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  Pre-purchase Counseling  

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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