Home Buyer Class
Many loan programs available to home buyers don’t require a home buyer education class to be taken. However, there are a couple of low down payment and down payment assistance programs that do require a short home buyer education class be taken. If you do a search on the internet for class providers be prepared for mass confusion! The issue is that different loan programs and states have different requirements and you have to make sure you take the right class or it wont be accepted.
For the most part, at least in Michigan, the HUD Approved Counseling Agencies will typically meet those requirements. If you are looking for a face to face class here in Southwest Michigan, we work a lot with Kalamazoo Neighborhood Housing Services or KNHS and they have home buyer course options both in person and online. If you are looking to take the course online Fannie Mae offers a free online course.
Loan Programs With Home Buyer Education Requirements
The MSHDA down payment assistance programs are the most common loan programs that require a home buyer class. However, the following programs all require home buyer education.
- Conventional Home Ready Program (3% down)
- FHA MSHDA with down payment assistance
- Conventional MSHDA with down payment assistance
- FHA MSHDA FLEX with down payment assistance
- Conventional MSHDA FLEX with down payment assistance
Course Registration
Most home buyers prefer to take the home buyer course online. Fannie Mae offers a free online class that is quick and easy.
- Register for the online course by following this link fanniemae.com/education The cost for the course is FREE!
- Complete the online class
- After you complete the online home buyer education you will receive a course completion certificate.
- That’s it!
If you have any problems feel free to call us at (269) 360-7109.
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The Family Opportunity Mortgage
Unlocking Homeownership: Supporting Loved Ones with the Family Opportunity Mortgage Program
For many, the dream of homeownership remains a significant milestone. But what if you could help a close family member achieve that dream, even if they face financial hurdles? The Family Opportunity Mortgage Program, often referred to as the Family Assist Program, is a specialized mortgage solution designed to do just that – empower families to support loved ones in purchasing a home.
What is the Family Opportunity Mortgage Program?
This unique program was created to address a common challenge: families who want to assist elderly parents, adult children with disabilities, or other qualifying relatives in buying a home, but where the assisting family member might not be able to occupy the home themselves, or where the assisted family member faces challenges meeting traditional mortgage qualifications alone. It essentially allows family members to secure financing for a loved one’s primary residence, often with more favorable terms than a standard investment property loan.
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