Table of Content
- Find More Mortgage Options
- The Cambridge Trust Advantage
- Should You Take A First-Time Home Buyers Class?
- What To Expect From Your Home Buyers Course
- The Pros And Cons Of Buying A House
- A Guide to Somerville's Real Estate Market
- Need to speak with a First-Time Homebuyer Specialist?Call us at ( 757-1788 for a FREE consultation!
- Apply for the City's Affordable Rental Programs
They also offer special courses on various topics throughout the year as well as individual counseling. You can also search for a MA first-time homebuyer class online. Cambridge’s offers one-on-one landlord training courses to provide the education necessary to be a knowledgeable and responsible landlord. The cost for this one-on-one educational course is $125. All of the necessary course matierials will be provided to you upon registration.
Generally, that agency will be able to provide you with course options and locations that are local to where you live. We’ll break down the home-buying process, get you up to speed and introduce you to affordable loan programs when you attend. A home buyers course will walk you through the process of comparing lenders, gathering your documentation and closing on your house. Research done by Freddie Mac indicates that borrowers could save $1,500 on average over the life of the loan by getting one additional quote and about $3,000 on average for if they get five quotes.
Find More Mortgage Options
That's why we we offer a variety of home buyer education resources covering a wide breadth of topics. Take some time to explore on your own or reach out to a loan officer with specific questions. You’ll also learn how to manage your home after the closing process is over. If you’ve never owned a home before, you may not know much about home maintenance – and you may be surprised at the cost of home repairs. By the end of the class, you’ll have a better understanding of the costs and responsibilities that come with homeownership.
On occasion, we also offer this course via webinar if partipation levels permit. These webinars last approximately 3 hours and the cost is only $99. There are two ways in which you can register for this course.
The Cambridge Trust Advantage
Maximum loan-to-value (“LTV”) is 97% for single unit/condo and 95% for 2-unit. There are a few state and federal programs that provide mortgage assistance to first-time buyers. The Massachusetts Housing Partnership offers low-interest loans based on income. MassHousing offers a number of mortgage products for new homeowners, as well as classes and other resources. The Federal Housing Authority provides loans and other assistance.
The City of Cambridge has an affordable homeownership resale pool where eligibility is based on income limits. The Cambridge Affordable Housing Trusthas a financial assistance program for first-time homebuyers. Check out HomeView, a first-time home buyer course from Fannie Mae.
Should You Take A First-Time Home Buyers Class?
Your local community may offer programs for homeowners. The Commonwealth of Massachusetts offers a variety of programs to help potential homeowners navigate the home buying process. The City also offers HomeBridge to help new homebuyers buy units on the open market.
These classes include workshops on credit and budgeting; and a post-purchase class for condominium owners. Please click here for the housing calendar of classes and events. Click here for a list of other CHAPA-certified homebuyer education agencies in Massachusetts that offer first-time homebuyer classes. The Fannie Mae HomeReady loan allows qualified buyers to get a mortgage with a 3% down payment, and borrowers can also qualify without a credit score. First-time buyer classes are a must for those who have never owned a home before.
What To Expect From Your Home Buyers Course
We also offer calculators to determine home affordability, home equity, monthly mortgage payments and the benefit of refinancing. No matter where you are in the home buying and financing process, Rocket Mortgage has the articles and resources you can rely on. You’ll learn financial management skills, like budgeting and how your credit rating affects the kind of mortgage rates you’ll receive. During the class, you’ll learn vital information that will help you on your journey as a homeowner. It’s an opportunity to learn what the home buying process is really like. If you are interested in applying for the Habitat homeownership program you need to attend a Homeowner Orientation.
Based on the information you have provided, you are eligible to continue your home loan process online with Rocket Mortgage. A home buyers course will walk you through the process of getting the mortgage you need to purchase your first home. Carrying too much debt endangers financial security. At this workshop you will learn how to recognize the signs of trouble and how to gain control through debt management and repayment strategies.
Gain a better understanding of the mortgage process and learn how to save and prepare for your home purchase, work with lenders and real estate professionals, and more. Participants can earn a completion certificate that can be used to fulfill the education requirement for most mortgage products, including CSB Home Achieve. Please inquire with a loan officer for more details on education requirements for different loans. 1Maximum income limits or property location restrictions may apply. Purchase transactions only, primary residences only.
The Housing Division offers a free four-week workshop which provides participants with an overview of the homebuying process from professionals that are involved in the process. Classes include a combination of presentations by City homebuyer counselors and local real estate professionals. A first-time home-buyer class is basically a crash course in all things related to buying a home. A good way to find a first-time home-buyer class is to reach out to the state housing agency where you live and see if it offers a first-time buyer assistance program.
MI Plus™ pays a borrower’s principal and interest for six months (up to $2,000/month) if they become unemployed. We partner with MassHousing, Massachusetts Housing Partnership, and government-sponsored enterprises to bring a variety of affordable options to our customers. If you’re ready to get the home buying process started, we’re here to help. The HUD certificate itself does not have an expiration date and is valid in any United States territory.
No comments:
Post a Comment