Are you thinking of buying your first home? If so, taking a homebuyer education course is an invaluable step to prepare you for making your purchase. Not only will an instructional class tell you what to expect from the buying process, it can also show you exactly how your new role as a homeowner changes things up financially.

Homebuyer education courses are mandatory for some loan programs

If you are applying for an FHA loan,seeking down payment assistance or applying for a grant program, you may be required woman online virtual learning homeowner education courseto take a homeowner education course. Homebuyer education courses seek to educate buyers about not only buying a home, but owning one. Topics include:

Other useful tips from the course may include the minimum credit scores needed to qualify for certain loan programs. Furthermore, it can show you how to improve your credit score so you may qualify for a better loan program or interest rate.

Accessing homebuyer education courses

If you are required to take a homebuyer education course, your lender can share some recommended services. You may have to pay a small fee but some options are free or offer a rebate if you do close on your home. It is important to make sure that the course does meet the standards for the loan program you are qualifying for though. Your lender should be able to help if you have questions.

Once you complete a homebuyer’s education course, you’ll receive a certificate of completion, and be one step closer to homeownership.

Have questions about taking a homebuyer education course? The experts at Guild Mortgage are here to answer your most common lending questions so you can feel confident in your decisions.

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The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.