Home Ownership Counseling
Since 2003, Brand New Day has taught Homebuyer Education classes to groups of low- to middle-income people who desired to become financially stable, and who strove to purchase a home or open a business.
Participants in this program undergo an intake and triage process and are placed in the program that suits their needs. Those who are near ready to purchase, or are in contracts of sale, receive the accelerated program; a one-day eight hour program covering all topics in a shorter format. Participants with poor credit or other barriers are referred to Financial Fitness or placed in the six-week, twelve hour course which covers all topics, but spends more time on the areas of mortgage readiness and money management.
Classes are based on FDIC's MoneySmart and NeighborWorks® America's Realizing the American Dream curriculum. Student workbooks are available in both English and Spanish. The Homeownership course is designed to teach home purchase and ownership, including topics such as: Budgeting for the Home Buyer; Mortgage Pre-qualification & Home Buying Process (including IDA Programs, Down Payment and Closing Cost Assistance Programs); Home Maintenance and Predatory Lending & Foreclosure Prevention.
Brand New Day invites industry experts to present at certain classes. The participating speakers come from a network partnership representing nonprofit organizations; City of Elizabeth Home Improvement Program; other government agencies; and several financial institutions including Wachovia, Washington Mutual, Citibank, Bank of America, JP Morgan Chase, World Savings, Sovereign Bank, Independence, Bank of New York, and Roselle Savings Bank.
Through its program Brand New Day has helped a multitude of its participants to purchase homes, become financially stable, start savings programs, and start businesses. Most recently, Brand New Day is partnering with PNC Bank to offer existing area homeowners a below market home equity loan for home improvement. Brand New Day couples PNC's funds with funding for home improvement through the City of Elizabeth to maximize existing homeowners' funding availability. The participants in this program must participate in our classes and receive credit counseling.
Home Buyer Education Schedule
The Calendar Will Be Posted Shortly!