What is the Homebuyer Counseling Process?
The
free counseling services, provided by First home and the Bay Area Homebuyer Agency, are directed to assist homebuyers in achieving the dream of home ownership. This really is the best way to find out which program (or combination of programs) is right for you! To initiate the counseling process you will need to complete the Homebuyer Counseling Worksheet & Application.
How does the counseling process work?
You send in your Counseling Worksheet and $40 (or a recent tri-agency credit report)
Our counselors collate your information and conduct an initial review of your plans and your current situation.
Within 7 to 10 days, one of our counselors will:
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Call you to set an appointment: After an initial assessment in which the counselor finds that you are ready to take your next step in the path to home ownership, they will call you to set an appointment. Together, you will review the various programs and possibilities that are available to you. From here, you will decide on the right course of action for you. The counselors will be there to support you every step of the way!
- OR -
- Advise you on how to prepare: In some cases, after careful review of your information, the counselor cannot yet match you with any existing programs (or you qualify for one of the few programs that have waiting lists. If so, we will make sure you are on the list). It may be that there are some factors affecting your ability to take that next step in the home-ownership ladder. You may, for example, need to address issues with your income, your debt or your FICO scores. If so, you will receive pointers on what you need to focus on so that we will be able to help you in the future.
What will the counseling program cover with me?
Personal financial assessment. This assessment evaluates your current and future situation and financial resources. It also establishes a basis for you to analyze your capacity to purchase a home now, or in the future, and helps lay a foundation to structure a homebuying plan.
Budgeting for a home purchase and home ownership. A great degree of emphasis is applied towards the effect homeownership can have on your cost of living and how to prepare and work with any cost of living adjustments. In your counseling session you will look at your options.
Credit review and counseling. You and your counselor carefully review your comprehensive credit report, so that, together, you can look at how you can enhance your scores and identify opportunities.
First time homebuyer program analysis. Focus is placed in identifying and matching you with various private and public homebuyer programs and resources that can help maximize your purchase capacity while minimizing the financial impact of homeownership.
Are you ready to take that next step towards home ownership?
Download Homebuyer Counseling Worksheet >>
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