Homeownership Counseling Program

NYMC’s 13 financial institutions help fund the homeownership counseling activities of 10 nonprofit housing agencies located throughout greater New York City. Our housing agencies provide outreach and counseling services throughout the city, reaching 3,000 families per year and converting 20% of those counseled, approximately 600, into first-time homeowners each year. NYMC’s participating lenders provide competitive, fixed-rate mortgages which may include closing cost grants and down payment subsidies on a need basis. NYMC is also active in helping financially distressed families retain their homes through our extensive foreclosure prevention counseling network.

Over 70% of NYMC’s target population represents families of color living in low to moderate neighborhoods, which are often underserved and under-banked. By increasing opportunities for homeownership, particularly among the African American and Latino populations who routinely confront barriers in accessing mainstream mortgage credit, NYMC helps families and communities build wealth, and transfer that wealth inter-generationally, thus enhancing the empowerment and stabilization of lower-income families and neighborhoods. Through our homeownership education workshops, clients learn life-long financial management skills that enable them to establish credit, maintain a personal budget, qualify for a mortgage, and eventually purchase a home.

NYMC’s ten community housing groups conduct year-round financial education outreach throughout the diverse neighborhoods ofNew York. Besides English, we offer homeownership counseling, including foreclosure prevention assistance, in Spanish, Cantonese, Korean, Mandarin, and French. Our work in 2010 included conducting 93 seminars, homebuyer fairs, and housing expos to over 5,250 attendees. NYMC agencies also conducted 32 first-time homebuyer classes with 521 attendees and 444 graduates. We promote our programs to low and moderate income residents through the media, major labor unions, homebuyer fairs, educational events co-sponsored with other nonprofits, and places of worship. Each NYMC housing group customizes its services to meet the needs of its local community based on language, culture, income levels, and housing inventory.

Potential homebuyers attend seminars or workshops that range from 60 to 90 minutes. Such attendees are then invited to continue their home buying education through one-on-one counseling, which involves as much as 12 hours of additional learning. Core topics include: Household budgeting, savings, establishing credit, the importance of credit scores, condos v. co-ops, private mortgage insurance, First Home Clubs, home maintenance, and the responsibilities of becoming a landlord when purchasing multi-family properties. These sessions, conducted by NYMC’s experienced counselors, provide the potential first-time homebuyer with the opportunity to review credit history, assess affordability, and develop a comprehensive budget and savings plan. All NYMC counseling is provided at no cost to our clients.

From January to December 2010, 42% of NYMC clients counseled were couples (living together or married), 16% single mothers, 2% were single fathers, and 40% were single adults without dependants. Of the clients counseled, 69% rented at market rates, 3% lived in public housing or received a rental subsidy, 17% were living with family or friends, and 11% were current owners looking to refinance into affordable loans or reverse mortgages.

If you are interested in learning more about our Homeownership Program, please contact us or one of our Community Housing Agencies.