Starting this Saturday, THDA is expanding its homebuyer education program to include online classes. Open to anyone in Tennessee, the online class covers the ins and outs of buying a home, from insurance to financing to repairs. Registration is $99.
"Homebuyers who take this class have a better understanding of the process, they ask smarter questions, and they make better informed decisions," said Ralph M. Perrey, executive director of the Tennessee Housing Development Agency.
The online class consists of two parts. First, homebuyers must complete the online coursework. The second part is a one-on-one counselling session with a THDA-approved homebuyer education specialist, either in person or on the phone.
"We want to make sure that online participants receive the same level of interaction and individual attention as classroom participants," said Mr. Perrey. "The opportunity to have an open and honest conversation with a trained counselor and discuss specifics of your own financial situation is an indispensable part of the class, whether online or in person."
THDA partnered with eHome America in order to develop and implement the online program. Homebuyers interested in enrolling should visit the homebuyer section of GreatChoiceTN.com to find a provider in their county.
"Homebuyer education is proven to reduce the likelihood that a homebuyer gets behind on their mortgage or faces foreclosure, which is why we've made these classes a required part of our downpayment assistance program," said Mr. Perrey. "We can't recommend homebuyer education strongly enough, whether you're working with THDA for help with financing or not."
For Great Choice Mortgage Loan customers, THDA recommends completing a homebuyer education class at least four weeks before closing on a new home. The Great Choice program offers 30-year, fixed interest rate loans with available downpayment and closing cost assistance.