Home Buyer Training Classes

In this Section

Project Genesis is a comprehensive series of training seminars for first-time homebuyers. It consists of 10 hours of instruction over four evening ZOOM sessions. Classes are held on Tuesday and Wednesday nights from 6:00 p.m. – 8:30 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 send out the Zoom link when you have paid and complete 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 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 Application Process

Participants will be 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 the Down Payment page for details.