Anyone take a first time home buyer course?

Question

Any recommendations? Will earning the certificate benefit me in any way aside of being more knowledgeable of the process?

Answer

My bank required an online course, personally it didn't really help me because I'm already pretty well versed in credit health, mortgage info, etc, but if you aren't it would be beneficial

Answer

I’ve never taken any course, but I can definitely advise you, your mortgage payment should not be more than 1/3 of your income that way you can afford everything else. Once you start the process, do not touch your credit cards, make sure that you also do not do anything different at your jobs, reduction of hours or quitting etc. they do verification of employment up to the day of closing, you need to have anywhere from 5 to 12,000 for closing costs, 300 to 500 for both the appraisal and the inspection, at least 5000 for a down payment, and talk to a mortgage broker or a bank, that way you Have other options, they expect credit to be minimum 640, however they prefer 680 and above, the higher the credit score, the lower your interest rate, I would use a realtor, or it’s not necessary if you just wanna go to open houses or look online￼. I would also use a lawyer for your closing, once your appraisal inspection are done, see what they are willing to repair, hopefully the house appraises for what they’re asking, right now it’s a sellers market, houses are selling for anywhere from 20 to 60,000 over the asking price depending where you are, especially if you were in New York, New York is destitute right now and everyone is leaving New York to go to New Jersey or Florida, inventory is very low which is why the demand is very high everyone is home. People are in bidding wars for properties etc. I had a client who I think made seven offers on properties and got outbid each time. And money has to be seasoned in your bank account at least three months, I can’t be any new money, underwriting and be a pain in the ass, explanation letters for everything, something as stupid as your W-2 having the corporate address and you not living in that area and then wanting an explanation why you would buy a house so far away from your job, it’s the corporate address common sense but they just want to be a pain in the ass.￼. Any deposits over 1000, they need an explanation letter, you need to demonstrate your paystub‘s, your tax returns, your bank accounts, drivers license, green card if you’re not a citizen, or work permit, and they will continue to ask for your paystub‘s and bank accounts because they’re only good for 30 days, and you basically will sign the paperwork multiple times until the closing. And that’s the basics. And anyone who is on the mortgage, you can have up to four people on a mortgage, they all have to have good credit or you can’t use their income.￼

Answer

Our mortgage loan required a course as part of the terms for the lower rate we qualified for as first-time home buyers. So from that perspective, totally worth it. But other than that, unless you haven't done any research at all into home ownership/buying on your own, it's not something I'd do. Ours was basic stuff.

Anyone take a first time home buyer course?

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