Homebuyers Education & Counseling

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Overview

The Virgin Islands Housing Finance Authority offers a variety of programs and counseling services to prepare first time homebuyers and assist existing homeowners.

Housing Counseling Program

The Housing Counseling program offers personalized counseling services to an individual or family. Counseling focuses on overcoming budget and credit challenges. The duration of counseling is based on the needs of the individual or family.

Upon completion of Housing Counseling, one will have the ability to:

Apply sound financial principles
Develop a process of overcoming financial indebtedness
Identify and modify ineffective money management behaviors
Develop successful strategies for achieving your financial goals

Home Buyers Education Program

The Home Buyers Education Program (HBEP) is an instructional guide for first-time home buyers to learn the entire purchase process step-by-step. HBEP involves a minimum of 14 hours of structured training. Instructors are HUD Certified Housing Counselors and employees of VIHFA. The program is offered via ZOOM for seven weeks from 6pm to 8pm on Wednesday’s. Guest speakers from the lending industry, real estate community, government agencies (Energy Office, VIHFA construction managers), legal community, and homeowner’s insurance community present valuable information.

Upon completion of the HBEP, participants will have a better understanding of:

Homeownership Readiness
Managing Your Money
Understanding Credit
Obtaining a Mortgage Loan
Shopping for a Home
Protecting Your Investment

Community Education

The Community Education Program is a marketing and outreach activity designed to increase public awareness of the VIHFA homeownership and homebuyer education programs. These “micro” seminars are offered to community groups, private businesses, or government agencies upon request, tailored to the target audience and can be offered via ZOOM. Topics offered mirror the seven-week homebuyer education program.

Post-Purchase Counseling

The post-purchase counseling program is a mortgage delinquency and foreclosure prevention counseling program. It involves generalized group counseling sessions followed by individualized counseling as needed. The program incorporates topics such as budgeting and financial management, exploration of refinancing options, and strategies for negotiating with lenders to establish payment plans. The program teaches participants how to read thewarning signs in debt problems and what resources are available to help them in loss mitigation strategies.

Financial Fitness

Financial Fitness training is building consumers’ decision-making skills related to financial matters.

Common topics include:

Setting financial goals and making decisions
Knowing the importance of savings and investing
Developing a budget and spending plan
Tracking expenses
Getting credit and using it wisely
Understanding and repairing credit reports, stressing the importance of paying bills on time
Using banking and other financial services
Protecting one-self against consumer scams and predatory lending.