As a first, or even second-time homebuyer, it’s good to know what financial programs are available to you.  These programs are designed to make buying and owning a home more accessible and affordable.

When talking to a lender about your options, you may have to take what is known as a homebuyer education course.

Teaching Buyers About Buying and Owning a Homehomeowner education course

The main goal of a homebuyer education course is to educate buyers about finding, buying, and owning a home.  It explains everything from acquiring financing, how to set a budget, mortgage and lending terms, and the challenges of homeownership.

It also discusses mortgage and lending terms, so you are prepared to read and understand documents like your closing disclosure.  These courses will also walk you through scenarios like paying for large home repairs, making a budget, and talking to a lender about mortgages.

These courses are offered online or in-person, and courses will differ depending on who organizes them and what they are teaching. Some courses you will have to pay a small out-of-pocket fee for, while others are offered free of charge by your lender, real estate agent, or the U.S. Department of Housing and Urban Development (HUD).

Education courses are typically completed in one or two days.

Homebuyer Education is Often a Requirement For Financing Programs

Homebuyer education courses are usually required to qualify for programs like:

When looking at a first-time homebuyer program, remember that what is provided will vary by state and your desired home location.

Homebuyer Education Courses Are For Everyone

Even if you have owned a home before (or currently own), taking a homebuyer education course can offer supplemental information if you want to learn more—for example, fair housing rules and foreclosure prevention.

Not sure where to start in your home buying journey?  You can begin by contacting the experts at Merchant of Homes. Our team of experts will guide you through the process and find the right course for your needs if you must take a homebuyer education course.

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