GSFA Lender Bulletin #17-0223 - Homeownership Counseling Services

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GSFA Lender Bulletin #17-0223     |     February 23, 2017  

GSFA Participating Lenders

Work Smarter, Not Harder, with Homeownership Counseling

Buying a home presents challenges for purchasers and lenders. Now, clients that don't initially qualify for a mortgage loan under a GSFA Program have access to FREE homeownership counseling.

Lenders can link consumers with pre- and post-purchase financial counseling, in order to improve their opportunities for success as homeowners, while focusing their time and energy on working with pre-qualified individuals. Homebuyers have access to trained personnel who will answer questions, address concerns, and help them identify barriers and establish short- and long-term goals to achieve the dream of owning a home. 

Services made available through a unique partnership with National Council of La Raza (NCLR). Services are provided through NCLR’s Homeownership Network (NHN)

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How Lenders Benefit:

  • Opportunity to take your existing leads lists and have them vetted giving you pre-qualified individuals.
  • Receive additional leads that come in to the telephone line as a partner.
  • Never say no…. refer clients that are not ready and counseling service will help get them ready over time, allowing you to maintain a relationship and a pipeline of leads that may return ready for homeownership.
  • Reduced risk of mortgage default for referred borrowers.
  • Increase efficiency in the lending process, as counseling helps the individual buyer not only navigate the process but collect proper support documentation.
  • COST for service covered by GSFA.

How Homebuyers Benefit:

  • Assistance in financial planning pre- and post-purchase.
  • Loan pre-qualification review before meeting with a lender.
  • Reduced risk of mortgage delinquency with budget counseling.
  • COST for telephone-based counseling sponsored for homebuyer.
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