A recent HUD study shows that HUD-approved housing counseling significantly improved the likelihood homeowners remained in their homes. Both pre-purchase counseling and foreclosure counseling, HUD found that 35% of the participants became homeowners within 18 months of the pre-purchase counseling and only one of those buyers fell behind in their mortgage payments. The foreclosure counseling study reveals that with a counselor’s help, nearly 70% of those counseled obtained a mortgage remedy to retain their home and 56% cured their defaults and became current on their mortgage.
We work with many clients who need down payment assistance and with all down payment assistant programs you need to do a first time home buyer education. Going to the class is extremely helpful, it helps not only to prepare you for the home buying process but it helps you learn to budget for a mortgage and prepares you for what is involved in homeownership. Knowing that these classes are proving to be helpful I’m not sure why more people aren’t attending them. Buying a home is one of the most if not the most important financial decision you will make, why wouldn’t you want to get educated.
Click here for the full HUD article with survey. And if you are interested in taking a homeowner course please check out CHFA’s link for all the homebuyer classes available. (Note: you don’t have to be applying for a CHFA loan to attend these classes).
If you are wanting and ready to get pre-approved please click here for a secured online loan application and if you have any questions please feel free to call or email me, home buying can be confusing and overwhelming, I am always here to help!
Sincerely,
Ray Williams
Branch Manager
Summit Home Mortgage
303-779-0591 ext. 101
