About Post-Purchase Programs and Services

Post-Purchase education and counseling is a vital part of the homebuyer education process because it supports successful long-term homeownership. Due to the fact that many low-income and minority households often have limited access to conventional financial services they are more likely to access high-cost alternatives. These alternatives include pay-day lenders, check cashing outlets, rent-to-own stores, and too often predatory lenders.

So what exactly are Post-Purchase education and counseling programs and services? Quite simply, they are homeownership related programs and services made available to new homeowners soon after purchase. The focus of post-purchase programs should be on sustaining homeownership and foreclosure intervention. With this in mind, programs may be designed around financial management, for example to help homeowners build savings and be more prepared for dealing with unforeseen events, such as the loss of a job, divorce, or illness. Or, they may help teach homeowners how to maintain regular mortgage payments and avoid delinquency and foreclosure. Others may instruct homeowners to avoid predatory lenders and other financial scams thereby helping homeowners protect their credit rating, which ultimately can save money in reduced interest rates and fees. Teaching homeowners how to manage their home as an asset and use their equity responsibly while learning how to maintain their properties to promote safety and prevent future costly repairs is also important. Finally, leadership development programs are great for encouraging new homeowners to get more involved in their communities.

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