Nov
16

Classes Assist Owners of Chicago New Homes

November 16, 2012

classes assist chicago real estate ownersThe Department of Housing and Urban Development is requiring first-time home buyers to enroll in eight credits worth of classes if they want to receive special financing. Homeowners who complete the class may be eligible for the Home Affordable Refinance Program, which helps homeowners receive a low-cost and stable mortgage.

For a cost of $50, owners of Chicago new homes can earn the credits through the nonprofit Neighborhood Housing Services of Chicago. Homeowners can also choose to take classes through eHome America, an online course consisting of 47 quizzes and eight tests.

According to a study by the Department of Housing and Urban Development, the eHome program has proven to be effective in raising participant’s credit scores. The median credit score for a participant before enrolling in the program was 610. After completing the course, the average score for 38 percent of all participants rose by at least 20 points.

Topics covered in the eHome course include budgeting skills, the mortgage application process and the pros and cons of home ownership. The Neighborhood Housing Services of Chicago also offers one-on-one counseling.

The founders of the eHome program believe that the eHome course could potentially avert a future housing crisis. Currently, around 1,400 consumers are taking the course every month.

Do you think the eHome course is a good idea?

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