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First Time Home Buyer Class..
Is it for Me?

What is included in an online course?

Can a first time home buyer class help? The move these days is to the internet for education. Even colleges have their lectures online for students to view at home.

When buying that first home, there are some educational programs you may want to check out.

A first time home buyer class is designed to teach you the in's and out's of this awesome but scary experience.

There are many offline and online courses you can take to educate yourself.

Some of them may qualify you for some money to use toward your down payment or closing costs. So don't scoff at these or feel you don't need.

HUD Educational Courses

first time home buyer class information

Your local U.S. Department of Housing and Urban Development (HUD) will have offline courses you can take. Just check with your local agency to find the one offered closest to you.

Sometimes it is necessary to take one of their home buying courses to qualify for their first time home buyer grants for programs.

So don't overlook these courses thinking they are not for you. They are very helpful and may be part of the qualification requirements.

Online Homebuyer Education

There are many websites designed to give you that information too. They will educate you in these things:

  • How to have all your financial matters ready.
  • How to improve your credit.
  • How to obtain financing for your down payment.

For many, buying that first home is the biggest financial decision you'll ever make. But don't let that intimidate you, although you don't want to make mistakes in this process.

You will want all your ducks in a row, and a first time home buyer class is designed to help you line them up in a way that will bring you the most success. One of the things you'll learn about in this online homebuyer education search is how to maintain, improve, or repair your credit.

Without good credit, there's just no way that you'll be getting the mortgage loan that you want. In fact you may not even qualify for a mortgage loan at all.

How to Have All Your Financial Matters Ready

Banks and lenders were compelled to give loans to people with poor credit or not enough income in the past. Unfortunately, that has changed. We've seen the disaster that ensued from their loose lending practices.

Now they have tightened the purse strings as a result, so you will need to have all of your financial matters in a row before you can get a good mortgage these days.

The classes offered online or offline help you take a realistic look at your financial profile to see if you are really ready to buy a home. That's one of the benefits of obsorbing one of these classes.

Improve Your Credit

Improving your credit may take some time--a few months or even a year--so if you don't have strong credit you should probably decide to be patient and work on your credit rating while you continue to rent.

If you are unsure of where you stand credit wise, you will need to see your credit report and scores. That is part of your online homebuyer education. The offline courses teach this too.

If you find your credit is in good shape, then the next step in your online homebuyer education is getting pre-qualified for a loan amount and interest rate. This way you know how much you can spend of a home.

What happens if you pre-qualify for too low of a loan amount? Then you will need to improve your financial situation. Or your online search will be for those lenders whose requirements are not so high. Perhaps you will need a lower debt-to-income ratio so you can qualify for more. Regardless, a first time home buyer class offline or online will be helpful in this area.

Obtain Financing For That Down Payment

The next step in your education is affording the down payment. A conforming mortgage loan is the best option for the majority of people, but these loans require at least 20% of the purchase price to be paid out of your bank account.

These are the safest loans and they have the lowest interest rates (for fixed rate mortgages, which is what you should be trying to get). But many first time buyers don't have that much money to put down. There are other options available to you that are taught in the first time home buyer class or do your own search online for more details.

When you attend a class offered by your local HUD agency, they will inform you of any local agencies that can provide assistance. This is valuable information that can save you time researching. So don't overlook the benefit of attending one of their classes.

What a First Time Home Buyer Class Should Include

The online courses should include things like the following:

  • First time home buyer grant and charity programs.
  • Using the FHA loan programs as an alternative.
  • Getting assistance from the department of Housing and Urban Development(HUD)

Other things that should be covered in the first time home buyer class include:

  • how to manage your finances once you get a loan;
  • how to use a real estate agent to find the best deal, and;
  • using an attorney to ensure that all of the paperwork is looked over in the right way.

Attending these buyers classes are well worth your time if you want a home of your own. You can contact you local HUD agency or do your own online homebuyer education by searching for the above information on the web.

Some other things you may want to know....

So have you found a home? Are you thinking about getting qualified for a mortgage? Maybe you want to visit our page on how to qualify for a mortgage.

Would you like to know what home buying grants are available in your state?

Would you like to know how much you may need for a down payment? Consider playing with our down payment calculator.


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