Do you need help with your mortgage or are you thinking about buying a home? Is your home on the edge of potential foreclosure? If any of these sound familiar, then you should think about asking for help. Owning a home is a challenge. This is why you could gain a thing or two from using the available tools to help you out. There is a wide range of options that to think about. One of the best options to be a better homeowner is receiving help from a housing counselor that the HUD approves of.  But, there are a lot of people who do not know how much a housing counselor can enhance a homeowner’s situation.

What is a Housing Counselor?

The Department of Housing and Urban Development (HUD) accepts and supports these housing counselors that get special training. These credible housing counselors can provide assistance to homeowners to get a better understanding of their financial situation. These housing counselors can provide guidance on foreclosure prevention; interact with your mortgage servicer, offer mortgage assistance, and more! The best part of housing counselors is that they are available on a national level.

Types of Services You Can Get from a Housing Counselor

There are several different issues that housing counselors can provide assistance on for homeowners. Some of the most common services you can get from a housing counselor that the HUD approves of are as follows:

• Pre-Purchase Counseling
• FHA Loan Counseling
• VA Counseling
• USDA Counseling
• Reverse Mortgage Counseling
• Foreclosure Counseling

Pre-Purchase Counseling

Buying a home is not an easy process. It can be a particularly tough challenge to handle when it is your first time buying a home or if you do not have a handle on your finances yet. This is why getting pre-purchase counseling from a housing counselor is popular!  There is a comprehensive process that comes with purchasing a home. This includes the application process, the paperwork, selecting a lender, choosing a mortgage with good terms, and more. Housing counselors are responsible for giving you guidance and information about this process, financing options, and more.

FHA Loan Counseling

If a standard mortgage may isn’t the right fit for you, then you should consider a loan option that the Federal Government backs. This would include the most popular government-backed loan, which is the Federal Housing Administration (FHA) loan. One of the eligibility requirements of these loans includes getting housing counseling. Housing counselors can provide assistance for future homeowners to understand their debt, budget, and their overall financial situation. Once you are done with the mandatory counseling, then you can receive this type of loan (if you meet all of the other eligibility requirements).

VA Counseling

The Department of Veterans Affairs (VA) deeply supports veterans that have housing concerns, especially homelessness. Fortunately, the homelessness rate with veterans is decreasing, according to the VA website. But, there are still veterans out there that are suffering from homelessness. This is why housing counselors are so important. Housing counselors can give you the knowledge to relieve some of the financial stress that veterans constantly handle. If you are a veteran that is thinking about receiving housing counseling, then you can call this number 877-827-3702 for toll-free assistance.

USDA Counseling

The United States Department of Agriculture (USDA) designed Guaranteed Rural Housing Program loans. But, these loans might be needed for you to get housing counseling to receive approval. This depends on the person and their situation, so you just need to keep that in mind.

Reverse Mortgage Counseling

Qualifying seniors can gain a lot of benefits, when it comes to a reverse mortgage. These mortgages offer elder individuals the opportunity to gain access to the equity of their home. There are many people who prefer this type of mortgage, as a way to support their income. But, you should know that there are reverse mortgages that are not government-backed. Those that are interested in a reverse mortgage have to discuss this with a housing counselor before applying for the mortgage. Housing counselors can offer in-depth information about reverse mortgages, alternatives, eligibility, assistance, and more.

Foreclosure Counseling

Homeowners look to prevent foreclosure at all costs, since it can be challenging to undo. Many people think that it is unlikely to happen to them, but that is not necessarily true. In fact, there are millions of households that face foreclosure, especially during the emergence of COVID-19. This is why foreclosure counseling can benefit you a lot. Homeowners that need assistance will get help from housing counselors to work on preventing the option of a foreclosure. If you find that you are financially struggling and you cannot manage your monthly payments, then you should get the help you need as soon as possible!

Counselors Cannot Make Any Insurances

You need to keep in mind that a housing counselor can only offer advice based on the information you present to them. This is why you need to be 100% honest with them. These housing counselors cannot guarantee anything, especially if you are going through a possible foreclosure on your home. In the case of a potential foreclosure, you will also want to reach out to an attorney just to make sure that you cover all your bases on the matter.

As always, you need to make sure that you reach out to counselors that the HUD approves of. You should not choose an agency that is not HUD-approved. Remember that you are giving these counselors a lot of personal information that you should not share with any average Joe.

How Does Housing Counseling Operate?

Everything requires a process, even housing counseling! If you want to receive assistance from housing counseling, then there are three steps that you need to follow:

First, look for housing counselors that the HUD approves of. You need to do your research on the counselors before you make a decision on which one to go to.

Second, contact the housing counselor that you chose. Once you decide on your housing counselor that the HUD approves of, you can get in contact with them.

Finally, present the information the housing counselor requires from you. The housing counselor will ask you to present information about your current financial situation, in order to provide assistance. There is a possibility that you could provide documentation! When they have all the details, then the housing counselors will be able to provide information, and potential solutions.

Finding a Housing Counselor

The HUD offers several methods for a potential homeowner to contact a housing counselor that the HUD approves of. The following ways to contact a housing counselor are:

Going Online: People can go on to the HUD’s housing counseling home page and review counselors on a map or through a zip code.

On the Phone: There are several different numbers that you can contact to reach a housing counselor. First, you can call the toll-free HUD housing counseling agency locator at 800-569-4287. Another number that you can call is the HOPE Hotline at 888-995-HOPE (4673).

Through the Apple App Store: There is an application, the HUD Resource Locator, which you can find on the Apple App Store. This application offers the contact information and location for local HUD resources. These resources also include housing counseling agencies!

Regardless of the options you look for, you need to pay attention to the details. When you finish your search and create a list of counselors, make sure that you look through each option. Yes, all HUD-approved counselors are trustworthy and legitimate. But, some of the counselors only specialize in specific areas of expertise. As an example, if you want to receive a reverse mortgage, then you should focus on a counselor that specializes in reverse mortgage.

Conclusion

Housing counselors are a great way to get some guidance on any housing concerns you might have. It is a great opportunity for individuals that want to enhance their finances and improve their current situation. You do not need to be in trouble to use this type of assistance. There have been a lot of participants who effectively received help from housing counselors. You will find that there are different services that housing counselors offer, which include:

• Pre-Purchase Counseling
• FHA Loan Counseling
• VA Counseling
• USDA Counseling
• Reverse Mortgage Counseling
• Foreclosure Counseling

You will find that these types of housing counseling services can provide assistance. If you want to look into a housing counselor, then you should consider researching available options that are in your area. You need to make sure that you perform in-depth research on the counselors that you choose. That way, you will be able to make the most out of the help you get. Additionally, you need to present your documents and a list of questions of what you want to focus on. But, you need to remind yourself of the motivation you feel to get housing counseling. Remember that you want to receive housing counseling to assist your housing situation.