Right before you get to the settlement table to close the loan deal, there is always a set of requirements you need to comply with. Some loan programs require you to sit down on a couch and listen to a lecture to get that needed homeownership certificate. While this entails your time and attention, this actually does you more good than you realize.
Programs such as HUD’s FHA Home Loan ask you to take a Housing Counseling Course. It is an effective way to make homeownership sustainable. May it be about home purchase, renting, protecting your credit, loan defaults and other issues, it can help you in a variety of ways.
Housing Counseling, Paving the Way to Sustainable Homeownership
This course is provided by an experienced and legitimate housing counselor. He/she evaluates your financial readiness and helps you come up with an effective plan that suits your needs.
Housing counseling does not only help those who are about to purchase a home or those applying for a mortgage loan. Homeowners who are at a risk of facing foreclosure can run to seek advice from a housing counselor. Studies have greatly proved that mortgage loan delinquencies and defaults have been effectively addressed before they spiraled down into property foreclosure. In most reported cases, loan modifications suggested by professional counselors were much more affordable and sustainable than those that non-counselled individuals took.
HUD has a list of approved housing counselors the country. It wouldn’t be hard to find one in your state.
Why should you prefer an HUD-Approved Housing Counselor?
First off, help is for free! Although there are also other counselors who provide this service for a very little fee, why pay if you can get one for free?
HUD-approved counselors are trained to give you professional advice. These people undergo a rigid training to be HUD-approved ensuring you the quality of the services they provide.
U.S. Department of Housing and Urban Development’s Housing Counseling Program is designed to provide counseling services tailor-fitted to your situation. If you want to know about reverse mortgage, they have a reverse mortgage counselor. If foreclosure is your problem, a foreclosure avoidance counselor can be of great assistance. Even a homeless person can avail of this free counseling should one wish to know how he/she can afford a home.
Lenders made housing counseling a requirement with you in mind. This way, you protect yourself from uninformed decisions. Getting a home loan you can’t afford is severely damaging. Delinquencies and loan defaults can gravely affect your credit score. These courses save you from homeownership dilemma before they arise. By the end of each course, you become a more educated homeowner.