Last week, we talked about the First-Generation Homebuyers Community Down Payment Assistance Fund. This initiative offers up to $32,000 in forgivable down payment assistance for qualifying first-generation homebuyers. But buying a house is a complicated process. Where do you start? How do you know you’re getting a good deal? How can you avoid paying interest if that’s important to you?
The good news is free help from local HUD-approved Homebuyer Advisors is available via the nonprofit Minnesota Homeownership Center and its network of experts across the state. These professionals specialize in helping first-time homebuyers navigate the home buying journey. Since 1993, the Minnesota Homeownership Center has helped more than 100,000 households to buy and keep their homes.
Here are five reasons first-time homebuyers should work with a Homebuyer Advisor:
- Expert Help – Buying a home may be one of the largest financial transactions you’ll ever undertake. There are many steps to the process, and many unknowns. Navigating these steps and questions by yourself can feel overwhelming. The Minnesota Homeownership Center is here to help.
- Unbiased Education and Advice – The Center’s network of nonprofit Homebuyer Advisors offers nonbiased, expert and free advice tailored to your unique situation. They will build you a roadmap to get your personal finances mortgage-ready. And they will help you determine if you might qualify for any down payment assistance.
- Someone On Your Side – Your Homebuyer Advisor stands up for you and advocates on your behalf at every turn, supporting you in making informed decisions and ensuring you get the best possible terms for your transaction. They stay by your side through the entire process.
- Homebuyer Advisor Services Are Free – Homebuyer Advisors are certified by the U.S. Department of Housing and Urban Development (HUD), and their services are paid for via a variety of federal, state and local grants. The Minnesota Homeownership Center serves as a HUD Intermediary, overseeing a network of HUD-approved advisors embedded in community-based organizations across the state.
- The Right Advisor for YOU – If you’re looking for a homebuyer advisor who speaks your language, shares your background and/or has an office nearby, you can use the Center’s online search tool to find someone who will be a great fit.
Another excellent resource for first-time homebuyers is the Center’s Home Stretch® homebuyer education class. This class is required to qualify for most down payment assistance programs, including the First-Generation Homebuyers Community Down Payment Assistance Fund. Topics covered include: Managing Money; Understanding Credit; Preparing to Apply for a Mortgage; Finding the Home That’s Right for You; Making an Offer; the Purchase Closing Process; What New Homeowners Need to Know; and more. The class presents the full story of homeownership in the United States, including its history of racism, its wealth-building and stabilizing impact today and the opportunities for all of us facilitated by equitable access to owning one’s own home. Participants learn in a peer-to-peer environment and get to share the experience with others seeking the same goal.
Home Stretch workshops are an eight-hour undertaking, often divided into smaller chunks. They’re designed with an eye toward keeping participants enthusiastically engaged. Outside experts including local real estate agents, mortgage lenders, home inspectors and others join the instructors for real-world discussions. And students leave with a host of resources to continue helping them into the future. Participants who have taken the class have consistently rated it highly, with 96 percent of 2023 respondents reporting increased confidence in their home buying decision.
The bottom line is, Knowledge Equals Power. Educated consumers make informed decisions, and set themselves up for successful, and sustainable, homeownership. The Minnesota Homeownership Center’s Home Stretch homebuyer education workshop is easy to access, and well worth the time it takes to complete. Information on upcoming class offerings across the state can be accessed here.
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