If you think that you're not quite ready to buy
a home, don't give up. Divorce, losing a job, emergency medical
expenses or simply not having the financial literacy skills to
effectively manage your money can result in credit difficulties.
There are resources available to help you build
back your credit and prepare to buy a home. You can start by searching
this site and and asking questions in our discussion forum.
You will find many people willing to help you along the way, so feel free....post away.
Taking a Home ownership education class can help
you become a successful homeowner. Home ownership education classes
provide information about:
The mortgage approval process
Qualifying for a loan
The importance of establishing a strong credit reputation
Selecting a home that's affordable over the long term
The financing and closing processes
Avoiding mortgage delinquencies, defaults and foreclosures
Credit counseling can help you improve and build
back your credit. A credit counselor can provide:
Credit education
Confidential budget and debt counseling
Debt repayment programs
Financial management education
Look in your own community for these valuable
nonprofit resources:
Consumer Credit Counseling
Services, a national nonprofit agency with offices in most states
and in many major cities. It will work individually with you and
the companies to which you owe money to help you develop a budget
and payment plan that allows you to pay off your debts over time.
The fees are small and are generally based on what you can afford
to pay. Check the yellow pages or visit www.moneymanagement.org
for the office closest to you.
National Foundation for Credit Counseling,
a network of 1,300 local nonprofit organizations. Check the yellow
pages or visit www.nfcc.org for the office closest to you.
Neighborhood Reinvestment Corporation has
a network of over 300 NeighborWorks organizations. Check the yellow
pages or visit www.nw.org for the office closest to you.
Other nonprofit Home ownership education groups
in your area. Check your yellow pages under "credit counseling."
Or, on the Internet, search for topics such as "debt counseling,"
"consumer credit counseling service" or "Home ownership
education." Contact Allie Mae for personal advice
Becoming a
homeowner
