Aside from helping first-time homebuyers through various programs, the U.S. Department of Housing and Urban Development (HUD) has allocated $36M worth of funds to help over 1.5M of households through counselling, reports Housing Wire.
The grants will be available to several organizations from local, regional and even national level, notes the outlet.
To better aid the consumers, HUD is launching a Housing Counseling Federal Advisory Committee to guide them by providing information and instilling in them the importance of having sustainable and decent homes.
A bulk of the budget, over $34M, will be used to help the housing counseling services given by 215 local housing counseling agencies, 20 state housing finance agencies, six multi-state organizations and 29 national and regional organizations, Housing Wire adds.
About $2M is set aside for training of housing counselors by three national organizations. These counselors will undergo the required certification so that they will truly be instrumental in efficiently helping families with their housing needs.
Thus, this new action by the HUD operates on the premise that the right knowledge provided by counseling is necessary for each household's objectives to be achieved. "Access to knowledge and information is vital to every family's success. These grants will expand housing opportunities for families across our nation.The evidence is clear: housing counseling works. We look forward to working with our housing counseling partners to empower American families with the tools to prosper," Julián Castro, HUD secretary, was quoted as saying by Housing Wire.
Indeed, knowledge is important in the journey to the homeownership path. Knowledge and information will provide would-be homeowners the wisdom they need to achieve their goal. Even private companies offer counseling as the first step in guiding first-time homeowners. Why? Because in owning a home, it is not just your pockets that must be filled as you embark in this new phase. You need to have the correct mindset fueled with the right objectives to be able to successfully finish the whole journey.
In an article on US News, even financial planners guide first-time homebuyers so they could focus on their priorities.
"It's not all about the house. We talk a lot about buying for your life now and then the life you want in the next few years," Karen Carr, a financial planner of the Society of Grownups told the outlet. Her society offers homebuying seminars to young adults to educate them and give financial advice before they act on their dream of buying a home.
In her seminars, Carr reportedly asks her clients to state the reasons why they want to buy a particular home. Eventually, she helps them realize the most important things in their lives. For instance, clients will realize that they must value short commute time and "enough room to start a family" over secondary features such as the countertop material or the wall color.
