previous household).
You do not own a home on a permanent foundation (you own a mobile home).

For more information about homebuyer counseling, please contact Michele Morris, Homeownership Director at 413-586-5855 x18 or mm@valleycdc.com

Updated 5/6/08