Home Buyers Education Program
The Home Buyers Education Program (HBEP) is an instructional guide for first-time home buyers to learn about the purchase process step-by-step. HBEP provides a minimum of 18 hours of structured training to first-time homeowners.
Upon completion of the HBEP, participants will have a better understanding of:
- Understanding Homeownership Readiness
- Managing Your Money
- Understanding Credit
- Obtaining a Mortgage Loan
- Shopping for a Home
- Protecting Your Investment
Community Education is a marketing and outreach activity designed to increase public awareness of the Authority’s homeownership and homebuyer education program. These “micro” seminars are offered to community groups upon request.
Common topics include:
• Setting financial goals
• 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.
Housing Counseling Program
The Housing Counseling program offers personalized counseling services to individuals or families. Counseling focuses on overcoming budget and credit challenges. The areas included are based on the needs of individuals or families.
Upon completion, individuals will be able to:
- Apply sound financial principles
- Develop a process of to overcome financial indebtedness
- Identify and modify ineffective money management behaviors
- Develop successful strategies to achieve one’s financial goals
Financial Management Counseling
Financial Management Counseling provides borrowers with the tools necessary to maintain their home by managing the new expenses and protecting their investment. Its goal is to ensure that the borrower’s homeownership experience is a successful one by offering one-on-one counseling. It is available to all borrowers who have received a mortgage loan through the Authority.
The program also teaches:
- Emphasizing budgeting and financial planning
- Identifying the warning signs in debt problems
- Applying resources available to help with loss mitigation strategies
The post-purchase counseling program is a mortgage delinquency and foreclosure prevention counseling program. Typically, group counseling sessions are held followed by individualized counseling as needed. The program teaches participants how to read the warning signs in debt problems and what resources are available to assist in loss mitigation strategies.
The program incorporates topics such as:
- Applying budgeting and financial management
- Exploring refinancing options
- Strategizing to negotiate with lenders to establish payment plans
For more information or questions regarding the Counseling & Outreach Services, please contact Ms. Chivonne Moorhead, Homeownership Coordinator III at (340) 772-4432 ext. 3225 on St. Croix or Ms. Condon John, Homeownership Coordinator III at (340) 777-4432 ext. 2224 on St. Thomas.