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Classes could save first-time homebuyers money

January 27, 2010 - Individuals who are planning a move may wish to enroll in classes for first-time homebuyers, as some of them offer cost-saving incentives.

In Massachusetts, the Allston Brighton Community Development Corporation has announced it will offer a four-week course for homebuyers, the Allston-Brighton Tab reports.

Graduates of the class who choose to purchase a home in the Boston area may be eligible for financial assistance with their down payment, which will range between $1,000 and 3 percent of the home's value. These individuals may also qualify for Fannie Mae, Soft Second or Mass Housing programs that offer low-interest home loans.

In addition, individuals who complete the course can take advantage of low down payment financing options and free individual counseling prior to relocating.

Similar initiatives are taking place in Atlanta, where RBC Bank will hold a financial empowerment and homeownership workshop for first-time real estate owners, MSN Money reports.

The financial institution has also committed $200 million to mortgage loans for current renters and underserved consumers in the metropolitan area.

The current rate for a 30-year fixed mortgage is 4.99 percent, according to the Los Angeles Times.

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