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First-Time Homebuyers Class: What It Is And Why You Should Take It

Jamie Johnson3-minute read

February 11, 2021

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If you’re a first-time home buyer, you probably have many questions about how the home buying process works. Because no matter how much time you’ve spent binge-watching home renovation shows, it’s hard to anticipate what the process is like until you’re in it.

That’s why most people can benefit from a first-time home buyer class. This class will walk you through the process of finding and buying your first home. And it may even help you save on your down payment and find flexible credit requirements.

What Is A First-Time Home Buyers Class?

A first-time home buyers class is a workshop that walks you through buying your first home. And for many courses, the U.S. Department of Housing and Urban Development approves the content, so you know you're receiving quality information.

And some lenders will even require that you take the HUD-approved class. Here is what you can expect to learn from a first-time home buyer class:

  • Whether you’re ready for homeownership
  • Budgeting and money management
  • Assessing your creditworthiness
  • Determining the type of home you can afford
  • Comparing different mortgage lenders

This type of class is beneficial for anyone new to the home buying process. But it can also help if you’re a previous homeowner who has struggled financially.

Get approved to buy a home.

Rocket Mortgage® lets you get to house hunting sooner.

Why First-Time Home Buyers Should Take An Education Course

Many perks come with signing up for a first-time home buyer class. The information you learn will help you make better decisions throughout the home buying process.

But these classes also provide access to certain government programs, like Freddie Mac Home Possible and Fannie Mae HomeReady. These types of programs will give you access to the following financial perks:

Find First-Time Home Buyer Courses

If you’re not sure how to get started, your lender or real estate agent may be able to point you toward a first-time home buyer course. But there are a few things you should consider before signing up.

Free

Home buyer education classes range in price between free and up to $100 for the class and materials included. If you choose to sign up for a free first-time home buyer class, just make sure you’re signing up for a HUD-approved course. Otherwise, you won’t get access to the same benefits.

Online

One of the easiest ways to get started is by signing up for a first-time home buyer class online. You can print the materials at home and access the course when it works for you. And most online classes offer the same quality content that you’d receive if you attended in-person.

Near You

If you prefer to take the class in-person, you can most likely find one located close to your home. To find one that’s a good fit, you can check the HUD’s directory of approved housing counseling agencies. You can check for classes in your state and then narrow it down by your zip code to find one located near you.

What To Expect From Your Home Buyers Course

If you’re looking into buying a home, then you could benefit from taking a first-time home buyers course. The idea of sitting through a lecture on homeownership after a long day of work may not sound too enticing, but the benefits are worth it.

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.

Here is an overview of what you can expect to learn:

 

  • Financial basics: You’ll learn financial management skills, like budgeting and how your credit rating affects the kind of mortgage rates you’ll receive.

 

  • How to buy a home: You’ll also learn about the process of purchasing a home and how to determine the type of home you can afford.

 

  • Financing basics: Finding the right lender isn’t as straightforward as it may seem and many borrowers become overwhelmed. A home buyers course will walk you through the process of comparing lenders, gathering your documentation and closing on your house.

 

  • Managing a home: You’ll also learn how to manage your home after the closing process is over. By the end of the class, you’ll have a better understanding of the costs that come with owning a house.

Plus, there are many financial benefits to signing up for the class. Completing the course could help you qualify for down payment assistance programs, closing cost assistance and government grants.

Get approved to buy a home.

Rocket Mortgage® lets you get to house hunting sooner.

See What You Qualify For

Jamie Johnson

Jamie Johnson is a Kansas City-based freelance writer who writes about a variety of personal finance topics, including loans, building credit, and paying down debt. She currently writes for clients like the U.S. Chamber of Commerce, Business Insider, and Bankrate.