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.

  • 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.

  • Cost: Currently FREE
  • Note: Available only to borrowers using the HFA Preferred product

  • 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.