Our Pre-Purchase Counseling provides you with a personal financial readiness assessment, a review of your eligibility for down payment assistance, specialty mortgage programs.
Financial Readiness Assessment
Qualifying For A Mortgage
Available Down Payment & Closing Costs Programs
Why is Pre-Purchase Counseling Important?
For most of us, buying a home is the single largest investment we will ever make – It’s normal to have questions and feel uneasy about the process. That’s why we are here to help answer your questions and walk you through the process! Our HUD Certified Counselors make sure you are fully informed and prepared before taking your next big step.
Our HOEPA Pre-Purchase Counseling provides you with a personalized review of your loan estimate, relevant information that every potential homeowner needs to know, and a certificate of completion.
Review of Loan Estimate
Advisability of High-Cost Mortgage Terms
The Home Ownership and Equity Protection Act (HOEPA) was enacted in 1994 as an amendment to the Truth in Lending Act (TILA) to address abusive practices in refinances and closed-end home equity loans with high interest rates or high fees. Since HOEPA’s enactment, refinances or home equity mortgage loans meeting any of HOEPA’s high-cost coverage tests have been subject to special disclosure requirements and restrictions on loan terms, and consumers with high-cost mortgages have had enhanced remedies for violations of the law. The 2013 HOEPA Rule also implements two additional Dodd-Frank counseling requirements that may apply to creditors regardless of whether or not they make high-cost mortgages. Specifically, these provisions require or encourage consumers to obtain homeownership counseling for other types of loans. Users of this guide should keep in mind that these homeownership counseling-related requirements are not amendments to HOEPA, but are separate amendments to the Real Estate Settlement Procedures Act’s (RESPA’s) Regulation X and the Truth in Lending Act’s (TILA’s) Regulation Z that apply to different types of transactions.
The 2013 HOEPA Rule applies to loan applications received on or after January 10, 2014. To comply with high-cost mortgage provisions of this rule you must:
Creditors must provide a list of homeownership counseling organizations within 3 days of application, and confirm that the consumer received homeownership counseling.
How to Determine if a Loan is Considered a “High-Cost Mortgage”
A loan is considered high-cost if the transaction’s annual percentage rate (APR) exceeds the Average Prime Offer Rate (APOR) for comparable transactions on that date more than:
A loan is also determined to be high-cost by the amount of points & fees paid within the transaction, or by its prepayment penalties.
What Is HOEPA Pre-Purchase Counseling?
Based on amendments to the Home Ownership and Equity Protection Act (HOEPA), borrowers of certain types of mortgages are now required to complete pre-purchase housing counseling and obtain a certificate with a HUD-Approved Agency before closing the loan.
As a nonprofit HUD-approved housing counseling agency, credit.org has compiled important information you need to know about HOEPA regulations.
HOEPA Information Downloads
Mortgage Readiness Assessment
HOMEOWNERSHIP IS MORE AFFORDABLE THAN YOU MAY THINK.
See how much home you can afford with our Mortgage Calculators and Mortgage Readiness Quiz.
Try our calculator below to see how much you can afford for a home in your desired location.