In an effort to help turn potential borrowers into actual borrowers, Capital One (COF) announced a homebuyer education program designed to teach first-time buyers just what it means to buy their first home.

According to a release, the Capital One Home Loans Online Neighborhood features multimedia content with informative and actionable advice that helps to guide first-time buyers through the home buying process.

The Capital One Home Loans Online Neighborhood covers topics such as: first steps to buying a new home, saving for a down payment, documents a borrower needs to apply for a mortgage, renting versus buying, home buying myths and the types of available loans.

"The journey to homeownership can be overwhelming, especially when you're looking to purchase your first home," said Nick Robinson, president, Capital One Home Loans. "With the Capital One Home Loans Online Neighborhood, our goal is to help potential homebuyers make informed decisions, including when and how to choose a mortgage. We're excited to welcome homebuyers to the Neighborhood and help put them on a path to becoming the savviest homeowners on the block."

Capital One also announced that it is giving $1.2 million in grants to help national housing nonprofit organizations, including NeighborWorks, New York Mortgage Coalition and Neighborhood Housing Services, provide homeownership education and counseling to more consumers across the U.S.

According to Capital One, these partnerships will expand the capacity of nearly 75 community organizations to provide services to 30,000 people in various U.S. cities, including Washington, D.C., New York City, New Orleans and Houston.