Same-Sex Households
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
First time homebuyer classes
C and I want to take a first time homebuyer class this fall. I've been looking at the classes available, and there are some near us, and some a little farther away, but in the area where we will likely buy a house (when we buy, we will be moving about 30 mins by car away from where we live now - from city to south of the city burbs).
I see that the classes can "qualify" you for different perks - my question is, do we know how important it is to take the class in the area where you plan to buy? Like, are those "perks" only going to apply to that county?
Anyone have experience with this and know?
Mrs._F
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
Re: First time homebuyer classes
The classes? Or qualifying for downpayment assistance and the like?
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
Classes. And downpayment assistance actually. I have no idea what this is.
Yes - that too! I thought that might be the case. If we can get location-specific info...we want it!
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
Yep, there are tons of classes available to first time home buyers, and through many of the ones that I have found, you can potentially qualify for down payment assistance, and sometimes they have lenders come in to talk and you can potentially get preapproved (credit pending, of course).
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
We considered the classes but decided against it after doing the research online - I'm sure they will provide lots of important information, but the bottom line is that they teach these classes to build their businesses and recruit clients so expect a little of that and dont feel pressured to go with them just b/c you took their class. But, if you are already looking for an REA and broker, then it couldnt hurt as a way to meet a couple.
as first time homebuyers, i would strongly recommend checking rates on an FHA mortgage. when we were buying last year they were the best, and offered the "downpayment assistance" you are referring to. although, just be forwarned that no one is giving away money for free...if a company offers to help with your downpayment, they are charging you for it somewhere else, whether it be points, rate, or fees...
I know you guys arent suckers and will do your research, but i wanted to throw that out there
Blogs: Our Growing Family - CT Working Moms
Thanks. I find it unlikely we will even be elligible for any downpayment assistance, and know that there will definitely be a sales-y angle to the class, but felt like any local info we could get, or some information about what to expect in the home-buying process might be worth it. As for feeling pressured - you haven't seen me with sales people...I'm a force to be reckoned with
LOL!
I thought I had remembered you talking about taking a class - so I had you in mind when I posted this!
I will gladly accept any and all tips that you have to share on the home buying process!
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
I've also been doing research on classes in the DC area. Here, there are several assistanace programs (downpayment, closing costs, mortgages) that are locally funded and specific to certain areas. In DC, some of these require that you take a homebuying class. One of our friends took a class in order to get a loan and they said the class itself was kind of useless as it focused mostly on that specific program and didn't really offer much general advice. She recommended taking a class run by a nonprofit not affiliated with a specific program instead.
However, another friend in VA had to take a class to get a loan through a rural development program, and he liked it and found it generally helpful.
I've been nervous about taking a class through a realtor b/c of the concerns described by other folks (bias, limited point of view, heavy sales focued etc) but I've never done it, so I can't offer any constructive criticism.
Thanks. I've found a couple through Boston housing foundations/groups - that outline what's covered - home inspections, home insurance, the closing process, etc, etc. I guess I'll have to do some more thinking about it.
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
keep in mind that you can get a lot of these costs paid by the sellers, especially given the current market. We didn't pay a dime in fees or closing costs.
let me know if you have any other questions
i love love love real estate and would be happy to help!
Blogs: Our Growing Family - CT Working Moms
thanks - will do!
sahm ~ toddler breastfeeder ~ cloth diaperer ~ baby wearer
Mrs. F,
I've never posted here before, but I like to read all the boards on the Nest,and the Knot and when I saw this post I had to reply.
My fiance and I just bought our first house, and we went through a mortgage broker and we got a USDA loan that required NO money down. We just had to pay some of the closing costs and for the appraisal.
Not all areas qualify for USDA, but a good mortgage broker can let you know for sure.
We took a first time home buyers class online for free online, it was required from our lender.
Good luck!
We didn't take a class, but used an agent and broker who were willing to hold our hands through the process and answer my daily, sometimes hourly, questions as first time home buyers. We also got an amazing rate with an FHA loan and didn't pay any closing costs. Also, I found the Home Buying for Dummies book to be a great source of additional info. Best of luck. It's such a fun process!
and i have a copy of that laying around somewhere...if you want it, its yours.
Blogs: Our Growing Family - CT Working Moms
