bank of america community affordable loan solution

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Homebuyer Education Meet with a HUD Counselor Landlord Education

Community Affordable Loan Solution is designed to create homeownership access for clients who never envisioned themselves as a homeowner.

We’re committed to helping homebuyers thrive through the power of homeownership. The partnership HPP CARES has with Bank of America Community Homeownership Commitment® provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise.

  1. Homebuyer Education
  2. Meet with a HUD Counselor
  3. Receive Certificate

Add an ADU and qualify for the CALHFA ADU Grant of $40,000 to cover predevelopment costs!

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Even as a new homebuyer, you could gain approval!

Core Homebuyer Education requirements may be delivered online, in-person or telephonically, including but not limited to:

  1. Money Management (budgeting, credit, saving)
  2. Credit, credit scores, credit reports, and credit enhancement
  3. Mortgage financing (understanding the process and how to evaluate loan options – including using the Loan Estimate (LE) to shop lenders)
  4. Qualifying for a Mortgage
  5. Shopping for a home
  6. Home valuations and appreciating/declining markets
  7. Home inspections – appropriate expectations and what the buyer should look for
  8. Insurance (e.g., homeowners, mortgage, title)
  9. Making an offer
  10. Loan application
  11. Closing process
  12. Life as a homeowner, including the homeownership process
  13. Foreclosure prevention/predatory lending – what to do

HPP CARES Counseling Requirements

  • Offer pre-purchase and loss mitigation counseling and in the case of 2–4-unit purchases, Landlord education.
  • Perform one-on-one borrower financial/affordability assessment including:
    1. Review of income statements
    2. Review of all assets and liabilities including deposit and credit card statements providing frank discussions on opportunities to improve spending habits
    3. Review borrower budget and provide assistance with a modified budget if necessary
    4. Monitor for demonstrated savings pattern
    5. Calculate maximum payment/purchase price based on financials
  • Soft pull of borrower(s) credit report
    1. Provide one-on-one review of borrower credit report
    2. Highlight examples of things the borrower is doing correctly
    3. Identify areas of opportunity for spending behavior changes
  • Create an action plan detailing what the borrower needs to do in order to be credit ready for homeownership
  • Discussion of payment shock and how to ease into a higher monthly debt load by saving the difference between current and proposed payment for 6 months
  • If no rental history, counseling to demonstrate savings pattern of proposed monthly payment
  • Detailed discussion of actions borrower should take should they have a life event causing delinquency (i.e. open communication with lender and return to your office for assistance)

Get Started

lanlord/tenant resources and education

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lanlord/tenant webinars and live trainings

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lanlord/tenant downloadable guidebook

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Looking for a Professional Realtor?

Contact one of our licensed professional Realtor Counselors to help make your dream of ownership a reality.

Leigh Lester

Leigh Lester

Homebuyer Trainer
Denys Rivera

Denys Rivera

Account Manager
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Low Down Payment Mortgage for First time Homebuyers by Bank of America

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Connect with us

We are continuously eager to engage with members of our community. Whether you're considering organizing a virtual Financial Literacy webinar for your company, contributing to support our mission, or seeking guidance on enhancing your credit and managing household finances, we're here to assist you every step of the way. Please don't hesitate to reach out - we look forward to connecting with you and meeting you at any point along your journey.

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Step-by-step guidance

No matter what your needs are, access to quality, unbiased information is your right. Follow along as we provide essential information and resources to guide you at every stage of your journey.

Progress

As a social enterprise, HPP CARES CDE has achieved significant and wide-ranging accomplishments in recent years. Working under the National Coalition for Equities' (NCFE) umbrella, our focus has been on advocating for a strong community voice among federal and state regulators and major private sector corporations. We've dedicated ourselves to addressing public policy issues, particularly those related to wealth and income inequality impacting affordable homeownership and small business growth.

Through collaborative efforts with NCFE, HPP CARES CDE has expanded outreach initiatives, leading to increased corporate social responsibility and consumer protection awareness. Our endeavors have enabled us to engage with a broader audience, forge partnerships with numerous companies, and engage with regulators, all with the goal of supporting deserving individuals in achieving sustainable homeownership, fostering successful small businesses, protecting consumers, and empowering California communities.

At HPP CARES CDE, we are committed to championing opportunities for people of color to become integral partners in our mission to reduce income and wealth inequality, thereby contributing to the creation of stronger futures for all minority groups.

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