Homebuyer Services

PROGRAMS

homebuyer_education_header

Homebuyer Services

Homeownership is the bedrock of the American Dream and of stable and vital neighborhoods. Our pre-purchase education and counseling programs enable aspiring homeowners to understand in detail the process of buying a home and qualify for various home-purchase assistance programs offered by the government and others.

Services

Our HUD-approved agency employs professional, bilingual and MSHDA-certified counselors. They offer homebuyer education classes, pre-purchase counseling and financial coaching through one-on-one sessions, group workshops, and community events.

Homebuyer Education

Completing a homebuyer education course or workshop is a required component by most lenders and all down payment assistance programs. We offer monthly Homebuyer Education workshops at Southwest Solutions’ Housing Resource Center, located at 1600 Porter, Detroit, MI 48216. At the end of the class, participants will receive a certificate of completion.

To learn more about upcoming education workshops and to register for one, click here. If you have additional questions, call Olga at 313.297.0095 or email her.

Clients can also complete the equivalent homebuyer education by participating in an online pre-purchase program from ehome America. The cost of the course is $99. (See a 30-second ad about this eHome program.) To learn more, email Teresa Torres, our pre-purchase counselor.

All recipients of homebuyer education are also eligible for financial coaching.

Southwest Economic Solutions would like to thank our 2017 Homebuyer Education Comprehensive Sponsors:
Ally
Bank of America
Chase
Chemical Bank
Citizens
Fifth Third
Huntington National Bank
Level One Bank
The Private Bank
Wells Fargo Bank

Pre-Purchase Counseling

The Pre-Purchase program covers many important topics, including:

  • Financial literacy
  • Budget analysis
  • Home affordability
  • Credit report review
  • Mortgage qualifying
  • Understanding the role of lenders and realtors
  • Creating a step-by-step action plan

Our certified counselors help homebuyers qualify for loans, avoid predatory lending, prepare documentation, organize their financial planning, and make good decisions for the future. We also discuss different options for down payment assistance from various government sources.

Prior to participating in Pre-Purchase counseling, future homeowners must first complete a Homebuyer Education course (see above).

Special Programs

All the programs listed below require the successful completion of Homebuyer Education. A certificate from Southwest Economic Solutions’ class will meet that requirement.

Detroit Home Mortgage is a collaborative program designed to solve Detroit’s appraisal gap problem and make it easier to get a mortgage. It enables banks to lend qualified homebuyers the full amount needed to buy and rehabilitate homes anywhere in the city. More information available here: www.detroithomemortgage.org.

Liberty Bank’s Home Restoration Program provides affordable loans to qualified residents who successfully bid in the Neighbors Wanted auction. You can take advantage of the exciting program features, such as:

  • Financing your acquisition and rehab of homes in target areas
  • Low down payments
  • Flexible underwriting
  • Down payment assistance

Qualified Borrowers must:

  • Occupy the home as primary residence
  • Comply with all auction rules
  • Successfully complete a homebuyer’s education program

You can learn more about Liberty Bank’s program by contacting the Detroit Office of Liberty Bank at 313.873.3311. If you have any questions about this or any other pre-purchase program we have with our partners (Detroit Land Bank, Liberty Bank, CHASE Bank, Central Detroit Christian, U-SNAP-BAC), contact our pre-purchase counselor.

RESULTS

In the last 8 years, we've provided homebuyer counseling to 1693 families

454 of those families purchased homes

Post-purchase program allows families to better manage the asset of their home and accumulate wealth for future generations
Post-purchase program significantly increases the prospect of successful and long-term homeownership
Lenders are more willing to extend credit to those who complete pre-purchase counseling
Pre-purchase program significantly decreases the chances that the homebuyer will default on the new mortgage
Provided first-time home-buyer counseling to 203 families in 2014; 72 bought homes

CONTACT:

Southwest Economic Solutions is located at the Welcome Center at 2835 Bagley, Suite 800, Detroit, MI  48216. To learn more or schedule an appointment, call us at 313.841.9641 or email us.

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