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Resources for Financial Literacy and Homebuyer Education

This year the Florida HousingCoalition, in partnership withWachovia Bank, has begun to

compile and catalog a list of on lineresources for furthering financial literacyand home buyer readiness. This resourcelist includes information on Internet siteswhere individual consumers can accessinformation on credit and preparing topurchase a home, as well as information ontraining available to home buyer counselorsand products developed specifically for usein the classroom and in one-on-one trainingwith consumers. Many of the productsoffered on line for consumers are somewhatgeneric in their approach to building an understanding of whatis required to qualify for a mortgage. Housing professionalswho work directly with borrowers and potential borrowers ofpublic and private funds should work closely with their locallending community to make sure that the consumer counselingand homebuyer readiness training compliments the loanproducts that are offered.

As part of our research, we interviewed housing professionalsabout some of the products in the resource list. Cora Fulmore,President of the Mortgage and Credit Center, particularlyliked the Freddie Mac product Credit Smart. “This is a goodmodule. The module is consistent within its delivery, it’s acolorful and engaging presentation and it provides everything

a nonprofit would need to deliver acomplete financial literacy course,” statesFulmore. One added benefit to the CreditSmart curriculum is that the materials arefree to nonprofit organizations. Fulmorealso liked the Jumpstart program, PersonalFinancial Literacy.

Julie Niemeyer, Vice President ofKeystone Challenge Fund, stated apreference for the Nehemiah program, butalso has her clients go to the Internet tosupplement the training they receive inKeystone’s classes. “It is our understandingthat the National Foundation for Credit

Counseling is going to have new products on line. We areexcited to be able to refer people to their site.”

Barbara Taylor, SHIP Administrator for Clay County andformer counselor and educator for the Jacksonville HousingPartnership, liked the Jump Start Coalition’s module. “It isa good tool for families to use with their children. Theprogram provides illustrations and games to help teachfinancial literacy.” Taylor also likes the training offered bythe Neighborhood Reinvestment Corporation, as well as thematerials offered by the FDIC. “The FDIC Money Smartmodule is a good tool to be incorporated into your currentone-on-one training or for a classroom setting. It isinteractive and useful.”

By Wight Greger and Dayatra OrdunaFlorida Housing Coalition

The BorrowSmart Public EducationFoundation is a national initiative to

educate home equity borrowers.BorrowSmart’s purpose is to

educate the consumer on the ins andouts of equity borrowing and how toavoid the pitfalls that can result in

the consumer getting a loan that canend in a family losing their home.

BorrowSmart works with sponsoringpartners, including Wachovia Bank,

and housing professionals to getinformation and educational

materials to the consumer. Moreinformation can be found at

www.borrowsmart.org.