bank of america community affordable loan solution

Learn more
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!

Learn Apply

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

Learn more

lanlord/tenant webinars and live trainings

Learn more

lanlord/tenant downloadable guidebook

Download

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
Schedule Appointment

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

Learn more

Connect with us

We are always interested in connecting with members of our community. Whether you are interested in coordinating a virtual Financial Literacy webinar for your corporation, donating to support our mission, or simply wanting to learn how to improve your credit and manage the household budget, we would be happy to hear from you and meet you where you are along your journey.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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

HPP CARES CDE's accomplishments these past few years have been significant and all-encompassing; striving to advocate under the National Coalition for Equities’ umbrella to maintain a powerful community voice among the Federal and State regulators and major private sector corporations to address public policy issues, and to focus on the wealth & income inequality affecting affordable homeownership and small business growth. With the NCFE, HPP CARES CDE’s outreach efforts have led to an increase in corporate social responsibility and consumer protection. We have been able to reach more people, collaborate with more companies, meet with more regulators, all in the name of helping deserving individuals become sustainable homebuyers, successful small business owners, protected consumers and empowering California communities. HPP CARES CDE is at the forefront of helping people of color become partners in our mission to reduce income and wealth inequality and build stronger futures for all minority groups.

Hpp cares Doorways progress made Houzd Lehvl