Yesterday, I attended an information session given by the Prince William County Housing Office outlining their new Neighborhood Stabilization Program.
Applicants must work with their VHDA approved lender of choice, and Realtor of choice, and this team (the buyer, the lender, and the Realtor) must meet with one of the Housing representatives for a program overview. Afterwhich, the buyer receives a 'Certificate of Readiness' which essentially gives them permission to go out and look at houses!
Can you imagine that? In order to take advantage of this county program, the home buyer must attend a home buyer education class, which includes credit management, home finances, and budgeting, only then is the buyer given the official GREEN light to look at homes. ("YOU MAY NOW ENTER THE OPEN HOUSE!")
I wonder what would happen if this concept caught on nationally! Can you imagine an industry-wide standard of a 'Certificate of Readiness'?
- Could a buyer be denied a full loan approval if they didn't have a 'Certificate of Readiness'?
- Could an offer not be accepted because it was not accompanied by a 'Certificate of Readiness'?
- What would happen if Fannie Mae made a 'Certificate of Readiness' mandatory for all first-time home buyers?
- Would Congress bring back the Down Payment Assistance Programs if buyers had to have a 'Certificate of Readiness' prior to buying a home?
If buyers were forced to have a face-to-face meeting with their lender and Realtor prior to looking at homes, how would this impact our industry? When a listing agent receives a property inquiry, and had to ask because of industry standards, "Have you received your Certificate of Readiness?", how much time and gas would that save?
A 'Certificate of Readiness' could be the Titanium Platinum Granite Quartz card that would signify an educated, approved buyer. What would this do to the foreclosure rates?
My brain is on overload!
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