(956) 712-9100

216 Bob Bullock Loop
Laredo, TX 78043 (Map)

A One-Stop Shop Home Buyer Counseling 8 hr. Training Course consists of:

Assessing Readiness to Buy a Home

  • Pros and Cons of Homeownership
  • Overview of the Home Purchase Process
  • Housing Affordability
  • 4 C’s of Credit

Financing a Home

  • Housing Affordability and Qualification
  • Sources for Mortgage Loans
  • Types of Mortgage Loans
  • Steps in the Mortgage Loan Process
  • Loan Application and Approval Process
  • Common Lending Documents

Selecting a Home

  • How to Select a Home and Neighborhood
  • How to Make an Offer
  • Negotiating Tips
  • The Purchase Contract
  • Inspections
  • Escrow and Closing Process

What is Neighbor Works Laredo, Inc.?

Neighbor Works Laredo, Inc. is a nonprofit organization that was founded in 1991 with the purpose of strengthening and revitalizing Laredo’s neighborhoods and community. The organization’s primary goal is to stimulate the economy…

New Affordable Homes

El Eden Project.

Brand new affordable rental units will be available the beginning of 2013!

Click on the Affordable Housing tab for information.

Homebuyer Testimonial:

"As a first time home buyer, I wasn't sure where to begin about buying a home or if I was even financially stable enough for a home. I learned from trial and error and also from asking a lot of questions. It became quite frustrating at times and very overwhelming. When I took the home buyer class through NeighborWorks Laredo the whole home buying process from beginning to end was explained. The little information I had gathered painstakingly on my own was all there and organized. I was able to see the whole process and how it affected me and my future home buying decisions. I was very glad to take the class and learn so much about the process and how it applied to me. It was such a useful tool from how to manage your money after you purchase a home to tips to consider before you buy a home. I really enjoyed the course and am glad I took it. I've been in my new home 6 months now and have applied what I learned from the course. Thank You!"
- Dahlia Silva

New Research from Nonprofit NeighborWorks America Finds Nearly One-Third Drop in Likelihood of Serious Mortgage Delinquency When Consumers Receive NeighborWorks Pre-Purchase Housing Counseling and Education

March 7, 2013

Mortgage Industry, and Local Governments Could Save Tens of Millions of Dollars if NeighborWorks Pre- Purchase Housing Counseling Education Were More Widely Available

Washington, D.C. – NeighborWorks America today released new peer-reviewed research that finds homebuyers who receive NeighborWorks pre-purchase housing counseling and education are nearly one-third less likely to fall behind 90 days or more on their mortgages within two years of origination, than consumers who don’t receive NeighborWorks prepurchase counseling and education. The research findings have important implications for the mortgage industry because a significant number of seriously delinquent mortgage loans end up in foreclosure, costing the mortgage industry as a whole millions of dollars.

The research was conducted by Neil Mayer and Associates and Experian, and is based on approximately 75,000 mortgage loans originated in 2007, 2008 and 2009, when residential mortgage underwriting standards began to tighten.The study used econometric methods to measure whether and to what extent pre purchase services provided by the NeighborWorks network affect first mortgage loan performance. The research demonstrates a significant return to investment in NeighborWorks network pre-purchase counseling and education, in terms of avoiding the costs related to delinquency and foreclosure, and its associated impacts on families, their communities, and servicers. “NeighborWorks America has long known that pre-purchase housing counseling and education, provided by certified professionals in our network helps create homeowners who are less likely to become seriously delinquent on their mortgages,” said NeighborWorks America CEO Eileen Fitzgerald. “Using data from the NeighborWorks network and its customers who received this important advice and guidance, and comparing it to homebuyers who didn’t receive similar housing counseling and education, we now know the empirical value that NeighborWorks housing counseling and education provide.”

“Policy makers and lenders should take note. This study provides compelling evidence that pre-purchase counseling has a significant impact on reducing serious loan delinquencies within the first two years after a mortgage loan is originated,” said Eric Belsky, managing director of the Joint Center for Housing Studies at Harvard University. Belsky added, “What makes the study so important is that it goes a long way towards correcting for any possible bias introduced because people who self-select to receive counseling may also have a greater propensity to repay their loans. While the NeighborWorks America research announced today addresses mortgage loans that are 90 days or more delinquent, on average 14% of mortgage loans that are that seriously delinquent end up in foreclosure, according to data from National Association of Realtors. Estimates vary, but total losses due to foreclosure borne by local governments, servicers and households can exceed $50,000 per foreclosure, according to a report from the Joint Economic Committee of the U.S. Congress.

Moreover, recently the Bipartisan Policy Center’s Housing Commission underscored the important value of quality housing counseling. According to the report, Housing America’s Future, ‘…housing counseling can improve prospective borrowers’ access to affordable, prudent mortgage loans, especially for families that otherwise might not qualify or who may experience other barriers to mainstream lending.’

Repeat Homebuyers Interestingly, the NeighborWorks America research shows that even repeat homebuyers benefit from receiving quality housing counseling and education. According to the report, repeat homebuyers who received housing counseling also are about one-third less likely to fall 90 days or more behind in their mortgages than repeat homebuyers who didn’t receive housing counseling and education.

“More analysis is required to determine the factors for the repeat homebuyer results,” said Fitzgerald. “But one thing is clear from the data: NeighborWorks pre-purchase housing counseling and education is effective, even if you’ve been a homeowner before.”

Homeowners delinquent or in foreclosure save time, headache and money when working with housing counselors

Realtors® and lenders benefit when homeowners have foreclosure prevention counseling

Washington, D.C. – A new study for NeighborWorks America by the Urban Institute finds that homeowners have saved tens of millions of dollars annually because of the National Foreclosure Mitigation Counseling program. Specifically, homeowners working with NFMC program counselors are nearly three times more likely to obtain a money-saving mortgage modification, are nearly twice as likely to get their mortgage back on track without a modification, about 60 percent less likely to re-default after curing a serious delinquency, and, if necessary, able to complete short sales faster than homeowners who don’t work with housing counselors. The research is based on analysis of nearly 240,000 homeowners with outcomes observed through June 2013. More than 1.8 million homeowners have been helped by the NFMC program, administered by NeighborWorks America since it began in March 2008.

“If there was any lingering doubt about the value of NFMC counseling for homeowners and the broader real estate industry, the research announced today should put those doubts to rest,” said NeighborWorks America acting CEO Chuck Wehrwein.
“Whether measured by benefits to homeowners through more likely mortgage modifications, sustainability of those modification or mortgage cures, the research answers all housing counseling benefit questions with a resounding ‘yes.’”

Housing industry better served

The research suggests benefits to servicers and to Realtors working with homeowners in default. The NFMC program consistently shows that homeowners were able to cure delinquent mortgages more frequently with the assistance of an NFMC counselor than owners who do not receive such help. As a result, servicers likely saved lost revenues by having performing loans back on their balance sheets.
Moreover, servicers should take note that homeowners who work with NFMC housing counselors are more likely to cure their mortgage without a modification than other homeowners in default.
“The bottom line for the servicing industry is that housing counseling saves them time and money,” explained Wehrwein. “Servicers that increase their partnership with NFMC program counselors are benefiting their shareholders and mortgage customers.”

It’s also good business for real estate agents helping their clients negotiate a short sale so that homeowners could put a troubled loan behind them more quickly.

Read the report at nw.org/nfmceval14

Contact the NeighborWorks Laredo office at 956-712-9100 or nhslaredo@gmail.com if you need help with foreclosure issues.

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