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Louisville Kentucky First Time Home Buyer Classes

January 23, 2012 2 comments

 

Louisville Kentucky First Time Home Buyer Classes

 

Consumer Credit Counseling Service

 (502) 458-8840

2100 Gardiner Lane, Suite 103A 1-800-278-9219 (toll-free)

 

Louisville, KY 40205

 http://kyfirsttimehomebuyer.wordpress.com/2012/01/11/louisville-ky-fha-mortgage-loans/

 

Since 1980, Consumer Credit Counseling Service has been a HUDapproved

 

counseling agency. Many lenders look for this stamp of approval

 

in deciding where to send their customers for counseling. Consumer

 

Credit Counseling Service not only provides the one-on-one counseling

 

often required by lenders, but it offers a one-day Homebuyer Preparedness

 

Program. This free program covers such topics as working with a

 

real estate agent, finding a lender, figuring out how much you can afford

 

to spend and going through the application process. The agency is certified

 

by HUD to provide default and reverse equity mortgage counseling,

 

too. Counseling on debt management and budgets also is available. The

 

initial counseling session is free. Consumer Credit has six sites throughout

 

the area.

 

 

The Housing Partnership, Inc.

 (502) 585-5451

333 Guthrie Green, Suite 404 www.housingpartnershipinc.org

 

Louisville, KY 40202

 

The Housing Partnership, Inc. Home Ownership Program is the largest

 

HUD-certified program in Kentucky. The program provides counseling,

 

courses and other services to those who want to own a home. It also

 

provides counseling to home owners who are in danger of default. Participants

 

attend an orientation session before being assigned a counselor,

 

who provides information on budgeting and credit preparation. Participants

 

then must complete several short courses over six weeks. These

 

courses cover basics, such as sales contracts, home inspections, mortgage

 

loans, insurance and maintenance. A one-time fee based on income may

 

be assessed. Scholarships are available. The fee entitles participants to

 

a lifetime of service. Home buyers often come back for help on budget

 

and credit issues. The Housing Partnership has five satellite locations

 

scattered throughout the area, including two nearby in Indiana.

 

 

Kentucky Housing Corp.

 

 

(502) 564-7630, ext. 324

1231 Louisville Road 1-800-633-8896 (Kentucky only)

 

Frankfort, KY 40601 www.kyhousing.org

 

The “Yes You Can…Own a Home” series of classes is presented periodically

 

throughout the state by local lenders and nonprofit organizations.

 

Local coordinators team up with housing-related professionals

 

who volunteer their time to serve as instructors. Topics include finding

 

the right house, completing a loan application, the mortgage loan process,

 

budget and credit issues and basic home maintenance. The classes

 

are free and open to all. In addition, the agency offers a counseling

 

program for potential home buyers who have been declined financing

 

by the Kentucky Housing Corp. or by a KHC-approved lender or who

 

have completed the “Yes You Can” course and are within KHC’s income

 

limits. As the state housing-finance agency, the Kentucky Housing

 

Corp. also offers a down-payment assistance program, low-interest-rate

 

mortgages, financing for the production of rental housing and a variety

 

of rental assistance programs.

 

 

Louisville Urban League

 (502) 561-6830, ext. 122

1535 W. Broadway www.lul.org

 

Louisville, KY 40203

 

The Louisville Urban League Housing Services & Neighborhood

 

Revitalization Department offers the Home Ownership Training (HOT)

 

Program. Through individual and group counseling, HOT prepares

 

and prequalifies people for mortgages. In one-on-one sessions with a

 

certified HUD counselor, clients learn about budgeting, credit and home

 

ownership options. When financially ready (clean credit, steady budget

 

and savings), clients take four classes. These cover sales and purchase

 

contracts, inspections and maintenance, loan applications and closing,

 

and insurance. Classes are held the last two Tuesday and Thursday

 

nights of the month. Those who already save, budget and have established

 

good credit are eligible for a “fast track” version of this training—a

 

one-day group session called “Home Track.” The Urban League charges

 

a lifetime membership fee, which is set on a sliding scale, based on

 

income. The fee ranges from $100 to $250. Kentucky residency is not

 

required. Additional counseling is available on such issues as reverse

 

mortgages, delinquencies, refinancing and rental options.

 

 

f you’re thinking about buying a home, you might want to think

about talking to one of these agencies first. They can provide

you with valuable advice on every step of the process, from

budgeting your income to negotiating a contract to closing on a

loan. The assistance doesn’t stop once you’ve moved in; many

agencies will also give you guidance on how to maintain your

home and how to prevent foreclosure. Most of these agencies

provide their services at no charge. Usually, anyone can

take advantage of the programs, although they are aimed primarily at

first-time buyers. In some cases, counseling is required by lenders,

especially if any government assistance is being provided to help lower

a loan rate or help pay for closing costs. All of the agencies will provide

interpreters for those who don’t speak English.

I

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