If you have ever faced foreclosure, or are facing a possible foreclosure right now, you need to become informed about your options now. And, for those who are just thinking of buying a home, now is the time to learn to budget, to ask the right questions, and to become prepared for that most important investment. This will help you avoid foreclosure in the future. Common sense must be used when purchasing a home.
There are a number of reasons a person gets into a dilemma where a foreclosure slip comes in the mail. Sometimes a foreclosure situation cannot be avoided, but often there are many things we can do prior to investing in a home that will ensure successful homeownership. Education is the primary tool that will help prospective homeowners avoid foreclosure—indeed you can be the master of your fate.
In Denver, there is an agency called the Colorado Housing and Finance Authority (CHFA) that helps prospective homeowners buy affordable homes. They are now offering an excellent online course that will help prepare homebuyers to make that important investment in a very responsible way. In fact the agency requires all of its borrowers to take the "homebuyer education" course, and has done so since 2000. This has resulted in a foreclosure rate dramatically lower than the state and national average, according to Housing Director Karen Harkin. Ms. Harkin says that education is the absolute key to success for homeowners.
“Let the buyer beware” is the old adage, and nowhere does it apply more than in buying a home. Once you are educated on all angles of home purchasing, you become empowered because you know your rights and you know how to withstand pressure. You know what to look for in a loan document.
Over 46,000 people have been certified since CHFA started making the homebuyer education class a requirement for all its borrowers. This year the course became available through the Internet, in addition to the in-person course.
The CHFA University helps homebuyers better understand the kind of home they want, and how large a house they can afford, whether they are ready financially to buy a house and what type of loan will be best for them.
The service is one that other loan agencies could emulate, to help first- or second-time homebuyers become successful homeowners. People who become educated on the entire process of buying a home, and then learn basic principles of money management, credit, and the loan process, will learn how to avoid mistakes and be likely to have a very rewarding homeownership experience. |
