ACORN Housing Corp is a non-profit organization dedicated to helping low-income families realizes the American dream of home ownership. ACORN has counseling offices throughout the United States. In Kansas City, their address is 6301 Rockhill Road, Suite 201.
Through ACORN, low-income families have the opportunity to become first -time homeowners. ACORN aids those who do not initially qualify for a mortgage by offering a free Budget and Credit Seminar, as well as teaching ways to resolve credit problems. ACORN offers lower down payment and closing costs than banks. All steady income, including child support and public assistance, are considered.
The initial step in this process is to visit the local ACORN office in order to participate in an intake session. For this meeting, a client must bring income and credit documents, but not the original documents. Keep in mind that making copies of the necessary documents is the client’s responsibility, not the ACORN counselor’s. The applicant also needs to bring a check or money order for $20.00 to cover the cost of a credit report. This $20.00 is the one and only cost involved.
The second step is a one-on-one counseling appointment. A loan counselor will review the applicant’s credit report with the applicant. The applicant will also have the opportunity to discuss specifics as to their goals and needs regarding a home loan. With the ACORN counselor, the applicant will calculate what amount would constitute an affordable monthly payment.
ACORN’s third step is the applicant’s attendance at a credit, budget and savings workshop. There are three sessions to this workshop. The focus of the workshop is to boost the applicant’s chances to obtain financing.
Finally, a Certificate of Completion is issued to the applicant. This permits the applicant to be eligible for ACORN’s special underwriting guidelines with their specific lenders. This final stage can take anywhere from one day to two years. In the end, it is worth any wait that the applicant may encounter.
According to Mortgage Almanac, fewer than 2-3% of applicants to the ACORN program are rejected. ACORN truly does make the American dream a reality for low-income families who are willing to put effort and time into realizing their dream. More information regarding how low-income Kansas City metropolitan families can achieve the American dream of home ownership through ACORN Housing Corp can be found on their website.
Interested applicants in the Kansas City area can reach the organization by calling (816) 444-0804 or faxing (816) 444-5582.
