In Charlottesville, Virginia the Piedmont Housing Alliance offers a counseling program for first time home buyers aimed at guiding them through the steps of the home buying process.  Through this program the first time buyer learns how to manage their income, manage their debts, save money and apply for a mortgage.  Each applicant receives individual counseling from a cretified housing counselor.  This is organized in to a five step program.

Step one is the intake process which includes an initial interview, gathering documentation such as tax returns, credit references, pay stubs, rental receipts, and a review and explanation of their credit report.

Step two is drawing up a plan of action to save money and reduce debt.

Step three includes homeownership counseling and checking up on how they are proceeding with the plan f action.

Step four continues the ownership counseling and determining the buyers eligibility for home ownership.  At this stage the first time buyer will attend a VHDA Homeownership Education Class and they will compile up to date documentation such as current bank statements and pay stubs.

The final step covers the mortgage process, looking at homes and after purchase counseling.  There will also be education about the closing process, home maintenance and management of their finances.  At the end of this step the first time buyer will be referred to a lender for prequalification.  

Finally its time to begin the search for a home. 

To contact the Piedmont Housing Alliance call 434 817-2436 to learn further about this valuable program.

Pam Dent, e-PRO, SRES
Real Estate III
Charlottesville, VA
www.JumpintoGreenerPastures.com
www.Charlottesville.virginiablogpage.com