What You Should Know about Homebuyer-Prep Courses (Even if You’re a Repeat Buyer)
Buying a home is the most expensive purchase many consumers will ever make. Beyond that, it can be a lengthy process involving many players, complex information, and unfamiliar rules.
So it’s not surprising that Fannie Mae’s recent study in examining consumers’ understanding of mortgage qualification criteria reveals consumers are confused by the requirements and unfamiliar with resources that can help them.
The good news is an expert guide could be a phone call away. “The availability of high-quality and independent professional housing advice through nonprofit housing counseling agencies could be the best kept secret in the industry,” says Joe Weisbord, a director in Fannie Mae’s Single-Family business who works on access to credit.
A housing counselor works one-on-one with homebuyers, helping them understand their housing needs, develop a realistic budget, strengthen their credit, and prepare for the challenges and rewards of homeownership, he says.