17 - Indiana Association for Community Economic Development

Appendix 7.Spring 2002 Network Meetings:First Draft “Key Elements of Homeownership Counseling Programs”Homeownership Counseling Programs:Key ElementsOverviewHomeownership counseling programs are geared toward those who have significantbarriers toward homeownership and who require intensive, one-on-one assistance inorder to stabilize their situation and become mortgage-ready. This may often entailintensive money management training, credit counseling and repair, and/or referrals toother social service agencies for additional support.7While it may briefly address the home purchase process, homeownership counseling isgenerally a precursor to the broader homeownership education program, which occursonce a client is closer to being ready to purchase the home. Homeownershipcounseling is also crucial for post-purchase support of homeowners, particularly interms of foreclosure avoidance. Clients who complete a homeownership educationcourse may end up returning for more intensive, one-on-one counseling after their homepurchase.Homeownership Counselor Skill SetRequired• Experience in providing financial literacy• Experience in providing credit counseling• Certification/training in relevant areas• Familiarity with local social service networks• Strong interpersonal skillsDesired• Foreign language skills• Social work background• Knowledge of and experience with the home purchase process• Knowledge of and experience with lending/mortgage productsIndiana’s Homeownership Education & Counseling System (HomeEc) Report — XIV