You can find good information on buying a home from trusted websites, family and friends, but nothing is better than speaking with an expert. Attending a homebuyer education course will help you understand the complexities of buying a home, and will prepare you for the responsibilities of homeownership.
What are the benefits of homebuyer education?
Homebuyer education will help you understand all aspects of buying and owning a home. You’ll learn about finding the right home, choosing a neighborhood, mortgage types and terms, and real estate industry terminology.
Your class will cover
- Applying for a mortgage
- Downpayment and closing cost requirements
- Making an offer
- The home inspection
- Preparing for closing
- Special considerations for buying condos and multifamily properties
- Post-purchase issues
Do I need homebuyer education?
First-time homebuyers: At least one borrower signing the mortgage note and purchasing a single-family, condominium or multifamily property must complete a homebuyer education program by a MassHousing-approved Homebuyer Education Agency in order to qualify for a MassHousing loan.
Multifamily properties: At least one borrower signing the Note (whether or not first-time homebuyers) and purchasing a multifamily property must complete a landlord-education program by a MassHousing-approved Homebuyer Education Agency in order to qualify for a MassHousing loan.
These classes must be completed prior to closing the loan.
Where can I locate a homebuyer education course?
Homebuyer education courses are held in communities across Massachusetts. Some providers also offer online classes. Find a MassHousing approved homebuyer education course near you.