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