Knowledge is power, especially when it comes to buying a home.
MassHousing has long required that its borrowers complete a homebuyer education course to qualify for one of the Agency’s affordable mortgage loans. The courses, now offered both in person and online, prepare would-be borrowers for all aspects of the homebuying process as well as the responsibilities of owning a home.
“If you’re thinking of buying a home, your first step should be a homebuyer education course,” said MassHousing Director of HomeOwnership Production Lisa Fiandaca. “The information you gain will improve the likelihood that you’ll be a successful homebuyer and homeowner.”
MassHousing partners with nonprofit organizations across Massachusetts who offer approved in-person homebuyer education courses. In addition, an online homebuyer education course called The Road Home is also available.
A 2013 NeighborWorks report (here’s a New York Times article on the topic) found that borrowers who completed homebuyer education courses were a third less likely to fall behind on their mortgage payments. A 2016 HUD study found that homebuyer education and counseling “can help participants expand their housing searches and enjoy more options; avoid risky purchases and mortgages; lower their housing costs; improve their credit scores; save more and keep more residual income; and avoid or resolve delinquency, default, and foreclosure."
MassHousing representatives often participate in homebuyer education and other homebuyer events hosted by our community partners. Ms. Fiandaca reported that even with the online option, in-person classes continue to operate at capacity and demand remains high.
"People recognize the value of homebuyer education," Ms. Fiandaca said. "More information leads to a better decision, and increased preparation leads to greater success over the long term."