Buying your first house is a daunting process. Everything from finding a real estate agent you can trust to qualifying for a mortgage can seem like a huge challenge for first-time homeowners. That’s why many first-time buyers choose to enroll in educational programs to help them better understand the process and make smart financial decisions every time. Though many states offer in-person classes, there are some online programs that make getting the education you need more accessible.
Freddie Mac HomePossible Program
Freddie Mac specializes in helping first-time buyers become first-time homeowners by providing low-interest, easy-to-qualify-for loans. But before you can qualify for the loan, you have to take their online homebuyer education course. The course itself addresses the common concerns, challenges, and hurdles homebuyers face. You’ll learn how the mortgage process works, how your credit score impacts your mortgage, what you can do to improve your financial situation, and how to be a responsible homeowner. Once you complete the program, you’ll receive a certificate that you can use to fulfill loan requirements.
Fannie Mae HomeReady Program
Like Freddie Mac, Fannie Mae’s HomeReady program helps qualified, low and moderate-income borrowers become first-time homeowners with affordable, government-backed loans. Their HomeReady online buyer’s program will show you everything you need to do to be a responsible buyer and homeowner as well as everything you can expect from the homebuying process. Upon completion, you’ll receive a certificate that you can use to meet the first-time homebuyer class requirements for Fannie Mae loans.
CreditSmart Homebuyer U
CreditSmart Homebuyer U is sponsored by Freddie Mac and is completely free to everyone who takes the course. Here’s what you’ll learn in the course:
- How to get a mortgage
- How your credit score impacts your loan
- How to manage your money and improve finances
- What to expect when paying your mortgage
- How to navigate the homebuying process
After completion of the course, you’ll be ready to start looking for homes in earnest. Keep in mind that you may still need to complete additional courses to qualify for first-time homeowners’ programs in your state.
Apply for Financing Today
If your family is ready to transition from renters to first-time homeowners, don’t wait. Contact our experienced mortgage team and learn more about the types of mortgages you can apply for. We’ll help you with everything from completing your application to understanding the requirements of different loans so you can make the best decision for your financial situation.