Last Updated on September 19, 2024 by Luke Feldbrugge
Are you a first time home buyer? Taking a first time home buyer class is a great place to start because it gives you access to first time home buyers programs. More importantly, by having access to those programs, you get access to funds.
Are you unsure where to start as a first time home buyer, or if this is the right time for you to start? Keep reading as we discuss the benefits below.
Homes for Heroes tries to put every opportunity for your home buying success and savings at your fingertips. If you have never heard of Homes for Heroes, we are the largest organization of affiliated real estate agents and businesses.
Our function is to show our appreciation to our American heroes. Our services are not limited service men/women, but also Veterans, Healthcare workers, Teachers, Law Enforcement, EMTs, and Firefighters. If you work in any of those professions, come on over and sign up, we would love the opportunity to serve you too.
Benefits of First Time Home Buyer Class
A first time home buyers class should arm you with the tools to be a knowledgeable buyer. There is nothing more frustrating than professionals talking in their jargon, and all you can do is nod your head. These homebuying courses will help you keep up with the pros and make sure they aren’t dropping the ball on any opportunities for you as a first time home buyer. You only are a first home buyer once.
These classes can help you receive:
- Up to $25000 or more in free grants
- Assistance in closing cost
- Down-payment assistance programs
- Below market mortgage rates
Some of these programs require a first time home buyers certificate of completion to qualify.
Are you unsure if you can even afford a mortgage?
One of the first concepts you learn is homebuyer readiness, when and what it will take for you to be ready to buy. An enormous benefit of first time home buyers programs is giving access to those that wouldn’t otherwise qualify. They achieve this by reducing the principle through matching the down payment, lower interest rates, and much more.
The best time to take the first time home buyers course is before you start shopping for a home.
A lot of these classes fill fast, but they have waiting lists. Once you put in an offer, the process can go pretty fast. You want to be sure you get your first time home buyer’s certificate before you have begun closing.
What You Can Expect to Learn in a Home Buyer’s Class
The first time home buyer course will cover the financial requirements and what to expect at every stage. You will learn how to protect your investment and find a sound home. You will go over things such as:
- Financial preparation: Steps you need to take to prepare you to buy your home. Homeowner readiness.
- Mortgage: What do mortgage lenders look at to approve your loan? How to compare loans. Learn about different loans and how student loans affect loan readiness.
- Real Estate: How to prioritize with a constricted budget that is less flexible. Learn the lingo in real estate, and topics like negotiating, shopping, and contingencies. Plus, you will learn about the market in your local area, including rates, closing time frames, and local listings.
- Home inspections: Learn to look beyond the curb appeal to the structure. What you should be cautious of when you buy a new home.
- Closing: What are the standard fees in addition to down payment? Know the closing process before you are closing.
- Protection: What home insurance is not, and what it does cover. Master how to protect your home and assets with the right home protection. Be prepared to ask your home inspector essential questions, and know what they are.
Are There Local Classes?
You want to make sure to take a local class. The money-saving programs for first time home buyers vary from state to state. If you are going to relocating to a new state, be sure to take the course where you plan to buy the house. Search for HUD-approved first time home buyer classes in your state.
Is the Class Required if I’m a First Time Home Buyer?
It is not required to do a first time home buyers course to buy a home. Every bank is happy to take your money if you can demonstrate you have the income to support their investment. Some programs may require you to complete a course to access low-interest rates only available to first time home buyers.
How much will it cost?
That varies from county to county, but the classes are supposed to be affordable. The great news is that, for qualified Veterans, the classes waive the fee.
What is the Time Commitment?
Depending on the program, it usually is 6-8 hour course. Back in the day, they used to break the class into a couple of weeks, and you would go to a meeting once a week. They have wised up, though, to keep better attendance, and you just knock it out in one Saturday.
If you are resourceful, you might be able to find an online home buyers class. Be sure it is for your location. The housing program varies per state, and sometimes by county. Rural areas also have some additional programs not available to the urban population.
Certificate of Completion
Whatever you decide, in class or online, be sure to collect your certificate of completion. The instructor should tell you who and when to present it to for you to get all the benefits for your time.
Homes for Heroes affiliate real estate agents are knowledgeable on what is available in your neighborhood. We have affiliated agents throughout the country waiting to help you. Contact us so we can connect you with a local affiliate. Homes for Heroes assists homeowners at every stage of homeownership. If you are selling your home, buying, or refinancing, we have ways to save you money.
Be sure to check out our list of local discounts if you need to work on your home’s curb appeal or if you found a fixer-upper to buy. We appreciate all that our heroes do, and want to help you save money to show you our thanks.
