First Time Homebuyer Programs & Services
 

B.Post-Purchase Education and Counseling Services


        1. Caring For Your Investment: Whether you want to fix a faucet or the roof, find a reliable contractor for your home improvement project, need tips on lawn and garden care, or just want to know the facts and the pitfalls of home improvements, the Federal Citizen Information Center (FCIC) has you covered. The FCIC Publications Store provides free and inexpensive downloadable guides for home maintenance, repairs, improvements, and hazard and safety. 

                    ~ Home Maintenance

                    ~ Help Yourself To A Healthy Home Handbook (HUD.gov)

                    ~ Hazards and Safety in Your Home

                    ~ Senior Living


        2. Delinquency Counseling: Individual counseling is initiated at the request of our clients or lenders within 30 days of a late payment to prevent foreclosure.


        3. Home Preservation and Loan Modification Intervention: NHSC’s counselors participate in the prequalification and negotiation dialogue between the mortgager and mortgagee to prevent foreclosure proceedings. Counselors determine curable or incurable situations and utilize targeted interventions, such as repayment, loan modification, refinance, forbearance, special loss mitigation, community assistance, mortgage insurance claim advance, reverse mortgage, federal foreclosure prevention, or full sale, hardship assumption, deed in lieu, short sale,  bankruptcy, and foreclosure.

                    ~ FCIC Foreclosure Information Guides

Moving Homeownership Forward

Homebuyer education services are offered in English and Spanish through group settings (workshops), individual counseling, and online sessions. Participants who successfully receive a HUD-certified certificate of completion may be eligible for grant assistance programs and tailored mortgages.

1. Pre-Purchase Education

A.   First Time Homebuyer Financial Literacy & Mortgage Readiness Workshops (Orientation): In order to be effective and efficient, it is important that potential homebuyers and staff have an accurate assessment of the buyer’s readiness at the beginning of the process. A 2-hour orientation session allows participants and staff to make this assessment.

B.   Credit Assessment Counseling: Our 2-hour pre-purchase counseling sessions include an analysis of the counselees’ financial situation, an assessment of their ability to qualify for a mortgage, and development of an action plan that address specific steps in the home buying process. 

C.   Home Buyer Express (HBX) or “FastTrack” Workshops: HBX workshops are an excellent way to provide a large number of program participants with the information needed to quickly move them to home ownership. HBXs consist of a comprehensive 8-hour HUD-certified homebuyer education course. This course is offered in individual sessions, group workshops, or online distance learning throughout the Southern New Jersey and the Delaware Valley.

D.   Action Plan: Once the course has been successfully completed, a counselor will determine your level of readiness and eligibility for down payment and closing costs assistance, grant programs, and tailored mortgage products primarily offered to first time homebuyers.

1.   First-Time Homebuyers Savings Club (HBSC): HBSCs help families save for their down payment and closing costs through programs, such as the Federal Home Loan Bank of NY’s (4 to 1) program, and the State of New Jersey's Individual Development Account (IDA 2 to 1) program. Depending on the program, HBSCs typically require a minimum of 6 months and a maximum of 36 months.