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Health & Fitness

CCCS Housing Education Helps New Homebuyers Prepare for Ownership

Local nonprofit CCCS of MD & DE offers HUD-approved education and counseling to help local residents make informed choices and avoid costly pitfalls as they navigate the home buying process.

 

According to a recent AP poll, more Americans hope to buy homes this season than in recent years.  However, with foreclosure rates still high, it’s clear consumers need to know as much as possible before they commit to a mortgage.  After all: This is the largest and most complicated purchase most of them will ever make.  Local 501(c)(3) nonprofit Consumer Credit Counseling Service of MD & DE (CCCS) offers HUD-approved pre-purchase education and counseling to help local residents make informed choices and avoid costly pitfalls as they navigate the home buying process. 

CCCS Housing Manager Tom Simonton notes, “If more consumers had been informed eight years ago, we wouldn’t be where we are now.  Buying a home requires a sizeable investment and involves a host of decisions:  ‘How much house can I afford?  Which mortgage option is best?  Which lender should I use?’ There is very little protection available when homebuyers make uninformed decisions.  Pre-purchase education helps level the playing field. Clients who come to us gain knowledge and skills that demystify the process and help them make better choices.”

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Established in 1966, CCCS of MD & DE already had 40 years of experience providing financial counseling when it began its work in housing.  Its pre-purchase program is based on standards set by the National Industry Standards for Homeownership Education and Counseling and other HUD requirements and guidelines as well as its own knowledge of best practices.  All of its housing counselors are trained and certified through Neighborworks America and the National Foundation for Credit Counseling.  The agency offers a personalized approach to meet each client’s needs.

CCCS Housing Counselor Matt Gregory explains, “Clients come to us with different levels of understanding.  Some have already gone through much of the mortgage process, but need counseling to qualify for special programs that waive private mortgage insurance or offer a reduced interest rate.  Others come to us much earlier, because they need advice on how to improve their credit scores and save toward ownership.  In each case, we provide all the necessary information to help them comprehend the process and make informed decisions.  Ultimately, they leave CCCS with a financial plan -- not just for purchasing the home, but for maintaining it once they own it.”

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According to Gregory, CCCS offers both pre-purchase workshops and one-on-one counseling sessions as part of its program.  “This allows us to provide greater flexibility and present the information in the way each person learns best.”

During CCCS pre-purchase counseling sessions and workshops, participants discover:

  • How much home they can afford to buy
  • What types of barriers may affect their ability to buy a home
  • How to budget and save for the purchase
  • How to obtain and review their credit reports and credit scores
  • How to locate homes that will meet their needs
  • How to identify mortgage options and tell which one is right one for them
  • How to decipher key terminology and read important housing documents
  • How the loan, negotiation, and settlement processes work
  • Their rights and responsibilities homebuyers and owners

 

CCCS’s pre-purchase program costs $125 per person or $150 per couple.  This fee entitles clients to attend workshops and receive individual counseling.  The counselors also periodically follow up with clients.  Gregory notes, “Our goal is to help them gain a realistic understanding and to give them the information they need to succeed.” 

To learn more about the CCCS of MD & DE pre-purchase housing program or to schedule a housing counseling session or workshop, please call 866-731-8486 or visit www.cccs-inc.org.

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