HOMEBUYER CLASSES
You will be referred to the counseling agency working with our program to attend an orientation and complete your income eligibility. If you are income eligible, you will schedule a one-on-one appointment with a housing counselor and also schedule your 8-hour homebuyer education session.
It is to your benefit to start these classes as soon as possible, they will give you the basis to make informed decisions during the process.
The orientation and one-on-one Pre-Purchase Housing Counseling appointment will include the following topics:
Pros and Cons of Renting vs Owning
The home buying process
Your credit and how to repair it
How Do Lenders Decide How Much to Lend?
How much can I borrow?
What is a mortgage and who makes mortgage loans?
Fair Housing laws and anti-discrimination
Home maintenance
Foreclosure Prevention
Other Available Community Resources/Services
You will also learn about the communities where are the H2O homes are located and also be provided an estimate of your maximum purchase price. After you complete the 8-hour Homebuyer Education session you will receive a Certificate of Completion which you must provide a copy of to the H2O Program.
Once you have completed the required homebuyer education session and addressed any credit issues, you will be referred to a lender for mortgage approval. This mortgage approval is good for 45 days in which time you will review homes on the H2O Program that are in your price range and select the one of your choice. After you have looked at and selected the home you would like to purchase, the closing process will begin and you should be moving into your home within the next 30 days of your selection. You will be introducted to selected real estate agents who will work with you to find the best H2O home for you.
Neighborhood Stabilization Program rules require that assisted homebuyers complete a minimum of 8 hours of homebuyer counseling and education from a HUD-approved counseling agency before obtaining a mortgage loan. Note that these classes are free to the applicants.
You will be referred to the counseling agency working with our program to attend an orientation and complete your income eligibility. If you are income eligible, you will schedule a one-on-one appointment with a housing counselor and also schedule your 8-hour homebuyer education session.
It is to your benefit to start these classes as soon as possible, they will give you the basis to make informed decisions during the process.
The orientation and one-on-one Pre-Purchase Housing Counseling appointment will include the following topics:
Pros and Cons of Renting vs Owning The home buying process Your credit and how to repair it How Do Lenders Decide How Much to Lend? How much can I borrow? What is a mortgage and who makes mortgage loans? Fair Housing laws and anti-discrimination Home maintenance Foreclosure Prevention Other Available Community Resources/Services You will also learn about the communities where are the H2O homes are located and also be provided an estimate of your maximum purchase price. After you complete the 8-hour Homebuyer Education session you will receive a Certificate of Completion which you must provide a copy of to the H2O Program. Once you have completed the required homebuyer education session and addressed any credit issues, you will be referred to a lender for mortgage approval. This mortgage approval is good for 45 days in which time you will review homes on the H2O Program that are in your price range and select the one of your choice. After you have looked at and selected the home you would like to purchase, the closing process will begin and you should be moving into your home within the next 30 days of your selection. You will be introducted to selected real estate agents who will work with you to find the best H2O home for you.
Click here to review the H2O Program's privacy policy. The H2O Program and our HUD-certified partner agencies will not disclose your personal information to third parties without your consent.
