Pre-Purchase Housing Counseling
Buying a new home is an exciting time, but it can also be stressful and even intimidating as you prepare to make such a large investment in your future. Whether you’re a first-time homebuyer, purchasing a new home, or buying an investment property, it’s essential to know you are prepared financially for what’s to come. A HUD-certified housing counselor can help take the financial uncertainty out of buying a home, so you can feel confident you’re making the right decision before you sign.
What does a housing counselor do in pre-purchase housing counseling?
The costs and financial burden for buying a new home go well beyond just making a down payment. A housing counselor can consult with you one-on-one during your pre-purchase planning to help you make sure you’re ready for the real cost of purchasing a home. HUD-certified housing counselors can:
- Assess your finances and help you create a budget to make buying a home easier.
- Check your credit report to ensure your credit is in order so you can qualify for the best interest rate possible on your mortgage.
- Review the various costs you’ll face as a homebuyer, including closing costs, service and inspection fees, moving costs, maintenance or renovation
expenses, insurance, and HOA costs on your new home.
- Review the application process for first-time homebuyers and provide insight on changes to the mortgage application process for all homebuyers.
- Assist first-time homebuyers to make a plan for buying a new home and walk them step-by-step through the purchasing process.
- Help homebuyers establish a realistic range for new home purchase pricing and offer advice to help determine the best mortgage loan for their finances.
What do I need for my pre-purchase counseling session?
In order for your housing counselor to provide the most accurate advice for your unique financial situation, they need to get a clear picture of the current state of your finances. In general, you will need to have the following:
- Pay stubs for your past several months of employment
- Tax returns and W2 form for the past two years
- Bank statements for the past three months
- Credit information
You can get one free copy of your credit report each year at annualcreditreport.com. In addition, your housing counselor may be able to check your report for you if you’ve already taken advantage of your free credit report this year.
Are you ready to get started?
Consolidated Credit Solutions is a non-profit organization. Our HUD-certified housing counselors can provide the insight and answers you need as you prepare to buy a home. Whether you just need information to decide if this is the right time for you to buy based on your finances or you’re looking for a helping hand to walk you through the purchasing process, give us a call at 1-800-990-9838 to find the pre-purchase housing counseling assistance you need.