HUD speaks: housing counseling is good
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The evidence is in: housing counseling for homebuyers significantly increases the likelihood that they will retain possession of their homes after purchase, according to two recent studies by the U.S. Department of Housing and Urban Development (HUD).
One HUD study followed first-time homebuyers for 18 months, through pre-purchasing counseling, home purchasing and homeownership. Of the 573 buyers observed, 58% originally sought counseling to take advantage of homebuyer assistance programs for down payment and closing costs (which their agents should have told them about). 72% of those studied completed pre-purchase counseling and 35% became homeowners. Only one of those homeowners fell behind on his monthly mortgage payment.
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About The Author
Sarah Cantino
is lead editor for the Landlords, Tenants and Property Management and Real Estate Property Management books.
Einstein once said, “The most common element in the universe is stupidity”. Let’s not hold Realtors responsible for solving this one – we’re too busy saving the whales.
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