HPP Cares
Lending + Downpayment Assistance
For HVC Homeownership Participants
Welcome to the HPP CARES Financing and Down Payment Assistance page. Here, you'll find all the essential information on how we support HCV Homeownership participants in securing the necessary funds to purchase their homes.
Financing the Home Purchase
While families are ultimately responsible for securing their own financing, the complexity of the HCV Homeownership Program often requires assistance. HPP CARES is here to help navigate this process by:
Lender Outreach and Education:
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We ensure that proposed lenders meet all necessary criteria, including compliance with state or federal government underwriting requirements or generally accepted private sector standards.
Our goal is to protect families from predatory lending practices and ensure they retain adequate resources for maintenance and repairs.
Qualifications of Lenders:
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We ensure that proposed lenders meet all necessary criteria, including compliance with state or federal government underwriting requirements or generally accepted private sector standards.
Our goal is to protect families from predatory lending practices and ensure they retain adequate resources for maintenance and repairs.
Terms of Financing:
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We help participants understand various loan types, such as fixed-rate, adjustable-rate, and interest-only mortgages.
Our team assists in evaluating the affordability and sustainability of the mortgage terms.
Review of Financing Package:
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We review the entire financing package to ensure it meets PHA requirements and protects the family's financial interests.
Down Payment Assistance
The HCV Homeownership Program includes options for down payment assistance, which can significantly reduce the financial burden of purchasing a home. Here's how we help:
Securing Down Payment Funds:
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We assist families in locating and obtaining additional down payment assistance dollars from various sources.
This assistance is crucial in meeting the down payment requirements and reducing the overall loan amount.
Grant Programs:
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When authorized, PHAs can provide a single down payment assistance grant to eligible participants.
The grant is applied toward the down payment and/or reasonable closing costs.
Administrative Support:
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We handle the administrative aspects of down payment assistance, ensuring compliance with all regulations and guidelines.
Credit Improvement Support
Many first-time homebuyers face credit challenges. HPP CARES offers robust support to help improve credit scores over a structured timeline. Our approach includes:
Credit Counseling:
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Our HUD-certified housing counselors work with participants to understand and improve their credit scores.
We develop personalized plans to address credit issues, including debt reduction strategies and building positive credit history.
Structured Improvement Plans:
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We offer tailored plans over 3, 6, 9, and 12-month periods to progressively improve credit scores.
Our team monitors progress and provides ongoing support and adjustments as needed.
Participant Commitment:
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We emphasize the importance of participant commitment to the credit improvement process.
Participants willing to work diligently on their credit can significantly increase their chances of securing favorable mortgage terms.
Comprehensive Program Management
If your PHA prefers a hands-off approach, HPP CARES can manage the entire process, from start to finish. Our services include:
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Creating and administering the homeownership program.
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Managing participant intake and education.
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Securing financing and down payment assistance.
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Ensuring compliance with HUD regulations.
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Handling all annual or biennial recertifications and property inspections.