CHI is celebrating National Homeownership Month by recognizing the benefits of working with homeownership counselors to buy a home or foreclosure prevention counselors to remain in a home. Education is key to sustainable homeownership. This June we work to raise awareness and reflect on the impact homeownership has in building household generational wealth in the United States. The National Association of Realtors theme for this June is "Today, Tomorrow, Beyond."
As a HUD-approved housing counseling agency, CHI's trained counselors provide pre-purchase education including a thorough review of a client’s credit, creation of a personalized affordability analysis, review of mortgage financing programs, and establishment of a home purchasing strategy and budget. Counselors walk clients through the entire home purchase process. In addition, CHI administers over $1,000,000 in down payment and rehabilitation grant assistance from the New York State Affordable Housing Corporation. Approximately 40 grants, typically in the amount of $25,000, will be administered this year to qualified first-time home buyers.
In Westchester County, foreclosure prevention counselors work with clients who are in danger of losing their homes, working to secure loan modifications or other remedies so they may remain in their homes. People who have completed HUD-approved housing counseling have a 30% lower rate of foreclosure and are 283% more likely to receive loan modifications.
According to the Federal Reserve, a homeowner’s net worth is approximately 45 times greater than a renter’s, which is up from previous analysis in 2013 indicating a net worth of 36 times greater. Nationwide, the homeownership rate is 63.7% and the average age of the first-time homebuyer is 33. The housing sector accounts for approximately 14% of total U.S. economic activity.
To learn more about CHI's Homeownership Program or to sign up for a first-time home buyer orientation,
please visit our website.