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For Lenders | Special Programs for HOC Residents | HOC Existing Loan Customers First Time Homebuyer Education It is mandatory for our program that all homebuyers take a homebuyer education class before setting out to purchase a home. Not only will this help you be fully informed about the process and requirements, but counseling agencies can often help identify sources of assistance. Homebuyer education, sometimes called housing or pre-purchase counseling, helps homebuyers prepare for purchasing a home and the many new challenges of being a homeowner. Homebuyer education can be any class approved by HUD, Fannie Mae, or Freddie Mac, as long as it meets the insurer and master servicer requirements. Visit www.hud.gov for other Housing Counseling Agencies. You may consult with the lender if you choose to take an online homebuyers class. Montgomery County Housing and Community Initiatives, Inc. (HCII) offers classes each month in Rockville, Maryland and virtually. The classes are free.
Pre Purchase
Post Purchase Education HOC also recommends, but does not require, a post purchase class which is also offered by HCII. This class discusses the mortgage payment and servicing, Homeowners Association responsibilities, maintenance, budgeting after you have settled on your home. Also refer to the HCII website for information about post purchase classes. |
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