Had many people attended such a class in the early 2000’s we might have avoided the current housing situation but it is far easier to look back than to look forward. These classes are there for you and your family to learn the upside and the downside to home ownership as well as what you will need to have together to qualify for a home. Even if you are not required to take the class, you will be better prepared if you do to own a home. If  you don’t have the time to take a class you can read the First Time Homebuyer Guide.

The government continues to make changes to the FHA program and the people I have talked to don’t think the changes are over with as of yet.  Though these changes are supposed to help people continue to get into homes and to protect them, I’m not sure there are any changes that can protect you more than good basic knowledge of how to purchase a house.

I met a young lady today that has a good deal of knowledge because she took the time to attend a first time home buyer’s class.  Though it was on a day that she had many other things that she would have rather done, she took the class.  I asked her if there was anyone in the class that she felt didn’t need the class and after pausing and thinking about her fellow students told me every one of the people needed the class.

Please, whether you are a first time home buyer or not, if you have never set in on one of these classes and are looking to purchase a home over the next year or so, find a class and attend.  You may know some of it and get a little bored but overall, you will not regret it.  Untimely, it is up to you to protect yourself from the unscrupulous that still exist in the real estate business.

It is called the Great Rate program because it has the best rate of all the first time buyer programs.  You are rewarded with a good rate for being able to put your own money into the transaction and you are not required to take the Home Buyer Education class, though it is still highly recommended as you will get some great information and guidance through this education.

All other income and acquisition guidelines for these programs apply and you must use an approved THDA lender to carry out the transaction.  The base loan can be either a FHA, VA or conventional and you will need to check with your lender to obtain the current THDA rates for this and the other two programs.