Home Buyer Training Classes

Project Genesis is a comprehensive series of training seminars for first-time homebuyers. It consists of 9 hours of instruction over three evening sessions, either in-person or virtually via Zoom. Classes are held on Tuesday, Wednesday, and Thursday nights from 6:00 p.m. – 9:00 p.m.

The cost of the course is $125 per household.

When registering for the class, we suggest using CHROME as your browser.

We will inform you on how to participate once you have paid and completed the registration form with the required information.

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 real estate professionals. Instructors include lenders, attorneys, home inspectors, real estate brokers, and Insurance agents.

Overview

The overview is designed to simplify the home buying process, from assessing the rent or own decision to closing a property. This presentation puts participants at ease and encourages them to make methodical and informed decisions. The presentation includes negotiation, neighborhood selection, role definition, and setting realistic expectations.

Mortgage Application Process

Participants will be informed about 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 (MHP).

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 has been 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. Experienced and licensed home inspectors present it.

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 the Down Payment page for details.