Home Ownership - Education, Counseling and Financing

Budget and Credit Counseling

Top three reasons to attend a Budget and Credit class (Financial Fitness):

1.  It is free.

2.  Our counselors will teach you how to fix damaged credit.

3.  CVC can continue helping you and get you into your own home faster than anyone else!

Classes are held monthly.  For your class schedule, call 859-231-0054 or toll free at 800-299-0261.  Classes are held in our Lexington Headquarters office.

Homebuyer Education and Certification - eHome America

We provide homebuyers counseling and certification for homebuyers who:

1. Are asked by their lender to complete a Homebuyer Education Course.

2. Are obtaining a USDA home loan.

3. Want to become better prepared to purchase their home.

eHome America is the most comprehensive online home buyer training course available throughout the nation.

Offered in both English and Spanish, learn at your own pace, and take quizzes to check your understanding. Lots of videos help you in the process of becoming a successful home owner.

Following the 8-hr course, housing specialists will help you with your next steps.

The course costs $49 and you can begin now by registering with CVC on the eHome America website. Click here to begin: http://www.ehomeamerica.org/cvc

Mortgage Financing

Community Ventures Corporation works with many first-time homebuyers who:

1. Cannot quality for home loans from traditional lenders.

2. Need down payment assistance.

3. Need help getting the best rate.

Our mortgage financing division works with every buyer to help them
qualify for affordable loans, even if they have limited or poor credit
history.

Our in-house financing program can provide down payment assistance for
buyers that need a little extra help to close traditional home loans.

We work with a network of traditional and non-traditional lenders to ensure that our clients are not subjected to sub-prime rates or forced into bad loans.

Foreclosure Prevention

We help homeowners avoid foreclosure by providing:

1.  Education about options and dealing with lenders.

2.  Professional legal advice and assistance.

3.  Connections to reputable refinancing partners

Our services are FREE to our clients. As a 501c3 Not-for-Profit Counseling Agency, Community Ventures Corporation is the recipient of federally appropriated NFMC funds which
offset the cost of services that we provide.

If you believe that you are in danger of losing your home or you have a relative, friend or co-worker who is...DON'T WAIT!

Enroll online or call our foreclosure intervention staff directly for assistance: (800) 299-0267 or locally (859) 231-0054.

Find out if you are eligible to refinance or for a modification under the Home Affordable Program. http://makinghomeaffordable.gov/eligibility.html

Home Ownership Programs

Down Payment and Closing Cost Program

CVC's down payment and closing cost assistance program provides financial assistance to low-income families for down payment and closing cost assistance when they do not have sufficient funds for the up-front costs of buying a home when funding is available.

A second mortgage with a reduced rate is given to families to fill the gap between purchase prices plus closing costs and the first mortgage. Rates and terms for these loans are established according to the individual homebuyer's income, household size and ability to pay, to ensure long-term affordability.

CVC also offers a Section 8 to home ownership program through partnerships with local housing authorities. Free orientation is required.

Lease-Purchase Program

When funding is available, CVC acquires and rehabilitates or newly constructs houses and then leases them to income-eligible clients for a period of time, typically two years.

CVC helps families/individuals who want to own their own home, but do not qualify for financing. The family rents the home that they want to own for up to two years while resolving credit and/or debt issues.

During the lease phase, potential home buyers receive long-term counseling, training, and support to assist them in becoming credit ready, in strengthening financial management and budgeting skills, and in preparing for homeownership.

Once families/individuals demonstrate that they are credit ready and prepared for homeownership, they assume ownership of the home from CVC with first mortgage financing from a bank partner or CVC.

These families typically also receive down payment and closing cost assistance from CVC.

All lease purchase participants receive intensive post-purchase counseling to ensure adequate long-term maintenance of the home, to decrease risks of predatory lending involvement, and to prevent delinquencies and foreclosures. Free orientation is required.

New Construction and Rehab Home Loans

CVC loan funds, when available, can help potential first-time home buyers of low-to-moderate incomes construct new homes and rehab existing homes in rural Kentucky counties including -

• Adair
• Anderson
• Boone
• Bourbon
• Boyle
• Casey
• Campbell
• Estill
• Franklin
• Gallatin
• Garrard
• Green
• Hart
• Harrison
• Jessamine
  
• Kenton
• Larue
• Lincoln
• Marion
• Mercer
• Nicholas
• Pendleton
• Scott
• Taylor
• Woodford

Free orientation is required.

Thanks to our funding partners!

• NeighborWorks America
• USDA Rural Housing Development
• U.S. Department of Treasury
  
• Community Development Financial
  Institutions
• Kentucky
  Housing Corporation