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Housing Development Fund, Inc. & Fairfield University’s Center for Faith and Public Life Present Predatory Lending: Assessing the Problem & Highlighting Solutions: 

Housing Development Fund, Inc. & Fairfield University’s Center for Faith and Public Life Present Predatory Lending: Assessing the Problem & Highlighting Solutions

A Step-by-Step Look at HDF’s First-Time Homebuyers’ Program: 

A Step-by-Step Look at HDF’s First-Time Homebuyers’ Program Step1: Applicant calls HDF to schedule orientation Step 2: Applicant attends orientation session and brings with him/her documents necessary to determine income eligibility and mortgage readiness Step 3: HDF counselors assess client documentation for income eligibility and mortgage readiness Step 4: Income eligible and mortgage ready/near ready clients attend one-on-one homeownership counseling with HDF counselor Step 5: Clients are matched with appropriate sources of assistance funding and submitted for pre-qualification by HDF’s loan department Step 6: Pre-qualified clients obtain first mortgage commitment by an HDF banking partner Step 7: Selected buyers are presented to HDF’s loan committee for approval Step 8: HDF prepares loan closing for approved buyers, buyers take possession of home

Slide3: 

Expanding our Impact Household by Household, Town by Town FY97- FY02: 149 loans, 5 towns

Slide4: 

Expanding our Impact Household by Household, Town by Town FY03: 210 loans, 8 towns

Slide5: 

Expanding our Impact Household by Household, Town by Town FY04: 280 loans, 8 towns

Slide6: 

Expanding our Impact Household by Household, Town by Town FY05: 360 loans, 12 towns

Slide7: 

Expanding our Impact Household by Household, Town by Town FY06: 457 loans, 18 towns

Slide8: 

Expanding our Impact Household by Household, Town by Town FY07 estimated: 600 closings, 23 towns

Problems and Solutions: 

Problems and Solutions Problems Consumer rights are being ignored Consumers make wrong choices because they are unaware of alternatives Consumers have misplaced loyalties in the home buying process Solutions – Education, Education, Education An educated consumer is the best protection Education and counseling are the best anxiety busters Post-purchase counseling is critical for protecting assets HDF’s programs and services strive to protect homebuyers

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