Pre-Purchase Counseling

Pre-purchase counseling is composed of a one-on-one counseling session, lasting between one to three hours depending on the homebuyer’s knowledge and level of help to be provided by the certified homeownership education counselor.

The session includes a complete review of the client’s current financial profile (including an analysis of the income, expenses, debt, and credit obligations). This review will cover what the client can currently afford in home ownership, and a personalized strategy for increasing savings for a down payment. The housing counselor reviews the debt-to-income requirements for various home buying programs, the types of loans and the pros and cons of each, and how to avoid predatory lending. Clients will also learn how credit plays a role in the home buying process and will learn how to pull a copy, read, and manage their reports. The client can also expect to gain familiarity with the terms and documents used in the mortgage process.

The purpose of Pre-Purchase Counseling is to address issues that may prevent or delay affordable mortgage financing, while offering specific steps to help the client achieve their goal of homeownership. The counseling also helps clients understand how to avoid potential problems that might jeopardize their ability to retain their home.

Asian-American Homeownership Counseling, Inc. is approved by HUD as a housing counseling agency, providing services in DC, MD, and VA.

One-on-one Pre-purchase counseling is done by appointment only.  Request an appointment by email at counseling@aa-hc.org or call 301-760-7636 or 703-291-6324. We have housing counselors who are bi-lingual in Chinese-Mandarin, Korean, and Vietnamese.  The cost of a pre-purchase counseling seesion is $175/family and includes 3-merge credit reports and scores.

 

FHA’s Back to Work mortgage program requires Pre-Purchase counseling by a HUD approved housing counseling agency.  Click Here for program detail info.

 

Pre-purchase Counseling Benefits:

http://www.freddiemac.com/news/blog/robert_tsien/20130415_getting_better.html

http://www.huduser.org/portal/publications/hsgfin/pre_purchase_counseling.html

http://www.nw.org/network/newsroom/documents/ExperianMayer_FullReport.pdf