Housing counseling is an important resource for both first-time homebuyers and those seeking to repurchase a home.
Riverside, CA (PRWEB) November 07, 2013
Borrowers who are hoping to purchase a home but were impacted by the nation’s recent recession may find relief in a new initiative of the United States Federal Housing Administration (“FHA”) called the Back to Work – Extenuating Circumstances (“Back to Work”) Program. The new program shortens the waiting period for eligible borrowers to buy a home to as little as one year if they can show full recovery from their financial hardship and receive counseling from a Department of Housing and Urban Development (“HUD”)-approved housing counseling agency. Springboard Nonprofit Consumer Credit Management, Inc., (“Springboard”) is approved by HUD to provide this required pre-purchase housing counseling.
Extending its support to this valuable federal program, Springboard’s Priority Pre-purchase Counseling℠allows consumers to request priority counseling appointments with a certified housing counselor and provides the following benefits:
Priority Counseling Requests – simple online form to request a counseling appointment
Electronic Certificate Delivery – sent via secure email at consumer request
Customized Action Plan – provides a roadmap to manage finances
“Housing counseling is an important resource for both first-time homebuyers and those seeking to repurchase a home,” said Melinda Opperman, Springboard’s senior vice president. “Among the important elements of the home buying process, pre-purchase housing counseling enables consumers to better understand their personal credit obligations while also providing guidance in assessing and managing household finances and budgets. Further, the counseling helps the consumer gauge their ability to afford a mortgage as well understand the loan application process and the various features of a mortgage, such as mortgage insurance requirements,” says Opperman.
“As the housing market continues to improve, Springboard is anticipating a very high demand for this program,” said Heather Shanahan with Springboard’s program development office. “While we have already helped numerous clients, as more consumers learn about the new program, we are prepared for a considerable increase.”
The new FHA program provides flexibility to lenders and greater access to mortgage credit for middle class families ready to enter the housing market. A copy of the FHA mortgagee letter which further outlines the eligibility requirements for the Back to Work – Extenuating Circumstances initiative may be downloaded at Hud.gov.
To learn more about the program, consumers can reach Springboard’s certified housing counselors by calling 888.845.9057 or by visiting backtoworkprogram.org or homeownership.org.
About Springboard Nonprofit Consumer Credit Management
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is a HUD-approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies, and a member of the Association of Independent Credit Counseling Agencies. The agency offers personal financial education and assistance with credit counseling, housing counseling, debt and money management through educational programs and confidential counseling. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the bankruptcy reform law. The agency offers nationwide phone counseling services and has locations in California, Arizona, Nevada, New Mexico, Texas, South Carolina, Massachusetts, Florida and Maryland for in-person counseling sessions. Not all types of counseling are available in-person at all locations, please call for details. For more information on Springboard, visit their web site at http://www.Homeownership.org or call 888.845.9057.