Home Buyer Training
Project Genesis is a comprehensive series of training seminars for first time home buyers. It consists of 10 hours of instruction over four evening sessions.
The course is also available ONLINE through a pilot program using THE ROAD HOME. Register for the Online Course Now.
The following topics are covered.
1. Overview of the Home Buying Process
2. Mortgage Application Process
3. Down Payment Assistance Programs
4. Legal Aspects of Purchasing
5. Home Inspections
6. Household Budgeting
7. Building Good Credit
8. Insurance Requirements
9. Multi-Unit Housing Options
10. Responsible Home Ownership
The program is taught by MVHP staff as well as several volunteer real estate professionals. Instructors include lenders, attorneys, home inspectors, real estate brokers and others.
Overview: The overview is designed to simplify the entire home buying process from assessing the rent or own decision to closing on a property. This presentation serves to put participants at ease and to encourage them to make methodical and informed decisions. The presentation includes negotiation, neighborhood selection, role definition, and setting realistic expectations.
Mortgage Applications Process: Participants are informed as to the mortgage application process and the guidelines utilized by lenders in assessing an application. Topics include income and debt ratios, credit histories, job histories and cash reserves. Special emphasis is placed on mortgages available through MASSHOUSING and the Massachusetts Housing Partnership (Soft Second Mortgage.)
Legal Aspects: The “Offer to Purchase” and the standard “Purchase and Sale Agreement” are explained in detail by a local real estate attorney. The importance of having legal representation when negotiating these contracts is emphasized. The role of the buyer’s attorney is clarified as well as the role of the lender’s attorney.
Home Inspections: The session on home inspections provides an in-depth view of assessing the structural condition of a property. It is presented by experienced and licensed home inspectors.
Down Payment Assistance Programs: The various down payment assistance programs are explained in this session. For those purchasing their first home in Lowell, there are two programs. The household income determines which of the two programs a family may be eligible for. See Down Payment page for details.