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.

  1. Register for the online course by following this link  fanniemae.com/education   The cost for the course is FREE!
  2. Complete the online class
  3. After you complete the online home buyer education you will receive a course completion certificate.
  4. That’s it!

If you have any problems feel free to call us at (269) 488-9494.

 

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October Lunch and Learn / Webinar: The Ins & Outs of Appraisals

Appraisals – Its complicated

When we start talking appraisals it can get confusing.  As lenders, we learn what’s important for getting the loan closed.  Realtors put their market analysis hat on when they think about them.  Neither is correct.  Look at it this way, an appraiser is in a profession in and of it’s self.  Appraisers are licensed and trained to look at property values in a pretty specific way.  On top of that the different loan programs all have different “rules” the appraiser must follow.  Then at the end of the day its not a specific formula but a matter of opinion.  That’s why we always tell people we could order 5 appraisals on a property and we would get 5 different sets of results.   During this event we are going to go over many of the things the appraisers look at, how they analyze the property, and some of the different variables that come into play across different loan programs.  If you are looking for a deeper understanding of how appraisers think this is a must attend event.

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

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