A recent report by HousingWire shows that first-time home buyers reap benefits from pre-purchase education. A study of 18,000 buyers who attended pre-purchase counseling through NeighborWorks revealed that the majority remained current on their mortgage.
Fannie Mae reports similar findings from their own study. Mortgages originated by housing finance agencies who require home buyer education, have lower default rates than mortgages originated by other lenders.
In an effort to expand home buying for low and moderate-income buyers, while promoting successful home ownership, Fannie Mae created the “HomeReady” mortgage. HomeReady combines a low-downpayment mortgage with an education requirement. The requirement can be satisfied by taking a $75 online course, called “Framework,” or by attending HUD-approved education seminars. Upon completion of the course, buyers receive a certificate to present to participating lenders. (Completing the course does not guarantee loan approval.)
According to Fannie Mae, 9 out of 10 borrowers report that the Framework course increased their knowledge of the home buying process, and was well worth the investment.
There’s just one problem: in Fannie Mae’s own study, they found that most home buyers don’t want to spend the time or money to take a home buying class! They didn’t appreciate the information until after-the-fact.
Home buyer education, as well as exclusive buyer representation, is critically important in today’s fast-paced market. We provide our Buyer-Clients with information and resources that cannot be matched by typical real estate agencies!
You can begin your home buying education right now, for free and without obligation, by downloading our e-book, “How to Buy a Home Like a Pro.” It’s a sampling of the in-depth, specialized, money-saving knowledge we provide to our Buyer-Clients – information you’re not likely to find anywhere else, at any price!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
