There's no rule or legal requirement that homebuyers must participate in a final walk-through inspection right before closing. But those who skip it could be making a costly mistake.

Problems at walk-through don't crop up often. But sometimes the ceiling fan is missing, or the refrigerator has been swapped out, or there's a giant hole in the wall. Al Raymondi of the Ocean View Realty Group in Ormond Beach, Florida, and his clients recently discovered a roof leak during a walk-through that the sellers, who had already moved out, didn't even know about.

"Ninty-nine percent of the time, everything is perfect," said Scott Godzyk of Godzyk Real Estate Services in Manchester, New Hampshire, on the ActiveRain real estate community site. But if it isn't, you'll be glad you took the time to check.

Karen Fiddler, a broker and agency owner in Lake Arrowhead, California, tells a story on her blog about a couple purchasing a vacant house. They had visited many times prior to closing, and felt the final walk-through wasn't necessary, because "what could have changed?"

Fortunately, they heeded their agent's advice and made one last tour the day before settlement. They discovered that a heavy rain the weekend before had wiped out the backyard, washing it down the hill.

"This is an extreme example, but a true story," Fiddler posted. "Needless to say, they did not close. Had they not gone for that last look, they would have owned a home with some severe geological issues."

A final walk-through is your last chance to make sure you are getting the house you bargained for. It is usually done a day or so prior to closing, hopefully after the sellers have moved out so you can get one last bare-bones look at the place.

Your final look-see isn't a formal inspection to make sure things work as they should. The home inspector you should have hired to give the house a once-over should have done that. Rather, it is a verification tour, so to speak -- to be certain the side-yard rose bushes haven't been removed, or that the beautiful chandelier that you bargained hard for hasn't been replaced by a cheap builder-grade fixture.

The walk-through also gives you a chance to make sure there are no new damages or problems beyond what your inspector discovered. But again, Fiddler cautions, it is not to approve repairs that were supposed to be made by the seller prior to closing or make sure they were done correctly.

"The seller is responsible for handling the repairs according to the terms (of the contract), and even if everything looks proper during the walk-through, a buyer is not a home inspector," the California agent says. "If a problem occurs later as the result of the work done by the sellers, they remain responsible."

You can find any number of pre-closing checklists on the internet. Most will serve you well. But here are some things to pay particular attention to:

Be sure the a/c cools and the furnace heats. Check all the appliances, including each burner on the stove and the ice-maker in the fridge. Flush all toilets and turn on all faucets to check for water pressure. Let them run long enough to ensure that the water heater is working. Fill the tubs and sinks to make sure they drain properly, and run the whirlpool.

Collect all manuals, warranties and receipts for repairs. You might need them after you move in. Work the garage door opener and sump pump. Run the garbage disposal and trash compactor.

Look for damp, stained or wet places in the attic, basement or crawl space. Flip on all the electric switches, including kitchen and bathroom fans, and check each electrical outlet. Open every window to make certain they work easily and are not painted shut.

If, after you go through all this, you find that something doesn't meet your satisfaction, you can bring it up at settlement. If you still are not happy, you have to be willing to walk. And Lenn Harley, of Washington, D.C.'s Homefinders, has a story about that:

The air conditioning at a Fort Washington, Maryland, house wasn't working at the walk-through, even though the seller had a "certificate" from an a/c company saying that the system had been inspected. So the buyers refused to close unless the seller agreed to set aside $5,000 for another inspection and replacement.

The seller refused, and the buyers walked, according to Harley. "Contract voided, seller refunded earnest money and I sold them another house," she says. "Happy buyers."

As part of National Homeownership Month, Shaun and Nicole Avery journeyed from rural Maine to the White House in late June to tell their story about how homeownership education classes helped pave the way to their first home.

Nicole and Shaun -- an active member of the Coast Guard -- participated in homebuyer education and pre-purchase courses offered by Coastal Enterprises Inc., a counseling agency approved by the Department of Housing and Urban Development (HUD). The Averys went through a 10-hour, web-based curriculum that allowed them to proceed at their own pace, followed by several in-person consultations with a counselor. As a result, they were able to pair a state-sponsored down payment assistance program with a VA loan.

And now they are no longer renters; they own the roof over their heads.

Stories like this are playing out across the land as more and more potential first-time buyers are learning just what it takes to be owners. They find out how mortgages work, how to make and live within a budget, how to maintain a house, the necessity of building up savings for major repairs, and what to do if they are hit with a layoff or major illness and can't make their payments.

Not everyone sees the value of such education. Some lenders view counseling as a speed bump that prevents them from closing loans quickly. And a study by Fannie Mae found that counseling programs may be a waste of time for consumers. The giant mortgage investor said its research shows that 36 percent of lenders believe that such programs have no value, compared to 33 percent who believe they do.

But the preponderance of research suggests otherwise. For example, early results from a rigorous HUD study of the benefits of housing education and counseling are "encouraging," the agency reported last month.

Over the next four years, HUD hopes to provide definitive, long-sought answers about the impact of homebuyer education and counseling on mortgage literacy and preparedness, the success rate of buyers being able to keep their homes, and how well they perform with their mortgages.

So far, the agency says participants show a better understanding of their loans and the mortgage process than a control group that didn't go through counseling. Participants are also more likely to have higher credit scores, and showed a greater appreciation for communicating with lenders.

Other studies have already validated the impact of pre-purchase education. An analysis of 75,000 loans originated between 2007 and 2009, for example, showed that borrowers who took classes offered by NeighborWorks America's nationwide network of affiliates were one-third less likely to become 90-plus days delinquent during the two years after they received their loans.

More broadly, a study by researchers at The Ohio State University found people who took financial counseling courses perform better on a variety of credit outcomes, including revolving debt, better money-management skills and improved financial confidence.

Even a later survey by Fannie Mae, which found "major shortcomings in consumer knowledge," suggested that borrower education is worthwhile. "Advancing from aspiration to sustainable homeownership is more likely to occur if consumers have an accurate understanding of the requirements to qualify for a mortgage," Fannie's researchers said.

Fortunately, it isn't difficult to find decent counseling services. Simply go to hud.gov and search out HUD-approved agencies in your area. The services are often free, but may cost a few hundred dollars.

Here are the types of classes you'll find:

-- Pre-purchase. This will help you learn the habits of good credit, prepare you for all that is involved in owning a home, teach you about mortgages and how to make sure you are creditworthy. While pre-purchase counseling is primarily aimed at rookies, and may be required by some lenders, repeat buyers may also be required to attend classes if they have gone through a foreclosure.

-- Post-purchase. Learn how to navigate the unchartered ownership seas that lie ahead once you move into the house. Learn how to manage your loan if you think you might miss a payment as a result of a layoff or medical emergency, or if you are just short on cash. Learn how to manage your budget and how to pay for major repairs such as a leaky roof or malfunctioning air conditioner.

-- Foreclosure prevention. If you fall behind on your payments, this class can help you work with your lender and get back on track.

-- Rental assistance. Similarly, counseling agencies can help renters who are experiencing problems making their rents or finding affordable housing.

As the drive to create more affordable housing strengthens, more and more state and local housing authorities are issuing mortgage tax credit certificates (MCCs). These help qualified low- and moderate-income buyers offset a portion of the interest they pay every year for their home loans.

The MCC program was established by the Deficit Reduction Act of 1984 and modified by the Tax Reform Act of 1986. After peaking in 1997, the number of tax returns claiming the credit dipped by more than 50 percent, then started to take off again in 2007.

The maximum tax credit allowable each year is $2,000 -- maybe not much, in the grand scheme of things. But it is a dollar-for-dollar reduction against your federal tax liability, as opposed to a typical deduction, so it comes directly off your bottom line.

Better yet, it can be layered onto other government programs that also seek to make housing more affordable. And lenders sometimes add the credit to your income, so you might qualify to purchase a bit more home.

However, MCCs "are not a silver bullet," says Rob Chrane of DownPaymentResource.com, a website that lists some 2,400 different programs nationwide. "They won't cure all ills, but they can help move the needle significantly."

According to the latest figures from the National Council of State Housing Agencies (NCSHA), state authorities more than tripled their issuances of MCCs between 2012 and 2014. And that doesn't include the numerous local housing finance authorities, which also issue MCCs. In Texas, DownPaymentResource counts 19 local issuers, besides the state agency. In California, 12 local issuers offer MCCs.

"We've seen a large increase in issuances," says Greg Zagorski of the NCSHA. "We're seeing a lot more interest in the program as states seek to rebuild their single-family lending programs."

Currently, 34 states issue the credit certificates, and the District of Columbia introduced MCCs in the nation's capital just last month. (The states that do not yet offer MCCs are Alaska, Connecticut, Georgia, Kansas, Louisiana, Maine, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Oregon, Tennessee, Utah and West Virginia.)

Here are the program's basics:

Each year, your mortgage tax credit will be calculated based on a percentage of the total interest paid on the loan that year. The percentage varies depending on the program, but it ranges from 20 percent to 50 percent. According to DownPaymentResource, 40 percent is typical.

The certificate remains in effect for the term of the mortgage, as long as the underlying property remains your principal residence. You can adjust your withholding on your W-4 to take the credit into account, so you will have a bit more take-home pay listed. And your lender can use the added income to approve a somewhat larger loan.

Homebuyer education is required, though. You must take a course from a counseling agency approved by the Department of Housing and Urban Development prior to closing.

The program is open to individuals and families who meet certain income and purchase requirements. These rules are different for each issuing authority. In Maryland, for example, the maximum sales price ranges from $255,000 in rural areas to $525,000 in Baltimore proper. Income limits also vary in the Old Line State, based on household size, from $89,000 in rural areas to $152,000 in urban areas.

Across the Potomac River in Virginia, meanwhile, the max sales prices range from $251,900 in rural spots to $500,000 in urban core areas. The max income ranges from $121,900 for one- and two-person households to $142,300 for households with three to eight people. In Virginia, moreover, there is a significant federal recapture tax if you sell the house within nine years and realize a significant increase in income.

Also, you must use the house as your primary residence and cannot have owned your main home for the previous three years. Veterans are exempt from the three-year rule.

Again, the maximum amount of the credit cannot exceed $2,000 in a single year. And the credit cannot be any larger than your federal tax liability after all other credits and deductions have been taken into account.

But credits in excess of your current-year tax liability can be carried over for use in subsequent years.

According to NCSHA data for 2013, the national average loan amount of a borrower who used a mortgage credit certificate was $156,632. The average borrower income was $52,862. About 1 in 4 MCCs were claimed by minorities, and nearly 2 out of every 5 were claimed by female heads-of-household.