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CHRA’s pre-purchase counseling improves a prospective
homebuyer’s chances of qualifying for a mortgage:
- CHRA counselors are aware of homebuyer programs
designed to assist low and moderate income families.
- CHRA counselors analyze each potential buyer’s
income, credit, debt and cash resources to see what
programs, if any, are applicable.
- CHRA counselors prepare financially capable clients
for the homebuying process.
Specifically, CHRA pre-purchase counseling educates lower
income households regarding:
- availability of affordable housing opportunities
and programs;
- downpayment and closing cost grants and loans;
- advantages and responsibilities of homeownership;
- how to locate a suitable property and negotiate
a real estate contract;
- the mortgage qualification process.
Homebuyers who complete pre-purchase
counseling better understand the responsibilities of
owning a home, and the consequences of delinquent payments.
If problems arise, they are more likely to contact the
lender to establish a workable payment plan, and less
likely to default on the mortgage.
Clients who don’t meet mortgage qualifications
learn what they need to do so, precluding the financial
and emotional cost of being declined. The family’s time,
and the lender’s, isn’t spent in a futile exercise that
cannot lead to the purchase of a home. CHRA’s fundamental
focus is on low income families where comprehensive,
bilingual, one-on-one counseling is particularly effective
in getting these households prepared for homeownership.
Counselors match clients with the local lenders offering
special financing with relaxed underwriting criteria
that meet the needs of lower income first-time homebuyers.
Pre-purchase counseling is required by all CHRA-administered
programs.
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