DHCDC Housing Counseling program offers counseling in financial planning, pre – and post-purchase, default and delinquency prevention, predatory lending, HECM (Reverse Mortgage) and other aspects of homeownership and tenancy. Additionally, it works collaboratively with public and private financial programs to ensure proper financing for eligible participants.
Housing Counseling is to provide first time homebuyers with the tools necessary to ensure sustainable homeownership. Using various curriculums the housing counselor and DHCDC partners provide financial planning and asset management as well as comprehensive housing counseling. Specifically, the curriculum includes financial education and assistance in credit counseling, “spending plans” and money management, pre and post purchase counseling, delinquency and foreclosure prevention, predatory lending schemes, affordable loan products, and landlord-tenant counseling and mediation. These services are offered as a group or “one on one”.
· Homebuyer Counseling
Clients receive counseling on identifying housing need, assessing affordability to purchase, credit counseling, household budgeting, reviewing mortgage products, reverse equity conversion programs, identifying for-sale and rental public and private properties, how to purchase HUD, VA and FHA homes, selecting real estate agents, predatory lending-“if it sounds to good to be true, It Is”, obtaining mortgage insurance, home inspections, property appraisals, how to inspect homes, understanding real estate terminology, negotiating sales contracts, fair housing laws, applying for mortgage financing, understanding settlement process, making timely mortgage payments, obtaining rehabilitation loans, refinancing, managing utility cost, property warranties, home maintenance, preserving assets before and after closing, consumer protection laws, periodic review of monthly household budgets, payment of real estate taxes, resale of properties, delinquency and default and loss mitigation strategies.
· Financial Capability
Clients learn the importance having a solid financial foundation. They are counseled on all aspects of money management by assisting clients with budgeting and creating a savings plan. Counselors educate the client and assist in identifying barriers to success. There is a focus on understanding your credit score, how it impacts your financial health and most importantly, how you can improve your credit behaviors.
· Foreclosure Prevention
Counselors assist clients by seeking resolution of mortgage default and delinquency problems. Clients receive counseling on alternatives to foreclosure such as forbearance relief, pre-foreclosure sale, deed-in-lieu of foreclosure, and refinancing. The Housing Counselor will verify the clients problem, identify the causes of default and delinquency, contact loss mitigation department to discuss alternative strategies, negotiate with lenders and creditors to prevent foreclosure, assess financial stability, establish household budget and credit management plan, establish a repayment plan and if necessary assist client with identifying alternative housing.
· Reverse Mortgage
· Consumer Protection for Seniors
· Credit and Debt Management
*Check out our calender of events for Housing Workshop dates.
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