The First Time Home Buyer Education assists in the preparation of buying and maintaining a home. The key to successful home ownership is education. UCAP will assist the customer with proven wealth building instruction in budgeting, credit and financial planning as well as information on lenders, mortgage affordability and types of financing. Realtor and lender referrals may be provided as well. Our First Time Home Buyer counseling guides the customer through the home buying process step by step, from deciding if homeownership is right for them to shopping for a new home that meets their needs.
Counseling promotes a more efficient transaction. Borrowers and lenders are better able to measure “ability to pay” and select appropriate loan products. A study by Fannie Mae’s affordable lending program showed that counseled borrowers received 45% more down payment assistance than non-counseled borrowers.
The First Time Homebuyer Program counseling plan consists of an eight–hour, one–day homeownership education group workshop covering: credit, financial planning, affordability (determining how much house an individual/family can afford), financing types, the closing/settlement process, home inspection (including environmental issues) and the real estate agent.
Prince George’s County, Maryland Resident
There is a $75 fee for the First Time Homebuyer Education. The fee is a modest one that covers the cost of counseling and materials. This fee also insures that UCAP is able to continue to provide this service to other Prince George’s County residents.
Caprise Coppedge, Supportive Housing Manager
Phone: 301.322.5700 x 109 / Email: email@example.com
Renee Carroll, Supportive Housing Counselor
Phone: 301.322.5700 Ext. 120 / Email: firstname.lastname@example.org