For Homeownership looking to buy in the Dallas-Fort Worth area Bank of America has launched a new mortgage program, Community Affordable Loan Solution. As a HUD approved counseling agency BCL of Texas has partnered with Bank of America to provide homebuyer education and one-on-one counseling session required and needed to get started on the road towards homeownership!
As you begin working with BCL of Texas and our Homeownership Counseling team you will want to complete the following steps:
Step 1: Submit our short inquiry form.
Step 2: Register for a Homebuyer Education Class, either our LIVE Virtual Class or online self-paced.
Step 3: Schedule a 1-on-1 Counseling Session with your HUD-approved counseling agency
Upon completion, your homeownership assessment and Bank of America certificate will be sent to you and your Bank of America point of contact.
Reach out to our team at firstname.lastname@example.org if you have any questions.
As part of the program requirements we offer our nationally approved curriculum in both English and Spanish. In this course, you’ll learn how to save for a down payment, work with a lender, shop for a home using a real estate agent, manage purchase contracts, prepare for closing, and more. Upon completion, a brief session with one of our HomeOwnership Specialists will answer your specific questions and set you on the path to purchasing your home.
We offer this class both online (self-paced) and live!
Online classes are self-paced and available on demand. The tend to be faster for clients to get through and the quickest way to get through the homebuyer education class without having to spend you’re entire Saturday in the class. If you like to work at your own pace, work independently, and don’t need live support or Q&A, this class is for you! Live classes are available any time from your device!
Live Home Buyer Education classes are taught by our own HUD-certified HomeOwnership Specialists. If you learn best in an interactive format with activities, group discussion, and live answers to your questions, this class is for you! We meet over Zoom with small class sizes and offer a personalized experience. Classes are offered once a month on Saturdays.
An additional requirement of the program is that Bank of America applicants goes through one-on-one homeownership counseling to conduct a financial and affordability assessment for a hypothetical CAfLS loan to review. The counseling session would include a review of income and assets statements; budget; calculation of a maximum payment/purchase price based on financials; soft pull of credit report; creation of an action plan detailing what exactly needs to be done to be ready for homeownership.
Reminder: You will need to have uploaded all of our required documents prior to your counseling session- REQUIRED DOCUMENTS.
How do I sign up?
Just go to www.bcloftexas.org/boa. Before you create your account with us, scroll through the program information to familiarize yourself with the steps you’ll need to take. Then find “Click Here to Get Started!” Download the “Get Started” guide for future reference and begin with Step 1 to create an account.
Who is BCL of Texas?
BCL of Texas is a HUD approved nonprofit agency that supports Texans to acquire wealth-building assets, such as homeownership and entrepreneurship, and equips them with the financial tools and education necessary to build personal net worth. With an emphasis on diversity, equity, and inclusion, we serve communities of color, women, veterans, rural communities, and low- and moderate-income individuals, families, and small business owners.
Is the class all I need for a certificate to take to Bank of America?
Bank of America will require both the 8-hour HUD-approved Homebuyer Education course and one-on-one homeownership counseling prior to BCL being able to issue a certificate of completion for the Community Affordable Loan Solutions grant program. There could be follow-up after your session depending on your individual circumstances.
What kind of classes are offered?
Our Homebuyer Education classes are offered through live webinars or self-paced, online classes. We are not hosting in-person or hybrid classes at this time. We are alternating our live webinar classes weekly in English and Spanish. Once they are filled to capacity they are no longer shown on our website. If you need to take the course sooner than the next available class we recommend you register for our self-paced course at www.ehomeamerica.org/bcl and use our coupon code list on the guide.
How long is the class, is it really 8 hours?
The live webinar class is scheduled on Saturdays from 9am-2pm (6 hours), we incorporate the counseling session time to meet the HUD 8-hour requirement. The self-paced online course takes approximately 3-6 hours, where you complete modules and quizzes. There is no deadline for the Bank of America program so we ask for your patience as this program is generating a high demand for classes and counseling. The high interest in this program also means there may be a considerable wait time. Each client is different. Some clients will need more than one counseling session and additional resources. Our goal is to work with you through the journey to become “mortgage ready”.
Can I sign up for a counseling session while I wait for my class date?
Yes you may. After you have registered for a Homebuyer Education course date or for Online self-paced course, you can schedule your one-on-one appointment for counseling. We recommend you setting the appointment for some time after your class date or completion of the online course.
How long is this going to take?
Classes are designed with 6-8 hours of content, but that is just the first step. Your one-on-one counseling session with a HUD-certified Homeowner Specialist will take about 45 minutes. Afterwards you should receive an Action Plan with any follow-up items that need your attention such as working on additional savings, documenting non-traditional payment histories, or clearing up a collection on your credit report.
Can I be put on a waitlist for a live zoom class?
We are capping our classes at 100 participants and are oversubscribed due to additional co-borrowers. If you need to take the course sooner than the next available class we recommend you register for our self-paced course at www.ehomeamerica.org/bcl and use our coupon code list on the guide.
Can I schedule a counseling session directly with a counselor?
At this time we are unable to accommodate individual requests for counseling sessions. You must use our calendering system to schedule an appointment, which will show all availability based on our staff’s capacity. Counselors are taking a minimum of 6 appointments daily. We have four full-time homeownership team members teaching classes, holding counseling sessions, and responding to phone calls and emails.
If I had my class somewhere else, can I still do my one-on-one counseling session with BCL?
If your certificate was within the last 12 months and you received it from one of the following: Dallas County, Dallas Area Habitat for Humanity, Catholic Charities Dallas, or Services of Hope, we can accept the certificate and move you into our counseling.
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