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?
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.
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®
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
with any questions.