Southwest Economic Solutions
Homeownership Assistance

Homeownership is the bedrock of the American Dream and of stable and vital neighborhoods. Our pre-purchase education and counseling program enables aspiring homeowners to understand in detail the process of buying a home. Our comprehensive post-purchase education and counseling program helps families make the most of homeownership and build equity. Both programs are free to eligible homebuyers.

 


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 free, monthly Homebuyer Education workshops at our WSU/Harris Literacy Lab, located at 8640 West Vernor, Detroit, MI 48209.  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, call Lina Grant at 313.297.0075 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.

 

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.

To learn more, contact our pre-purchase counselor. If you would like to get started right away, download the Household Profile application provided by the Michigan State Housing Development Authority (MSHDA), and email our pre-purchase counselor to set up an appointment.

Please note that for your appointment, in addition to the above application, you will also need to bring:

  • Two months of current paystubs or proof of income, social security, etc.
  • Two months of most current bank statements
  • Two years of Federal Tax returns with W2s


Financial Coaching

Our financial capabilities curriculum covers many important topics, including:

  • Mastering money management
  • Debt reduction
  • Banking basics
  • Insurance
  • Developing a spending plan
  • Improving credit ratios and savings
  • Consumer protection
  • Fair Housing and Fair Lending


Financial capability is provided through our Center for Working Families, by our Financial Coach, Grace Meyer, a MSHDA-certified financial coach. We can advise you on how to keep your homes when facing a crisis, through counseling, debt restructuring and loss mitigation alternatives.

Experts strongly recommend financial coaching, especially for new homeowners, because of its proven success in helping families manage and protect their homes. Please note: To participate in financial capability and work with our financial coach, you must be referred by the pre-purchase counselor.

Through a partnership with Freddie Mac, a free CreditSmart® online training course is now available. Whether you are considering homeownership for the first time or currently own a home and need information on how to avoid foreclosure, this flexible, interactive course will teach you how to achieve your financial and homeownership goals.

 

Special Programs

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.

 

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.

 

 


  
   Results



  • Provided first-time home-buyer counseling to 123 families; 42 bought homes
  • Counseled 1575 families in last six years to prepare them for home purchase, of whom 322 bought homes
  • Pre-purchase program significantly decreases the chances that the homebuyer will default on the new mortgage
  • Lenders are more willing to extend credit to those who complete pre-purchase counseling
  • Post-purchase program significantly increases the prospect of successful and long-term homeownership
  • Post-purchase program allows families to better manage the asset of their home and accumulate wealth for future generations

 

A part of the mission of Southwest Economic Solutions is to build wealth in the community by promoting homeownership and enhancing financial literacy. Our mission is supported by many important partnerships. Southwest Solutions is Detroit’s only chartered member of NeighborWorks® America. SWES is Michigan’s only housing counseling affiliate of the National Council of La Raza. NCLR strives to increase Hispanic homeownership and supports community organizations that serve Hispanics.

 

 

Southwest Economic Solutions
 

Foreclosure Intervention Counseling

Homebuyer Education

Center for Working Families

Earn and Learn

ProsperUS Detroit

Adult Learning Lab

HVRP

ehome America homebuyer ed

Ehome Money financial training

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