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

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. Step1: Applicant calls HDF to schedule orientation

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

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

  2. 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

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

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

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

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

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

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

  9. 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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