If you are buying a home, a housing counselor can be invaluable in helping you navigate the home buying process and avoid making mistakes, particularly if you are a first-time buyer. He or she can review your credit score and your monthly income and expenses and provide recommendations on whether now if a good time for you to buy. And if you aren’t yet ready, your housing counselor can help you improve your credit to meet loan requirements and establish a budget that will help you better afford a home purchase when you’re ready.
Many mortgage programs require their buyers to obtain pre-purchase counseling from a HUD-approved housing counselor. Engaging HUD-approved counselors is important because they have been specially trained and certified by the government to help you navigate the home buying process and assess your financial situation and evaluate options if you have difficulty paying your mortgage in the future.
Housing Counseling for Community Home Buying Programs
Home Buyers eligible to participate in the Community Partner Loan Pool (CPLP) or Self-Help Loan Pool (SHLP) programs must work with a Local Community Partner who will help them apply for assistance and complete 6 hours of home buyer education and 2 hours of one-on-one pre-purchase counseling.