First-Time Buyers Receive Help to Find Foreclosure Listings

First-time buyers in Charleston, West Virginia will receive federal funding to help them find foreclosure listings and buy houses. The $143,401 funding is made possible by the U.S. Department of Housing and Urban Development (HUD) housing counseling grants.

The grant will also help homeowners who are facing the risk of losing their properties to foreclosures and those who are seeking affordable houses to rent. Industry experts said that it is important that Americans learn how to manage their finances, go through the home buying process and financially secure their future.

They explained that the funding will provide support to housing counseling organizations to allow them to continue providing assistance to families and individuals in making informed choices when buying a house and counseling homeowners who are facing foreclosure.

The housing counseling funds will help first-time buyers find foreclosure listings and purchase houses and also help homeowners remain in their properties. According to industry experts, HUD-certified counseling agencies provide homeownership counseling as well as financial management education and training to homeless families and individuals and renters.

The West Virginia funding is part of the HUD’s $60 million housing counseling grants across the country. The nationwide grant program supports the delivery of housing counseling assistance and services by 5 state organizations, 24 regional and national organization and 463 housing counseling agencies in various states and municipalities.

Additionally, three national organizations will receive about $5 million from HUD to conduct training on 4,400 counselors. These counselors will receive the necessary instructions and certifications that they will use to provide assistance to families and individuals with housing needs.

Generally, the function of regional and national agencies is to distribute the HUD housing counseling grant to community-based organizations and agencies that provide free advice and assistance to low income and moderate income families who are want to improve their living and housing conditions.

About $8 million will be used by counseling agencies to provide assistance to senior citizens who are seeking Home Equity Conversion Mortgages (HECM). They will provide housing counseling and services to the rapidly increasing number of older homeowners who want to convert their home equity into funds that they can use to pay for medical costs, home improvements and various living expenses.

Organizations and agencies that provide financial and housing counseling assistance and services help people find foreclosure listings to buy distressed homes, find rental houses and transitional housing to homeless people.

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