Dictionary of Real Estate Terms: housing counseling agencies
housing counseling agencies
private, nonprofit, government entities that provide educational, advisory, and credit counseling services to those attempting to obtain housing. Services are oriented toward lower-income clients. Atraining program is required to qualify for many first-time homebuyer loans.
Example: When the Pullmans moved to Big Town, they wanted to buy a home even though they were not sure they could qualify for a mortgage. By consulting a housing counseling agency that was approved by the Housing and Urban Development (HUD) department, they found they were eligible for a special low down payment loan. The agency also provided the first-time homebuyer course they needed before they could apply for the loan.
