Home Ownership

More and more people every year are buying homes instead of renting but for many in the Hispanic community homeownership is an elusive dream. If you were wondering whether you could own a home one day, we at Esperanza would offer a resounding YES!

Esperanza is one of the few institutions in the country accredited to provide mortgage counseling to the people we serve: those looking to buy a first home and those facing foreclosure, a critical financial dilemma with many repercussions. We also have several resources available to show you the way to becoming a homeowner. The book How to Buy a Home takes you step by step through the home buying process, while the book How to Fix your Credit offers an easy method to help you fix your credit and shows you how to become debt free with planning and determination. Both books are available in English and in Spanish. For more information about these and other resources, please CLICK HERE.

We can provide all or specific services, depending on your needs. Our counseling services include the following:

Pre-Purchase Counseling
This is a very important phase in the home buying process. Our counselors will
• explain your rights and responsibilities under Fair Housing Laws;
• provide guidelines to determine your ability to borrow;
• assist you in developing a money management system;
• provide guidance in improving your credit rating;
• assist you in understanding the home inspection report and preparing a request for repairs by the homeowner; and
• attend settlement with you, if necessary.

Pre-Loan Counseling
Getting your loan approved determines whether or not you can actually purchase the home you want. We work with you as a prospective homebuyer to
• explain the loan process;
• help you complete the mortgage application;
• review the loan options that are available through various institutions; and
• review your loan package with you so that you have a clear understanding of what the loan requires.

Property Inspection Counseling
Before finalizing the sale of any property, an inspection is mandatory to make sure everything is in order. Our counselors will help you review the property inspection report and assist you in preparing a proposal for seller’s repairs.

Settlement Attendance
Our counselors will review the settlement documents and will be present during the settlement. This service is useful if you are purchasing a property directly from an individual when there are no real estate agents involved.

Post-Purchase Counseling
Home ownership requires an on-going commitment to maintain and even improve your property. We provide on-going counseling that covers many issues, including
• helping you identify grants for which you might be eligible;
• helping you refinance your loan, if necessary;
• helping you develop a new budget that takes into consideration the expenses associated with homeownership;
• working with you, should you become delinquent in your loan payments or utility bills; and
• guiding you if you are faced with possible foreclosure.

Post-Loan Counseling
Sometimes it might become necessary to refinance your home. However, there are many unscrupulous companies that prey on people in financial need. Their solutions are often disastrous for the homeowner. Our counselors will
• educate you about possible predatory lending solutions as well as help with the negotiations, if appropriate;
• provide information on credit and your ability to borrow, money management, budgeting, and understanding equity;
• review all loan documents to determine loan history and provide information on consumer protection laws;
• when possible, suggest options such as refinancing, state and federal mortgage delinquency assistance programs, and bankruptcy; and
• provide information on the applicable laws regarding fair housing, real estate, lending, and consumer protection.

Housing Consumer Education
This type of counseling, provided to tenants, high school seniors, and to prospective and current homeowners, includes
• credit repair and extensive money management counseling;
• home maintenance and repair; and
• energy conservation programs and rebates

Tenant Counseling
If the time isn’t right for you to buy your own home, our counselors can
• explain your rights as a tenant and landlord’s rights and responsibilities;
• assist you in exercising your rights;
• provide help in applying for rent subsidy programs or emergency grants; and
• assist with grievance procedures.

Rental Delinquency Counseling
Our counselors will provide debt, credit, and budget counseling, as well as assist you with
• securing rent subsidy decertification;
• securing emergency grants;
• negotiating tenant eviction procedures; and
• obtaining information on applicable laws and legislation, including the “anti-lock law” (Chapter 9-1600 of the Philadelphia Code); and
• obtaining alternative housing

Mortgage Default and Delinquency Counseling
This service consists of assessing the cause of problems, providing money management and budgeting, reviewing all options to foreclosure with the client, familiarizing clients with application to foreclosure relief programs (such as HUD Loss Mitigation, HEMAP, and FEMA), accompanying clients to meetings and hearings, advocating and negotiating forbearance agreements reached to prevent foreclosure. When appropriate, counselors shall provide client assistance in obtaining alternative housing.

For further information, please contact our housing counselor at 215-324-0746.