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If you are not sure that you can afford a home, homebuyer counseling provides professional guidance about pre-purchase issues.  In these one-on-one counseling sessions, housing counselors help clients determine what they can reasonably afford to spend on a home and provide in-depth education on such topics as choosing between variable rate versus fixed rate mortgages, government loans, conventional loans and other financing programs, points, private mortgage insurance (PMI), and mortgage pre-payment options.

One of CHI’s homeownership counselors will serve as your homeownership coach throughout your home purchase process and will provide you with:

  1. A custom-tailored Affordability Analysis: Based on your income, your credit obligations, credit score and your assets, your counselor will help you determine how much you can afford to pay for a home.
  2. A Credit and Budget Analysis: Your counselor will review your financial profile, including your employment history, credit history and assets, to determine what you need to do to become a ready buyer.
  3. An Action Plan: This plan will outline your path to becoming a successful homeowner.

When you are ready to shop for a mortgage, you have completed your Action Plan and graduated from a Homebuyer Education course, your counselor will certify you as a “mortgage ready” borrower. Your counselor will help you access:

  • The most competitive mortgage quotes from CHI’s partner banks;
  • Compare your mortgage offers; and
  • Apply for down payment and closing cost assistance for which you may be eligible.