First-time Homebuyers Class

Are you thinking about buying a home, but not sure where to start, or if you're ready financially? Virginia Housing's free First-time Homebuyer Class can help. You'll learn the entire homebuying process from start to finish, and how to stay on track as a responsible homeowner.

Info: Buying a home may be the largest transaction you’ll ever make. Being a homeowner is exciting, but it’s also a major financial responsibility and one you need to be prepared for. So, how will you know if you’re ready? The key is good planning. By getting a handle on your personal finances and developing a solid financial plan to guide you now and into the future, you’ll be able to make an informed decision about when, and if, homeownership is the right choice for you.

Info: Like it or not, credit is a significant part of our lives. Anything that has to do with loans, credit or savings becomes a part of your financial history. And, if you’re thinking about becoming a homeowner, good credit is important. So you need to use yours wisely. Your credit score can make it easier or more difficult to get approved for a mortgage, car loan, or credit card. It can also impact things like your ability to qualify for a job or the price you're charged for insurance. Making smart financial decisions to strengthen and safeguard your credit will benefit you now and in the future.

Info: The mortgage lender (also known as the mortgage loan originator) is the one who will work with you to complete your loan application and determine how much credit you qualify for as you buy your home. Working with a lender before you start your housing search can help you set realistic expectations about the cost of a mortgage loan and what you'll be able to afford. You will also find that the effort you've put into developing a realistic Spending and Savings Plan and strengthening your credit will be a big help when you begin the loan application process.

Info: Choosing the right real estate agent is a crucial part of your journey to homeownership. Your agent can help you find the home you've been dreaming about and serve as a knowledgeable partner, capable of walking you through the entire homebuying process. That is especially important if it's your first time buying a home.

Info: While a home inspection is not a requirement for most mortgage loans, it is an important pre-purchase investment every potential homebuyer should make. A home inspection is an affordable way to: Avoid expensive repairs; Become familiar with a home’s major systems; and Improve your negotiation options (get an adjustment in price, or have seller pay for repairs). Spending a few hundred dollars now may save you thousands in unforeseen repairs after you’ve bought the home and moved in. If significant repairs are needed, the inspection report may enable you to renegotiate or withdraw your offer. If there are no problems, the inspection will give you additional peace of mind in your decision to buy the home.

Info: Depending on where you live, your closing can be referred to as the closing or settlement day. You, as the homebuyer must attend the closing. Others who may also be present, based on your specific circumstances, include the agent, lender, closing attorneys, settlement agent, the seller(s) and the seller’s agent. After you receive a commitment letter for your loan, or a notification of your approval (which may be a phone call), you can set the date for closing. The closing may be held at the lender’s office, attorney's office, title company, escrow company or county courthouse, depending on local practice.

Host or Publisher Ashley Shepherd