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Housing Counseling

New York Mortgage Coalition provides pre-purchase homebuyer education and counseling. Homebuyer education is performed in a group or online setting and reviews the entire home purchase process, from determining if you should buy a home and how much home you can afford through the home purchase and responsibilities of homeownership.  Pre-purchase counseling is done in a one-on-one environment and delivered by a housing counselor. Counseling covers budgeting, credit, financial management counseling, savings techniques. Counselors will review your credit, budget, and affordability to determine if you are mortgage ready, and be your advocate every step of the way through the purchase of your home.

 

1. Homebuyer Education

The best place to start is by taking a first-time homebuyer course. NYMC has classes in person at our member agency locations, or online through eHome America. In-person class prices vary based on the agency, and the online class is $99. The knowledge you gain will save you much more than the purchase price. In-person classes typically take 8 hours, either all on one day or spread over 3-4 evenings, and the online class typically takes 3-5 hours. 

2.  Schedule and Prepare for Counseling

After taking a homebuyer education class, you'll want to schedule an appointment with a housing counselor. 

3. Counseling Appointment

When you first meet with a housing counselor, they'll analyze your financial picture to see if it's better for you to rent or buy a home. Together you'll create a sustainable household budget and an action plan to help you achieve your financial goals. If you're not ready to buy a home within the next few months, they'l help you work on increasing savings, reducing debt, and improving your credit. Achieving financial fitness can be hard work, but if you stick with these strategies you can achieve your goals and become ready to buy a home.

4.    Ready to Buy

If you're ready to buy a home, a housing counselor will discuss which mortgage product options could be right for you, including FHA mortgage products. Many of the lenders that NYMC partners with offer competitive mortgages for first-time homebuyers that have low down payment requirements or low interest rates. Counselors will compare at least three options with you, but it's up to you to decide what lender to work with.

A housing counselor will also discuss down payment assistance and closing cost assistance grants and programs. Most grants require that you've completed homebuyer education and may have restrictions on household income or home location. Counselors are knowledgeable in available programs and can evaluate which ones you are eligible for.

5.     Closing

Once you close on your loan - Congratulations, you own a home! As a homeowner, make sure to live within your budget, maintain your home, and make your mortgage payments your highest priority.