HPP Cares
Counseling
For HVC Homeownership Participants
Welcome to the HPP CARES Homeownership Counseling page. Here, you'll find all the essential information about our counseling services designed specifically for participants of the HCV Homeownership Program.
Homeownership Counseling Overview
Our homeownership counseling and education services provide critical support to first-time homebuyers. These services help enhance the success of individual homebuyers and prevent mortgage defaults. The goal of homebuyer education and counseling is to ensure that homebuyers are prepared for homeownership and are mortgage-ready when they seek available lenders.
Participation Requirement
HUD requires that families attend and satisfactorily complete a pre-assistance homeownership and housing counseling program before homeownership assistance can be provided. These expectations should be communicated to the family at the beginning of the counseling process. Families who fail to attend sessions can be re-scheduled if the counselor determines that reasons for the absence are valid. However, repeated absences or failure to perform required activities may indicate that the family is not ready for homeownership responsibilities.
Selecting a Counseling Agency
Homeownership counseling must be conducted by a HUD-certified housing counselor working for a HUD-approved housing counseling agency. HUD-approved counseling agencies are funded by HUD to provide the necessary counseling services. These agencies can usually offer the counseling to PHAs at no cost. When selecting a counseling agency, it is important to consider the needs of your voucher participant group, especially if they are first-time or first-generation homebuyers who may require additional support.
Counseling Curriculum
The content of homeownership counseling can be adapted to meet local circumstances and the needs of individual families. Typical pre-assistance counseling programs include:
- Home maintenance (including care of the grounds)
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- Budgeting and money management
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- Credit counseling
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- How to negotiate the purchase price of a home
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- How to obtain homeownership financing and loan pre-approvals, including the types of financing available and the pros and cons of different financing options
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- How to find a home, including information about homeownership opportunities, schools, and transportation in the PHA jurisdiction
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- Advantages of purchasing a home in areas without a high concentration of low-income families
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- Information on fair housing, including fair housing lending and local fair housing enforcement agencies
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- Information about the Real Estate Settlement Procedures Act (RESPA), state and Federal truth-in-lending laws, and how to identify and avoid loans with oppressive terms and conditions
Credit Repair Assistance
Credit repair counseling typically begins with obtaining an individual’s credit report and reviewing the information contained in the report. First-time, low-income homebuyers often need help understanding their credit reports and the impact of past credit problems on their ability to obtain a mortgage. The process of credit cleansing frequently takes 12-18 months or more.
If your PHA wishes us to handle the entire process from start to finish, HPP CARES can create and administer a comprehensive program that guides participants from A to Z. We offer contract options to curate the entire program tailored to your needs.