Neighborhood Housing Services of Richmond, Inc. understands the significance of becoming a homeowner and has committed itself to creating opportunities for homeownership, specifically among low- to moderate-income families. This partnership help support a Homeownership Center that is designed to provide families with the resources needed to successfully plan for, purchase and maintain a home. As a “one-stop-shop” for homeownership, Neighborhood Housing Services of Richmond, Inc. offers the following programs and services all under one roof: Pre-Purchase Homebuyer Education and Housing Counseling, Financial Literacy and Individual Development Accounts, and Counseling, and Default Counseling/Foreclosure Prevention.
One-on-One Housing Counseling
Anyone interested in buying a home is required to meet with one of Neighborhood Housing Services of Richmond, Inc.’s HUD certified housing counselors. Some prospective homebuyers are not “mortgage ready” and can benefit from long-term support in resolving past credit or budgeting problems. The homeownership counselor works with each individual or family to:
• Analyze their mortgage readiness;
• Determine what type of home the prospective homebuyer can afford;
• Assist the prospective homebuyer in developing an action plan to cure any credit challenges;
• Develop a homeownership track for classes and programs that best fits their needs; and
• Provide long-term support throughout the entire home buying process.
It has been proven that pre-purchase counseling can make a significant impact in two separate areas. First, it is expected to increase the effectiveness, or rationality, of the home-buying decision. In other words, pre-purchase counseling can enable an individual or family to make a more rational decision about whether they should become homeowners, and if so, under what circumstances. Second, pre-purchase counseling is believed to have an effect on the subsequent stability of the homeowner and, therefore, on the likelihood of loan delinquency or default. The underlying assumption is that the better prepared the homebuyer is for homeownership, the less likely he or she is to run into difficulty down the road.
Neighborhood Housing Services of Richmond, Inc.’s Homebuyer Education Certification Course, known as FasTrak to Homeownership, is an eight-hour course designed for customers with fairly minor obstacles in their pursuit towards homeownership. Usually, the obstacles can be resolved within a month or two. Working in conjunction with our professional staff, volunteer instructors from the real estate, insurance, financial, legal and inspection industries help prospective homebuyers minimize the fear of the home buying process by providing clear and consistent information and high quality guidance for buying a home. The objective of the course is to help answer the many questions a prospective homebuyer may have regarding the home buying process. Borrowers who participate in the Homebuyer Education class are usually required to successfully complete the course as a qualification to entitle them to a reduction of the cost of mortgage insurance, down payment and closing costs assistance.
As an incentive to participating in the Homebuyers Club, qualified participants are given the option to open an Individual Development Account (IDA) to encourage saving and asset building. The IDA component is restricted to first-time homebuyers earning between 50-115% of the area median income (AMI), and i
For the fiscal year ended December 31, 2011, Neighborhood Housing Services of Richmond, Inc.'s program expenses were:
Cost of residential real estate sales
Total Program Expenses:
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