My friend and her husband have put in an offer on a rental complex. They are very savvy and want to work on financial freedom while providing passive income to themselves. I asked her the other day how the process was going and she told me that the bank they are applying with wants them to attend classes. We talked about these programs in her state and in Colorado. Taking these classes and showing proof to the bank helps clear hurtles and provides additional incentive for home loan approvals. It is almost like having a secret weapon when wanting to buy a new home.
Most of the classes are for people who want to qualify or apply for non traditional loans, first time homebuyers, or who will become first time landlords. These homebuyer education courses can help ease the burden of down payments and provide additional resources to people who may not normally get approval. Most of the classes are in a classroom setting and provide helpful information and resources. It is a creative way to possible becoming a new home owner.
Other than the cost of the classes, which should be fair and reasonable, and the time it takes to attend the classes, the benefits should outweigh the hassle. Possible benefits could be down-payment assistance, grants up to $25,000, closing-cost assistance, below market mortgage rates, and mortgage loan forgiveness. Any one of those benefits is worth the little extra time and effort to become a homeowner. The resources are available for those who want to use them. Sometimes finding them and taking the extra step to attend is why people choose not to do them. Taking control of your potential home finances as early as possible is a positive step. Even if you don’t qualify at the time of the class, the certification and certificate that you took the class will help you in years to come.
Your Agent is going to have the best and most up-to-date recommendations for you but it doesn’t hurt to do research on your own. State lists are readily available with an easy online search as to what classes and programs are available. Taking one of these classes, or even a few, might potentially open your home owning door sooner than you might have expected. Take a chance, do some research, and see what is available for you. There are so many incentives and different types of home buying programs that are available. It’s time to find your secret weapon to home buying.