Springboard Encourages Prospective Borrowers to Take Action during America Saves Week; Prepare for the Home Buying Process

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Dream of homeownership remains a common goal for consumers; Pre-purchase counseling and education are important first steps

HomeOwnership.org

HomeOwnership.org

Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) is urging individuals and families to assess their saving status this America Saves Week to ensure they are on track to reach their financial goals. America Saves Week, nationally recognized February 23 – 28, 2015, serves as an annual reminder to consumers to promote both good savings behavior and review or create a savings plan. Research indicates that homeownership is still the American Dream. America Saves Week is the perfect time for consumers to take action to achieve the dream. Buying a home is likely the largest single purchase that consumers will make in their lifetime. In response, the home buying process requires a plan of action that includes education and planning.    

New options are available for prospective borrowers who are returning to the housing market following a foreclosure or bankruptcy during the nation’s recent financial crisis. The Federal Housing Administration’s (“FHA”) Back to Work – Extenuating Circumstances (“Back to Work”) program shortens the waiting period for home buyers to apply for a loan to as little as one year if they can show full recovery from their financial hardship through a certificate issued after counseling from a U.S. Department of Housing and Urban Development (“HUD”) approved housing counseling agency. Springboard is approved by HUD to provide this required counseling.

In addition, Springboard offers the required housing counseling for the 2013 Home Ownership and Equity Protection Act (HOEPA) issued by the Consumer Financial Protection Bureau. The ACT applies to home loan borrowers obtaining high-cost mortgage loans, including open lines of credit that have rates and/or fees above certain thresholds or triggers and are secured by the borrower’s principal residence. For loans that are considered high cost under the Act, creditors must give prospective home loan borrowers additional disclosures, avoid certain loan terms, and ensure that borrowers receive additional protections, including homeownership counseling. Springboard provides such homeownership counseling through its Priority Pre-purchase CounselingSM services. Springboard’s website HOEPA.org, includes free tools and reference materials for both lenders and consumers.

Saving for a home requires a plan of action. Springboard encourages consumers to visit their comprehensive website, http://www.Homeownership.org, during America Saves Week to request Priority Pre-purchase CounselingSM.

About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974 with the mission of improving the financial well-being of individuals and families. Springboard is a HUD-approved housing counseling agency and a member of the National Foundation for Credit Counseling and Association of Independent Consumer Credit Counseling Agencies. Springboard offers personal financial education and assistance in credit counseling, housing counseling, debt and money management, pre-bankruptcy counseling and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Nevada, New Mexico, Texas, Massachusetts, South Carolina, Florida and Maryland. For more information on Springboard, please call 800-449-9818 or visit their web site at http://www.Springboard.org.

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Sheri Stuart, Sr. Communications Specialist
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