Program Goals/Objectives: The housing counseling program provides counseling to consumers on seeking, financing, maintaining, renting, or owning a home. The program also assists homeowners in need of foreclosure assistance. Households are provided group education by purpose (pre-purchase homebuyer education workshops) and receive one-on-one counseling by purpose.
Homeownership remains the largest and best investment a family can make for the long term, and it supports the national and local goals for an ownership society. Most consider it the “American Dream”. Homeownership is a cornerstone indicator of financial success and stability.
CADA’s purpose is to educate and assist modest income borrowers in the process of purchasing their dream home. In this process, clients are assisted in repairing their credit, educated on available mortgage products, provided a prequalification of their mortgage loan and when eligible, provided down payment assistance.
The homebuyer education curriculum includes the following topics: “Get the Facts” sponsored by Freddie Mac, Bank on It, Check It Out, Pay Yourself First, Keep It Safe, Identify Goals and Overcoming Obstacles, Money Matters, Credit Review, Mortgage Pre-Qualification and Affordability, Fair Housing, Choosing the Right Mortgage Product, Find a Home, The Mortgage Process, The Closing Process, and After the Sale.
The Community Partners Loan Pool
CADA is a part of the Community Partners Loan Pool with the North Carolina Housing Finance Agency. Eligible participants can receive down payment assistance up to ten percent (10%) of the sales price when paired with a USDA Section 502 loan (Direct, Construction-to-Permanent or Mutual Self-Help). These loans are zero percent (0%), deferred, no payment second mortgages that matches the first mortgage term up to 33 years.
The N.C. Foreclosure Prevention Fund
The N.C. Foreclosure Prevention Fund helps North Carolina homeowners who are struggling to pay their mortgage due to job loss or other temporary financial hardship, such as a divorce, serious illness, or the death of a co-borrower, that occurred on or after January 1, 2008. Homeowners will pay no interest, and if they remain in their home for 10 years, their loan will be considered satisfied and they will owe nothing.
Homeowners not eligible for the N.C. Foreclosure Prevention Fund may be provided assistance through their mortgage servicer.