June is National Homeownership Month. The Department of Housing and Urban Development announce this on their official site as “a time to recognize the importance of homeownership to the U.S. economy and the benefits owning a home have on building household wealth for families”.
National Housing Month is a time the agency uses to raise awareness of home ownership issues much in the same way that April is used (as Fair Housing Month) to raise awareness of federal law that protects house hunters and renters from discrimination in housing.
This year, the Department of Housing and Urban Development has announced millions of dollars in funding in support of “sustainable homeownership”; the agency announced $43 million in grants intended for housing counseling organizations nationwide.
“HUD-approved housing counselors can make all the difference in helping families find and keep stable housing,” says the Secretary of HUD in the press release, who adds, “Research demonstrates that housing counseling helps people make informed housing choices and can be the best preventative medicine to avoid housing problems down the road.”
In addition to the grant funding announced today, HUD will also make an additional $2.5 million dollars available through its Housing Counseling Training Grant Program to support basic and specialized housing counseling training for housing counseling agencies.
“HUD-approved housing counseling agencies help homebuyers evaluate if they are ready to buy a house, understand their financing and down payment options, help families find affordable rental housing, navigate through issues associated with Home Equity Conversion Mortgages (HECMs),and offer financial literacy training” according to HUD’s official site.
Housing counseling is especially helpful for those who have not purchased a home before; you can learn about credit preparation and credit guidelines for home loan approval. Do you need to know what to do in order to get approved for a home loan? A housing counselor can definitely help.
If you need housing counseling or want to learn more about it, to help struggling families repair credit problems, see the HUD official website or call (800) 569-4287.
It is recommended to talk to a housing counselor while you are still in the planning stages of your home loan for best results; there are things you can do to prepare your credit and finances for a mortgage loan and you’ll want to get that advice while you are still preparing for the mortgage application.