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March 9, 2017

Home Buyer Education Requirement
This notice is to clarify the Home Buyer Education requirement originally announced February 25, 2016. 

The Iowa Finance Authority requires certain borrowers using our Conventional products (HFA Preferred and HFA Preferred Risk Sharing No MI) to complete the Finally Home Homebuyer Education course.
  • Home buyer education is only required when all borrowers are first-time home buyers
  • Only one borrower is required to take the home buyer education course

About the course :
  • Finally Home is a customized home buyer education course for Iowa home buyers
  • The course fee is $35 (discount code is no longer necessary)
  • To take the course go to the Finally Home website 
  • If a borrower does not have access to the internet, they can use "in person" counseling by a HUD certified counselor.

IFA's  "Conventional Product Parameters"  available on the IFA web site and in Lender Online provides information regarding any IFA requirements that may differ from FNMA underwriting guidelines. The lender is responsible for underwriting in accordance with FNMA guidelines and must use the most restrictive guideline when comparing IFA and FNMA requirements. 

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