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City and Local Agency Offer Help with Financial Planning for Homebuying

Post Date:02/21/2019 2:30 PM

How good are your spending habits? If you’re interested in buying a home in the near future, that question is very important.

This is the reason why Housing Consultants Group (HCG) is conducting a program aimed at helping residents start planning now financially so they will be ready to buy a home in the next six to 12 months.

The program, called Individual Development Account (IDA), is based on a national model. Its local kick off takes place in March, following these free information sessions:

  • 5:30 pm Thursday, February 28, Greensboro Housing Hub’s Learning Lab, 1031 Summit Ave.
  • 5:30 pm Tuesday, March 5, Greensboro Housing Hub’s Learning Lab, 1031 Summit Ave.

HCG has contracted with the City’s Neighborhood Development Department to conduct IDA and other housing counseling services as part of its Housing Connect GSO program.

“The goal of IDA is to help people who want to own their own home, but who haven’t had financial counseling that explains how to start the process and what’s needed to make their dream a reality,” says Sofia Crisp, executive director of HCG.

Under the IDA program, potential homebuyers first meet with trained HCG counselors to talk about their credit scores, spending behaviors, and timeframes for buying a home. Counselors then help folks set a goal for how much money they want to save, how, and by when.

Potential homebuyers attend a mandatory monthly class on everything they need to know to qualify for homeownership and how to financially keep their home for many years to come.

They must also meet once a month in a one-on-one session with a “success coach” to review their spending, how close they are to their goal, and what additional changes they may need to make in their daily lives.

“At the end of the program, the goal for these folks is to have proof that their credit scores have improved and that they have new, long-lasting spending habits that make them ready for homeownership,” Crisp adds.

And then HCG and the Neighborhood Development Department continue the process for these residents with Housing Connect GSO’s down payment and closing cost assistance (DPA) program.

“Hopefully after going through IDA, folks will be ready to buy a home and may be part of our recently launched #100Homes campaign,” Crisp says. “We want to help everyone in Greensboro own a home.”

“The success of our Housing Connect GSO program to ensure successful homeownership in Greensboro has been strong and now working with HCG to provide these vital services for us, we should be able to help many more residents achieve their dream of owning their own home,” says Stan Wilson, director of the Neighborhood Development Department.

Questions? Call HCG at 336-553-0946.

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