Homebuyer Education FAQ's
What is Homebuyer Education all about?
Homebuyer Education is a service offered by BCL of Texas. The program is designed to assist first-time buyers in purchasing their homes. Training sessions cover the basics of buying a home from pre-qualification for a loan to the actual loan closing. In addition, participants have a one-on-one session with a homeownership specialist and access to other financial planning information.
Who sponsors this program?
This program is offered by BCL of Texas, a non-profit organization, and sponsored by some of the area's largest and most respected lending institutions (banks and mortgage companies) as well as NeighborWorks America.
Who can participate in BCL's Homebuyer Education Program?
Program participants come from all walks of life. The program does not have an income limit.
What does it cost to go through Homebuyer Education?
The total program cost is $50.00 per family. This cost includes the homebuyer education seminar, a credit report, credit scores, and subsequent mortgage planning sessions. There are discounts available dependant on our referral partners.
How do I register for a BCL Homebuyer Education class?
You can register for our Online Program by clicking here or look at our in-class schedules for Austin, Dallas, and San Antonio here and call us to register.
What if my family has credit challenges?
Many prospective buyers avoid this issue only to have the lender reject the loan. Mortgage lenders loan money with considerable risk, therefore they want to know that the buyer will repay the loan as agreed. They want to know how the homebuyer has paid creditors in the past. A BCL of Texas homeownership specialist will walk through the credit report with you and show you what lenders look for and how they address each issue.
This is powerful information and will place you ahead of other buyers as you apply for your mortgage. Mortgage delays can cause the seller to move on to other qualified buyers and frustrate the home search for the unprepared buyer.
What happens after completion of the homebuyer education program?
An BCL homeownership specialist will assist you with shopping for a mortgage loan product and realtor.
What does it cost to buy a home? How do I start budgeting?
First-time homebuyers often overlook this question and underestimate the value of savings and maintaining a low level of debt. Planning your spending is the cornerstone of success in the homebuying process. The process is more expensive than most people think. Homebuyers are often surprised by the variety of costs associated with purchasing a home.
Many first-time buyers are broke after the loan closing and desperately await the next paycheck to handle normal responsibilities. BCL's training curriculum places a strong emphasis on savings. BCL's Homebuyer Education Program will help make you an informed buyer and assist you with savings strategies.
Are there subsidies and grants to help with all of this?
BCL's homeownership specialists will help you identify where to find government grants and subsidies relating to special first-time buyer programs.
Why is BCL involved in Homebuyer Education?
BCL Homebuyer education helps improve the opportunities and incidence of home ownership in Texas. BCL of Texas is committed to helping enhance the stability of neighborhoods by creating wealth through home ownership. The program also offers lenders the opportunity to contribute to community improvement by investing money in neighborhoods that were previously avoided.
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