Upon completion of the homebuyer education class, you’ll schedule an appointment to meet with one of CDLI’s knowledgeable Housing Educators to discuss your individual housing goals. This is for your benefit! Ask lots of questions so the Housing Educator can assist you accordingly.  During this appointment, the Housing Educator will review your income, assets, credit and budget. They’ll discuss various mortgage programs and grants that may apply to your current housing goals. The Housing Educator will provide you with guidance and resources to assist you as you navigate the homebuying process. At the end of the appointment, you will be provided a detailed action plan with your next steps, a summary of your budget and the homebuyer education certificate. The Housing Educator will follow up with you monthly to see how you’re progressing towards homeownership.

Your homebuyer education certificate is good for one year after the date of your one to one appointment.

Yes. The class is offered in person or virtually and the fees vary depending on how you take the class. Our in person class is $50.00. We also offer our class via zoom and the fee is the same. There are also two options for you to take the class online. With the online options, you can complete the 8 hour class at your leisure. The online options are either $75.00 or $100.00.

The class covers what you need to know from the pre-approval to closing and everything in between. Renting vs. buying, budgeting, credit. You’ll learn about the role of a loan officer, realtor, home inspector, homeowner’s insurance agent, and closing attorney. Also covered is emergency preparedness and post closing resources. If you choose our in person class, we have professionals in the field discuss their role.

Grants are based on household income, household size and availability. Homebuyer education is typically a pre-requisite just to apply. Most grants must be awarded to you prior to signing contract on a home. They typically cover various regions/areas of Long Island. For example, there may be a grant that covers Nassau County and one that covers Suffolk County. Keep in mind that you should be “homebuyer ready” prior to applying for a grant, meaning that you have a pre-approval. Remember, a grant may cover some of the down payment and closing costs so you’ll need a pre-approval to cover difference.

In addition to grants for down payment, some cover home repairs/renovations.

Typically, grants have a “recapture clause", meaning that as you remain in the home, the grant is forgiven over time. For example, if a grant has a 10 year recapture clause, a portion of the grant is forgiven over time. If you sell the house or refinance the mortgage prior to the recapture clause expiring, you may have to pay back some or all of the grant funds received.

During your one to one homebuyer education appointment, you will tell your Housing Educator what’s most important. For example, a low interest rate, down payment assistance, or even a lender who caters to borrowers with a lower credit score. Based on what you tell us and our assessment of your mortgage readiness, your Housing Educator will provide you with at least 3 referrals to lenders. You are under no obligation to use them. However, keep in mind that CDLI screens the services of mortgage lenders throughout the year to see who offers the most incentives for 1st time homebuyers. Those are the ones that we have on our list.

Purchasing a home is based on your ability to pay. It’s not based on the source of your income, it’s based on the amount of your income. As long as your income is documented and consistent, in most cases, it can be used to qualify for a mortgage. We say in most cases because ultimately, you’ll have to meet with a mortgage loan officer who will submit your loan application to underwriting.

Typically, you’ll need 3% of the purchase price for down payment and an additional 5% of the purchase price for closing costs.

This depends on other factors, such as the purchase price, down payment, property taxes, homeowner’s insurance, etc. You should also take into consideration how much outstanding debt you owe. For example, if two borrowers have identical income and savings but one borrower has no debt and the other has a car payment, student loans and credit cards, the borrower with the debt will qualify for a lower mortgage amount.