Homebuyer Education Overview

Home ownership reinforces family stability, responsibility, asset building and self-esteem. Home ownership gives families a “stake" in the community and therefore builds stronger communities. With so many community benefits, OHFC feels it very important to help homeowners keep their homes through education.

Furthermore, Homebuyer Education is a requirement for certain government-assisted programs and is also required for many types of lender and mortgage programs. Therefore, homebuyer education is a strong asset in the complete Homebuying process.

Homebuyer education will teach the following:

• Basic “financial literacy” skills (budgeting, savings, credit and debt management)
  
  
• Creates more mortgage-ready buyers
  
  
• Teaches consumers the Homebuying process with all of its complexities and costs that are involved
  
  
• Helps consumers make wise consumer choices and avoid predatory lenders and other pitfalls related to home ownership.
  
  
• Builds trust with customers in the mortgage lending process
  
  
• Helps consumers to access affordable financing
  
  
• Helps families to become successful long-term owners.
  
  
• Reduces delinquencies and defaults. (According to Freddie Mac’s data on almost 40,000 Affordable Gold loans, borrowers who receive pre-purchase home-ownership counseling have, on average, a 19 percent lower 90-day delinquency rate.)

For more information, contact us today!