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Metro Interfaith's Housing Counseling Metro Interfaith offers professional, confidential counseling for a wide range of housing needs or problems in our effort to assist people in finding safe, decent and affordable housing. Services Available - Homebuyer counseling Reverse mortgages Default
counseling & assistance Budget and credit counseling Rental counseling
Pre-purchase counseling. Anyone can receive counseling services
regardless of race, creed, national origin, sex, or income level.
How There is no charge for these services. HOME BUYER COUNSELING Metro Interfaith’s housing counseling office has a history of more than 25 years of service to the community. The counseling provided to clients is free of charge and covers a wide spectrum of topics specific to their situation. They may be a first time homebuyer facing all the uncertainties that accompany, what can be an overwhelming process of finding a home, obtaining financing and the responsibility of becoming a homeowner, They may already own a home and may be experiencing a financial hardship which could lead to foreclosure and the loss of their home, Seniors who have considerable equity in their property or who own their homes out right can remain in their home while having access to this equity through a reverse mortgage. These mortgages are insured or backed by the federal government, and counseling is a requirement to obtain this type of loan. Renters who are not presently in a position to own their own home often seek counseling and assistance as well,. There may be landlord/ tenant disputes or they may be having difficulty keeping their tent current. Metro Interfaith's pre-rental and eviction counseling addresses these and other issues faced by renters. MORTGAGE DEFAULT - FORECLOSURE PREVENTION Unfortunately, the ability to keep up with the responsibility of homeownership cannot always be assured. Clients are referred to our agency following unforseen circumstances such as illness or loss of employment and have ffallen behind on their mortgage payments. The counselor assists in determining the cause of the default, discusses possible steps for bringing the client's mortgage current, explains various relief options, determines if the client has received notice of intent to foreclose, refers the client to other community resources when necessary and provides budget and money management counseling. If the client has an FHA insured mortgage, the counselor will determine if the client is a good candidate for one of many foreclosure avoidance "tools" which the FHA allows the lender to employ. Proactive, ongoing counseling is then needed to help ensure that all possible means to avoid a foreclosure are pursued. RENTAL COUNSELING Rental Counseling is available for persons facing any number of problems finding or keeping safe, decent, and affordable housing. Tenant's rights and responsibilities, lease agreements, landlord disputes, rental delinquency, eviction prevention, and referrals to outside service agencies and providers of affordable housing are among the topics covered. Homeless individuals or families are referred to area agencies as service providers for emergency shelter assistance. Renters experiencing financial difficulties are also offered Budget & Credit Counseling in an effort to stabilize and improve their financial situation. REVERSE MORTAGES Another very important area of our counseling activities is that of reverse mortgage counseling. An increased awareness of this type mortgage as well as the participation of a local lender has led to an increase in demand for this type of counseling, Metro Interfaith has been participating in the Housing Counseling Clearinghouse Reverse Mortgage Phone Relay Program which is designed to provide quality, reverse mortgage counseling to seniors across the country who are unable to travel to a HUD-approved agency. Metro Interfaith's Counseling Coordinator was chosen to help develop this pilot program. A reverse mortgage is certainly not a "traditional" mortgage in that the loan balance increases over time rather than decreases. The specifics of this type of financing can be somewhat complicated, especially for the senior homeowner. As previously mentioned, this type of counseling is required by the FHA and FannieMae for all potential borrowers. This type of loan enables homeowners who are 62 years of age or older to access the equity in their homes without having to sell their homes and move. BUDGET AND CREDIT COUNSELING Counseling designed to improve the individual's "financial fitness". A detailed review of personal spending habits, personal savings potential, use of credit, monthly cash flow, and the development of long-term financial goals are among the topics covered. Learning to make sound financial decisions regarding one's budget and the use of credit is the foundation on which future financial income, avoid consumer scams, avoid bankruptcy and other financial difficulties, help identify and avoid predatory lending, and to empower themselves in an increasingly complex financial world. Budget & Credit Counseling is an excellent precursor to Metro Interfaith's Pre Purchase Counseling for future homeowners. PRE-PURCHASE COUNSELING Clients in need of this service are referred by the First Ward Action Council or the Town of Union which require homebuyer education counseling in order to receive purchase assistance through their respective "First Time Homebuyers" programs. Clients also hear of our agency from other sources throughout the community. In order to qualify for a variety of first time homebuyers purchase assistance programs or special mortgage programs, potential borrowers are required to have counseling which guides them through the home buying and ownership process. As we begin working with the client, we discuss the advantages and disadvantages of owning a home. Their immediate and long-term financial situation is then evaluated through budget counseling which considers their income and expenses. Can they afford to buy a home? Do they have the savings to cover the required down payment, closing costs and moving expenses? How expensive of a home can they afford to buy? Based on their income, fixed expenses and debts, we help them determine a mortgage payment that will not cause them financial hardship. We also inform them of what mortgage lenders look for when underwriting a mortgage loan. Most clients have an idea of what they are looking for in a home i.e. location, size, special features, etc. The counselor can also help the client focus on their wants and needs in a home so that, once they begin house-hunting and working with a realtor, they have a clearer sense of what home will ultimately suite them best. We offer advice on negotiating the purchase price, what to expect at the closing and how the mortgage payment is structured. Our goal is to fully prepare the clients for life as a homeowner. It is truly an exciting time for these prospective homebuyers. |
