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Financial Education Paramount for Texas Homebuyers

Financial education is the focus of a new campaign aimed at helping first-time homebuyers in understanding the home purchasing process. Through a partnership between the Texas State Affordable Housing Corporation (TSAHC) and the Texas Association of Realtors (TAR), the joint campaign "Get Ready: Making Texans Homeowners for Life" will work to increase awareness of educational programs among potential home buyers.

"Studies have shown that homebuyers who receive pre-purchase education are one-third less likely to fall behind on their mortgages by 90 days or more, compared to homebuyers who didn't take a homebuyer education course," said David Long, president of the TSAHC. "We know that Texas Realtors want their clients to be successful homeowners, so partnering with the Texas Association of Realtors to spread the word about these programs to the public was a natural fit."

The campaign will encourage homeowners to educate themselves on the many financial and practical aspects of buying a home. The group suggests homebuyer education through a class, workshop, or online course.

The two groups cite topics such as understanding credit, reducing debt, assessing a homebuyer's readiness for a home purchase, understanding mortgage loans, avoiding predatory loans, and finding local and state down payment assistance programs as key educational areas for homeowners to understand before their home purchase.

Dan Hatfield, chairman of TAR, explained, "The Texas Association of Realtors has worked with TSAHC in the past through our 'United Texas' program, which educates Texas Realtors about the resources available for clients seeking affordable housing. This program takes that partnership one step further, empowering Texas Realtors to help their clients 'get ready' and become homeowners for life."

About Author: Colin Robins

Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.
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