Photo by Kindel Media
June 8 program also includes a free credit score check.
SOUTHFIELD, Mich.– Gesher Human Services, one of the largest human service agencies in metro Detroit, will be offering Homeownership Empowerment Week, a series of free classes from June 8-12 to celebrate National Homeownership Month. The classes are designed to guide potential and current homeowners through the full lifecycle of owning a home—from the initial credit check to long-term sustainability. The class on June 8 will be held in person at Gesher’s headquarters (29699 Southfield Road, Southfield) with attendees asked to sign up for a 30-minute meeting between 9.30 a.m. and 3.30 p.m. with a financial education counselor and obtain a free credit score report; the remaining four classes will be held virtually on Zoom at noon. June is traditionally believed to be a great time of year to buy a home. According to USA Mortgage it offers peak inventory, easier viewing options because of extended days, less disruption for children because of school vacation, easier inspections and even favorable tax implications. Nationally, the homeownership rate is around 65 percent but in Detroit the number is around 54 percent; economists point to the importance of homeownership for creating generational wealth and allowing families to control their living situations.
Gesher’s Financial Education Manager,
Laltsha Cunningham said that June offers more homebuying resources than any other month and local Down Payment Assistance (DPA) programs tend to increase during the summer months too. Currently both the City of Detroit and Pontiac have DPAs of $25,000. “It really is an ideal time to think about moving both financially and logistically. You’re not going to be dealing with icy weather, and you can also get a better idea of neighborhoods you may be considering.”
One important part of the program will be teaching homebuyers what to do if the worst happens – they get behind on their mortgage. “We want to make sure that homeowners take the necessary steps to work with their lender so that financial hardship, which can affect anyone, doesn’t result in the loss of their home through foreclosure,” said Cunningham. “Our aim is to make home ownership a reality for more families and ensure they have all the knowledge they need for long-term stability.”
The daily session schedule for June 8-12’s Homeownership Empowerment Week is:
- Monday, June 8 | Day 1: Know Your Score (Complimentary) The journey begins with an honest look at your financial foundation. During this session, potential homeowners can receive their credit score at no cost. We will also cover how scores are calculated, how to interpret your report, and strategies to improve your rating to secure the best possible mortgage rates.
- Tuesday, June 9 | Day 2: Before the Loan: Debt Management Before committing to a mortgage, it is vital to balance your existing obligations. We will discuss debt-to-income (DTI) ratios, how lenders view your monthly “burn rate,” and how to prioritize paying down high-interest debt to increase your buying power.
- Wednesday, June 10 | Day 3: Getting Educated: The Path to Ownership This day focuses on the “how-to” of buying. Participants will learn about different loan products, the importance of home inspections, and how to navigate the current real estate market with a professional team.
- Thursday, June 11 | Day 4: The Cost Continues: Ongoing Mortgage Costs Owning a home involves more than just the monthly principal and interest. This session breaks down the “hidden” costs of homeownership, including property taxes, insurance, and the necessity of a maintenance emergency fund.
- Friday, June 12 | Day 5: If I Default: What to Do Next Financial hardships can happen to anyone. We wrap up the week by discussing the safety nets available, including loan forbearance and the importance of communicating with your servicer early to avoid foreclosure.
Classes will be taught by Housing and Urban Development (HUD) certified homebuyer education counselors.
In addition, the classes are approved as a qualifying financial education program for the Michigan State Housing Development Authority (MSHDA) Down Payment Assistance Program which provides $7,500-10,000 loans to families with limited incomes hoping to purchase a home, and also the City of Detroit and City of Pontiac Down Payment Assistant programs offering $25,000 to first time homebuyers.
To register for Homeownership Empowerment Week go to geshermi.org/events, email financialhelp@geshermi.org or call 248.233.4299.
About Gesher Human Services
Gesher Human Services is a non-profit organization providing a bridge to hope and opportunity for people at work, at home, and in the community. It is dedicated to helping people across metro Detroit lead more stable and fulfilling lives through workforce development, career mobility, behavioral health, inclusion programming, and residential services that serve all metro Detroiters while meeting the needs of the Jewish community. The organization works with job seekers, individuals with disabilities, older adults, and the broader community to provide the skills, support, and equitable opportunities necessary for people to succeed. Gesher draws on over 110 years of combined experience to facilitate equitable employment opportunities and enhance mental health outcomes for Metro Detroiters. With a network of almost 500 employees and volunteers across more than 25 locations in southeast Michigan, Gesher delivers a continuum of services and support that directly impacts the lives of nearly 34,000 individuals and families annually. More information at www.geshermi.org.