Financial Counseling
Credit and budget counseling can be extremely helpful for establishing financial goals for first-time homeowners. By working with financial counselors, you can get a sense of what steps you need to take to create a budget and improve your credit score. This will give you a better chance of qualifying for a mortgage and getting a lower interest rate.
With the right planning and preparation, you can confidently enter the world of home ownership. Credit and budget counseling can help you understand your finances and make informed decisions about purchasing a home.
Credit Counseling
The purchase of a home is a big decision, but it doesn’t have to be overwhelming. A credit counselor can help you understand your credit score and how it may affect your ability to get a loan. They can help you create a budget to make sure you can afford the monthly payment
Budget Counseling
A budget is an important tool for all first-time homeowners. It allows you to see where your money is going each month and track your progress toward your financial goals. Working with a budget counselor can help you create a realistic budget that takes into account your income, debts, and expenses. This can help you save money for a down payment and avoid getting in over your head financially. A budget counselor can also offer guidance on avoiding foreclosure and what to do if you find yourself in financial trouble after buying a home.
Debt Management
The debt management program enables clients to repay their creditors often saving them thousands of dollars in interest. Once on the debt management program, most creditors will waive existing late and over-limit fees as well as discontinue collection calls.
Financial Coaching
Financial Coaching provides a safe space for the client to gain clarity on their financial situation, develop actionable plans and strategies to reach their goals and make better decisions about their money. It also helps them become more financially resilient and secure in the future by addressing current financial issues and mindset blocks. The benefits of financial coaching include improved financial behavior, increased savings, and reduced debt, as well as improved overall well-being.
Overall, Financial Coaching sessions are used as an effective tool for individuals seeking to gain control over their finances and achieve long-term financial success. The coach can provide a meaningful support system that helps the client stay on track, stay motivated and make the necessary changes to reach their financial goals.
Additionally, Financial Coaching can help individuals gain more confidence in making decisions about their finances, create better budgeting systems and develop a meaningful relationship with money. It is also an opportunity to increase knowledge of personal finance topics such as investments, debt management, and credit cards.
Mortgage Programs
Pre-Purchase Counseling
This counseling session is available to tenants and first-time homeowners.
Pre-purchase counseling is an important step in the home-buying process. Counselors will educate individuals and families on the process of securing home ownership including how to prepare to become mortgage ready. The goal is to provide information on the different types of mortgages, mortgage terms, and conditions.
Participants will learn how to shop for a home, make an offer, choose a lender, and close the deal. They will also receive help building their credit score in order to meet the qualifications for a standard loan and gain access to other resources (grants, down payment assistance, etc.). This helps individuals understand the commitment they are about to make and what they need to do to be successful homeowners.
In addition to helping individuals get ready for the purchase of a new home, pre-purchase counseling focuses on avoiding foreclosure. Counselors will provide guidance on how to create and manage a budget as well as setting realistic expectations in terms of monthly payments. They will also help determine if refinancing or modifying an existing mortgage makes sense and, if so, will assist with the application process.
Home ownership is a big responsibility, but it can be a great way to build long-term wealth. With the help of a pre-purchase counselor, you can be on your way to achieving your home ownership dreams.
Refinance or Modify an Existing Mortgage
If you are struggling to make your monthly mortgage payments, you may be able to refinance or modify your loan to make it more affordable. Refinancing or modifying an existing mortgage can help lower your payments and save you money in the long run. Working with a pre-purchase counselor will help you understand if refinancing or modifying an existing mortgage makes sense and, if so, they can assist you with the application process.
Pre-Closing Counseling
A future homeowner never stops learning. Counselors will review a pre-closing checklist to help future homeowners minimize the chances of any surprises or delays in their home purchase. Lender expectations including the importance of making timely payments are also discussed.
Furthermore, counselors will review closing documents prior to signing and the homeowner should expect a final walk-through inspection of the home. The counselor can answer any questions or concerns that may arise during the pre-closing process.
The counselor will then explain each document, from the loan agreement to disclosures and other legal forms, and how they affect home ownership. Homeowners will also learn more about their servicing and escrow accounts, as well as the process by which they make monthly payments. The homeowner should also be prepared to ask questions and discuss any topics with the counselor prior to closing. This is a great opportunity for future homeowners to gain confidence in the home-buying process before signing on the dotted line.
Fair Housing
The Fair Housing Act prohibits discrimination in the sale, rental, financing of dwellings, and other housing-related transactions based on race, color, national origin, religion, sex, familial status, and disability. Attend and learn about The Act. Literature is available to all attendees.
Savings and Investing
Saving and investing are often thought of as the same but have very different objectives. The workshop reviews the differences and values each plays in a positive financial future.
We connect participants to important resources for home ownership, including the Housing Authority City of Pittsburgh Second Soft Mortgage Program. This approach has helped WAVE graduates become highly successful at maintaining their homes and finances to support home ownership.
Many of our graduates continue to attend our education programs even after they purchase their homes or secure housing to stay on track as they navigate life’s challenges. We offer programming to coach participants on topics including smart money choices, effective budgeting, minimizing debt, and strategies for raising your credit score.
Frequently Asked Questions from Homeowners
Q. Are there income limits for those seeking WAVE’s services?
A. No, there are no income limits to receive WAVE services. However, in order to participate in most of the home mortgage programs, you must be at and/or below 60% of the medium income limits in your county. You can check current median income limits here.
Q. How can WAVE help me buy my first home?
A. WAVE will provide you with a home ownership certificate once you complete your home ownership program. WAVE will also connect you with banks, realtors, inspectors, and title companies. We help open doors of opportunity for home ownership.
Q. My bank/financial institution required that I complete a homebuyer education course. Does the certificate I receive from WAVE fulfill that requirement?
A. Yes, WAVE is a PHFA and HUD Housing Counseling Agency. All of our certificates will have a Housing Counseling ID on your certificate.
Q. Will any of the services provided by WAVE impact my credit score?
A. No. Our credit repair software completes “Soft Pulls” which will not hurt your credit score. Additionally, WAVE counselors work with individuals to develop a plan to reduce debt. Be Positive. Be Patient. You can improve your credit score.
