January 6, 2020

Homebuyer Education Requirements FAQs

The IFA homeownership team has compiled a list of the top five frequently asked questions about the homebuyer education requirement for your convenience. If you don't see the answer to a question you have below, don't hesitate to ask our team!

‌	Which IFA products is homebuyer education (HBE) required?   A: Conventional loans only Fannie Mae HFA Preferred Freddie Mac HFA Advantage

‌	Who is required to take the homebuyer education? A: If all borrowers are first-time homebuyers then only one of the borrowers must complete the education.

‌

What course is required? A: There are multiple acceptable course options, as detailed below. Finally Home! ® Cost: $35 for borrowers over 80% AMI FREE tor borrowers under 80% AMI* Note: This course includes borrower counseling for the life of the loan *The Finally Home website will soon allow borrower’s to enter their income for their respective county to receive access to the complimentary HBE course. Fannie Mae Frameworks Cost: Currently FREE Note: Available only to borrowers using the HFA Preferred product Freddie Mac CreditSmart® Cost:Currently FREE Note: Available only to borrowers using the HFA Advantage loan product If a borrower lacks access to the internet, in-person homebuyer education with a HUD certified counselor is allowed.

‌	Is homebuyer education required on government loans? A: Homebuyer education courses are required for conventional loans only in accordance with agency guidelines.

‌	What is the required deadline for the borrower to complete the homebuyer education? A: The homebuyer education course must be completed prior to loan closing.

Please contact the  Homeownership team  with any questions.