A new service has been launched that assists consumers who were previously turned down for a mortgage or need help building their credit.
Take Charge America is now offering home-ready counseling in which certified counselors provide one-on-one counseling sessions addressing mortgage requirements including down payments and debt-to-income ratio.
Additionally, counselors analyze credit scores and develop personalized action plans to help potential homebuyers rebuild their credit in order to be approved for a home loan. These plans include describing how to deal with creditor issues, recognizing how to increase point values with each of the three credit bureaus, and a task timeline aligned with the customer’s home buying goals.
Furthermore, consumers enrolled in this program receive access to monthly educational emails and Take Charge America’s online homebuyer education course which teaches them home buying terms, how loans are obtained, how to avoid predatory lenders, and the documents needed to close a mortgage.
“With low mortgage interest rates and a recovering housing market, many consumers are taking steps to enter or re-enter the housing market, but lack the knowledge they need to get approved for a loan,” said Mike Sullivan, director of education for Take Charge America.
“What’s more, people who have been turned down in the past may not know how to rebuild their credit and improve their chances of approval the next time around.”
The Phoenix-based nonprofit credit counseling agency said in a press release that it has helped more than 1.6 million consumers manage their personal finances and debt.