for homebuyers
Homebuyer Education
There are several options for homebuyer education classes, depending on your needs, interests and timeframe.
Rhode Island Housing Homebuyer Education class
Overview class designed to meet the specific needs of first-time homebuyers who are ready to buy a home today. This class meets one time for three and one half hours at convenient times and at various locations across the state.
The Homeownership Connection Homebuyer Education Classes
The Homeownership Connection offers a range of programs for those who are ready to buy a home today, need more time to prepare for homeownership as well as those who are already homeowners. Wherever you fit in, the Homeownership Connection can offer you classes, individual counseling and/or workshops that will expand your homeownership opportunities. Classes are available in English and Spanish*, offered at convenient locations throughout the state.
Multi-family Homebuyer Education Class
FirstHomes customers who plan to purchase a two-, three- or four-family property, are required to take a Landlord-Tenant Education education series in addition to our Homebuyer Education Class. The Landlord-Tenant series, offered through the Homeownership Connection and The Housing Network of Rhode Island, meets three times a month at convenient locations throughout the state. It is offered in English and Spanish. Learn about leasing, repairs and everything else you will need to know in order to be a successful landlord. The cost is $20. To register, contact Tammy Fisher at 401-457-1245 or tfisher@rhodeislandhousing.org
Rhode Island Housing Homebuyer Education Classes
Rhode Island Housing offers free classes to help you better understand the process of buying and keeping your home. Our classes are held weekly, from 6 p.m. to 9:30 p.m., in convenient locations throughout Rhode Island.
Establishing good credit
The best way to ensure you have good credit is to become an informed consumer.
• If you have no credit history, open a low-cost checking or savings account and make regular deposits.
• Keep a minimal number of credit cards.
• Keep credit card balances low – under 50 percent of your credit limit per card.
• Do not apply for a new credit card because you are at the maximum limit on your current card(s).
• Pay your bills on time.
• Make at least the minimum payment required and pay down the balance when you can.
• Know your debt-to-income ratio and keep it to 20 percent or less of your pay after taxes.
Repairing your credit
Do you need to improve your credit and raise your credit score? It can be done, but it takes time and commitment.
• Develop a budget and stick to it.
• Reduce or eliminate unnecessary installment payments, like cable TV and new cars.
• Make minimum payments on time.
• Understand that bankruptcy and foreclosure will stay on your credit record for up to 7 to 10 years.
• If you are having difficulty paying your bills, get help from a consumer credit counseling agency. Credit counselors can often reduce your monthly bills by negotiating reduced payments or long-term payment plans with your creditors. The majority of credit-counseling agencies are reputable and provide their services free of charge. Beware of credit- counseling agencies that offer counseling for a large up-front fee or donation. For consumer debt advice, contact the National Foundation for Credit Counseling. For credit counselors in Rhode Island call 211.
• Review and fix any errors on your credit report. You can order a free copy of your credit report once every 12 months by calling 877-322-8228 or visiting www.annualcreditreport.com.
Understanding Recapture
If you sell your house within nine years of buying it, you may be subject to a federal IRS regulation called Recapture. You may be subject to Recapture only if:
• your income increases significantly and
• you realize a significant profit on the sale of your home.
Recapture, if any, is due at the time you sell your house. For your convenience we have provided general answers to frequently asked questions about Recapture. However, as always with any tax issue, you should contact the IRS or your financial advisor for more information related to your specific situation.
There are several options for homebuyer education classes, depending on your needs, interests and timeframe.
| Educational Videos The Benefits of FirstHomes How To Buy a Home That Needs Repair Why Now is a Great Time to Buy |
Overview class designed to meet the specific needs of first-time homebuyers who are ready to buy a home today. This class meets one time for three and one half hours at convenient times and at various locations across the state.
The Homeownership Connection Homebuyer Education Classes
The Homeownership Connection offers a range of programs for those who are ready to buy a home today, need more time to prepare for homeownership as well as those who are already homeowners. Wherever you fit in, the Homeownership Connection can offer you classes, individual counseling and/or workshops that will expand your homeownership opportunities. Classes are available in English and Spanish*, offered at convenient locations throughout the state.
Multi-family Homebuyer Education Class
FirstHomes customers who plan to purchase a two-, three- or four-family property, are required to take a Landlord-Tenant Education education series in addition to our Homebuyer Education Class. The Landlord-Tenant series, offered through the Homeownership Connection and The Housing Network of Rhode Island, meets three times a month at convenient locations throughout the state. It is offered in English and Spanish. Learn about leasing, repairs and everything else you will need to know in order to be a successful landlord. The cost is $20. To register, contact Tammy Fisher at 401-457-1245 or tfisher@rhodeislandhousing.org
Rhode Island Housing Homebuyer Education Classes
Rhode Island Housing offers free classes to help you better understand the process of buying and keeping your home. Our classes are held weekly, from 6 p.m. to 9:30 p.m., in convenient locations throughout Rhode Island.
The course covers everything you need to know including:
• How much money can I borrow?
• How can I repair and maintain my credit?
• How do I save for a down-payment?
• How do I buy without a down-payment?
• How do I avoid unsafe loans?
• The importance of preparing a budget and becoming financially fit
• The importance of getting pre-qualified
• How do I find the right home?
• How do I find safe and affordable financing options?
• The mortgage process from application to closing
• How do I care for and maintain a home?
Who is required to attend the Homebuyer Education classes?
Our Homebuyer Education classes are open to all first-time homebuyers interested in learning to become successful homeowners. Rhode Island Housing borrowers who are first-time homebuyers are required to participate in our classes.
The current class schedule is below. Seating is limited. Contact us at 401-457-1245 or tfisher@rhodeislandhousing.org to reserve your seat.
April 22nd - Monday
DaVinci Center
470 Charles Street, Providence
April 27th - Saturday (10 am – 1:30 pm)
Kent Washington Assoc. of Realtors
2240 South County Trail, East Greenwich
May 2nd - Thursday
AAA of Southern New England
110 Royal Little Drive, Providence
May 7th - Tuesday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
May 13th - Monday
Da Vinci Center
470 Charles Street, Providence
May 22nd - Wednesday
Bank Newport
12 Turner Road, Middletown
May 29th - Wednesday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
June 4th - Tuesday
AAA of Southern New England
110 Royal Little Drive, Providence
June 11th - Tuesday
Greenville Public Library
573 Putnam Pike, Smithfield
June 17th - Monday
Da Vinci Center
470 Charles Street, Providence
June 22nd - Saturday (10 am - 1:30 pm)
Kent Washington Assoc. of Realtors
2240 South County Trail, East Greenwich
June 27th - Thursday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
Get directions to our class locations.
Community Education Fairs
Rhode Island Housing offers free Housing Education Fairs in communities throughout Rhode Island.
Workshops are available in both English and Spanish and include:
• Becoming a Successful Homeowner: Learn how to find, buy and keep a safe, healthy home.
• Consumer Credit Counseling: Are you financially fit? Get the help you need to start fresh!
• Fair Housing: Learn how to recognize when you have been a victim of unfair housing practices and how to file a complaint.
• Lead Hazards: Learn about the dangers of lead and how you can lessen these dangers.
• Section 8 Housing: Learn about rental assistance available through the Section 8 Housing Choice Voucher program.
• Seeking Homes You Can Afford: Find out about subsidized housing, shelters and emergency housing assistance programs.
For more information on Rhode Island Housing Community Education Fairs call 401-457-1234.
Helpful Tips to Get You Started
Should I rent or buy?
Deciding whether to rent or buy a home can be a difficult decision to make and requires careful thought and preparation. Many people who rent their homes may not realize that homeownership may be within their reach. At the same time, there are numerous costs and responsibilities associated with homeownership that, as renters, you may not be aware of. Rhode Island Housing can help you make a safe, informed decision that’s right for you. Our highly trained professionals can work with you to help you make the decision that is right for your situation. If you decide to buy a home, our lending professionals can help you find a loan that meets your individual needs and financial situation. If you decide to rent, we can help you find a home to rent that meets your needs.
• How much money can I borrow?
• How can I repair and maintain my credit?
• How do I save for a down-payment?
• How do I buy without a down-payment?
• How do I avoid unsafe loans?
• The importance of preparing a budget and becoming financially fit
• The importance of getting pre-qualified
• How do I find the right home?
• How do I find safe and affordable financing options?
• The mortgage process from application to closing
• How do I care for and maintain a home?
Who is required to attend the Homebuyer Education classes?
Our Homebuyer Education classes are open to all first-time homebuyers interested in learning to become successful homeowners. Rhode Island Housing borrowers who are first-time homebuyers are required to participate in our classes.
The current class schedule is below. Seating is limited. Contact us at 401-457-1245 or tfisher@rhodeislandhousing.org to reserve your seat.
April 22nd - Monday
DaVinci Center
470 Charles Street, Providence
April 27th - Saturday (10 am – 1:30 pm)
Kent Washington Assoc. of Realtors
2240 South County Trail, East Greenwich
May 2nd - Thursday
AAA of Southern New England
110 Royal Little Drive, Providence
May 7th - Tuesday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
May 13th - Monday
Da Vinci Center
470 Charles Street, Providence
May 22nd - Wednesday
Bank Newport
12 Turner Road, Middletown
May 29th - Wednesday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
June 4th - Tuesday
AAA of Southern New England
110 Royal Little Drive, Providence
June 11th - Tuesday
Greenville Public Library
573 Putnam Pike, Smithfield
June 17th - Monday
Da Vinci Center
470 Charles Street, Providence
June 22nd - Saturday (10 am - 1:30 pm)
Kent Washington Assoc. of Realtors
2240 South County Trail, East Greenwich
June 27th - Thursday
Warwick Police Station
99 Veterans Memorial Drive, Warwick
Get directions to our class locations.
Community Education Fairs
Rhode Island Housing offers free Housing Education Fairs in communities throughout Rhode Island.
Workshops are available in both English and Spanish and include:
• Becoming a Successful Homeowner: Learn how to find, buy and keep a safe, healthy home.
• Consumer Credit Counseling: Are you financially fit? Get the help you need to start fresh!
• Fair Housing: Learn how to recognize when you have been a victim of unfair housing practices and how to file a complaint.
• Lead Hazards: Learn about the dangers of lead and how you can lessen these dangers.
• Section 8 Housing: Learn about rental assistance available through the Section 8 Housing Choice Voucher program.
• Seeking Homes You Can Afford: Find out about subsidized housing, shelters and emergency housing assistance programs.
For more information on Rhode Island Housing Community Education Fairs call 401-457-1234.
Should I rent or buy?
Deciding whether to rent or buy a home can be a difficult decision to make and requires careful thought and preparation. Many people who rent their homes may not realize that homeownership may be within their reach. At the same time, there are numerous costs and responsibilities associated with homeownership that, as renters, you may not be aware of. Rhode Island Housing can help you make a safe, informed decision that’s right for you. Our highly trained professionals can work with you to help you make the decision that is right for your situation. If you decide to buy a home, our lending professionals can help you find a loan that meets your individual needs and financial situation. If you decide to rent, we can help you find a home to rent that meets your needs.
The best way to ensure you have good credit is to become an informed consumer.
• If you have no credit history, open a low-cost checking or savings account and make regular deposits.
• Keep a minimal number of credit cards.
• Keep credit card balances low – under 50 percent of your credit limit per card.
• Do not apply for a new credit card because you are at the maximum limit on your current card(s).
• Pay your bills on time.
• Make at least the minimum payment required and pay down the balance when you can.
• Know your debt-to-income ratio and keep it to 20 percent or less of your pay after taxes.
Repairing your credit
Do you need to improve your credit and raise your credit score? It can be done, but it takes time and commitment.
• Develop a budget and stick to it.
• Reduce or eliminate unnecessary installment payments, like cable TV and new cars.
• Make minimum payments on time.
• Understand that bankruptcy and foreclosure will stay on your credit record for up to 7 to 10 years.
• If you are having difficulty paying your bills, get help from a consumer credit counseling agency. Credit counselors can often reduce your monthly bills by negotiating reduced payments or long-term payment plans with your creditors. The majority of credit-counseling agencies are reputable and provide their services free of charge. Beware of credit- counseling agencies that offer counseling for a large up-front fee or donation. For consumer debt advice, contact the National Foundation for Credit Counseling. For credit counselors in Rhode Island call 211.
• Review and fix any errors on your credit report. You can order a free copy of your credit report once every 12 months by calling 877-322-8228 or visiting www.annualcreditreport.com.
Understanding Recapture
If you sell your house within nine years of buying it, you may be subject to a federal IRS regulation called Recapture. You may be subject to Recapture only if:
• your income increases significantly and
• you realize a significant profit on the sale of your home.
Recapture, if any, is due at the time you sell your house. For your convenience we have provided general answers to frequently asked questions about Recapture. However, as always with any tax issue, you should contact the IRS or your financial advisor for more information related to your specific situation.
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