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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Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.
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