Homeownership Education | Fannie Mae

The Fannie Mae Homeownership Education Program is a program designed to provide homeownership education requirement, and counseling to potential homebuyers. The program offers online courses, workshops, and counseling services that cover a wide range of topics related to homeownership, including homebuying process, credit and financing, and homeownership responsibilities.

The program is designed to help potential homebuyers become better prepared for homeownership, make informed decisions, and avoid common pitfalls. The program is available to the public and is offered through a network of HUD-approved housing counseling agencies, which provide counseling and education services to potential homebuyers at little or no cost.

In some cases, completion of a serious homeownership education and counseling program, such as Fannie Mae’s, may be required by lenders or government programs as a condition for obtaining a mortgage or down payment assistance.

Overall, the Fannie Mae Homeownership Education Program is a valuable resource for potential homebuyers prospective borrowers who are looking to improve their knowledge and skills related to homeownership.

COMPLIMENTARY EDUCATION COURSES FOR BUYERS USING THE HOMEREADY AND HOME POSSIBLE 3% DOWN PROGRAMS

Home Ready and Home Possible® are a homebuyer education course that provides a student with the financial responsibility for buying a property. The links below provide several choices to offer your clientele first time homebuyers who can receive the 3% Down Home Purchase Program. We also offer Down Payment Assistance programs that assist homebuyers with the initial payment and the closing costs.  W

Fannie Mae HomeView®

Fannie Mae believes education is essential for being a homeowner. The ability to go to resource side of the loan holder to gain information can improve the ability to move smoothly in the house buying process as it helps make informed decision making. Make sure you check out the FNMA Homeready Education.

Homeownership Starts Here

It can be difficult for people to decide where to begin. This is our purpose. Homeview is a comprehensive first-time homebuying course that provides you with everything necessary for taking the steps toward homeownership from the start. Learn about preparing for your home purchase by shopping and working with a loan officer and realtor. Earn your certificate to become a homeowner.

FRAMEWORK – NO COST

Framework’s Online Homebuyer courses are mobile device based & easily accessible. Information has bite-sized content, and the intuitiveness has made it easy enough that people get through it in about an hour or so. Designed for homeowners in the US, the program meets HUD regulations, and meets national standards for the further education requirement of property owners. All homebuyer education required by FHA loans will require a Framework program. Free homebuyer classes at Framework.com.

What’s in This Course?

HomeView includes seven courses geared toward home buying business ownership. The Fannie Mae HomeView is an online education course designed to help potential homebuyers learn about the home buying process and become better prepared for homeownership. The course covers a wide range of topics, including credit and credit scores, budgeting, home inspections, and closing costs. The course is available to the public and is designed to be accessible and easy to use. Participants who complete the seven course, may receive a certificate of completion, which can be used to demonstrate their readiness for homeownership to lenders and real estate agents.

Knowing When You’re Ready

Find the best information for buying / renting a house.

Deciding when you’re ready to buy a house is a big decision and it can depend on a number of factors, including your financial situation, your lifestyle, and your long-term goals. Here are valuable tips on some things to consider when deciding if you’re ready to buy a house:

1. Financial stability: One of the most important factors to consider when buying a house is your financial stability. You should have a stable income and be able to comfortably afford mortgage payments, property taxes, homeowner’s insurance, and maintenance costs. It’s also important to have a good credit score and a low debt-to-income ratio.

2. Long-term goals: Buying a house is a long-term commitment, so it’s important to consider your long-term goals. Do you plan on living in the house for a long time, or do you anticipate moving in the next few years? Are you prepared to handle the responsibilities of homeownership, including maintenance and repairs?

3. Market conditions: The housing market can fluctuate, so it’s important to consider market conditions when deciding to buy a house. In a seller’s market, housing prices may be high and competition for homes may be fierce. In a buyer’s market, housing prices may be lower and there may be more inventory to choose from.

4. Lifestyle: Your lifestyle is also an important factor to consider when deciding to buy a house. Do you want to live in a specific area? Do you need a certain number of bedrooms or bathrooms? Are you prepared to handle the responsibilities of maintaining a home and yard?

Overall, the decision to buy a house should be carefully considered and based on your individual circumstances and goals. It may be helpful to speak with a financial advisor or real estate agent to help you make an informed decision.

Module 1

The first module of the Fannie Mae HomeView course covers the following topics:

1. Introduction to Homeownership: This section provides an overview of the home buying process and explains the benefits and responsibilities of homeownership.

2. Understanding Your Credit: This section explains the importance of credit scores and how they can impact your ability to obtain a mortgage. It also provides tips for improving your credit score.

3. Building a Budget: This section covers the importance of budgeting and provides tips for creating a budget that includes mortgage payments and other homeownership costs.

4. Getting Preapproved: This section explains the benefits of getting preapproved for a mortgage and provides an overview of the preapproval process.

5. Finding a Real Estate Agent: This section provides tips for finding a reputable real estate agent who can help you find a home that meets your needs and budget.

The module is designed to provide participants with a solid foundation of knowledge and resources to help them prepare for the home buying process.

Welcome to Homeownership!

The “Welcome to Homeownership” section of the Fannie Mae HomeView course is an introductory section that provides an overview of what it means to be a homeowner. This section may cover topics such as:

1. Benefits of Homeownership: This section may discuss the financial benefits of owning a home, such as building equity and the potential for appreciation in home value, as well as the emotional benefits of having a place to call your own.

2. Responsibilities of Homeownership: This section may discuss the various responsibilities that come with owning a home, including maintenance, repairs, and upkeep. It may also cover the financial responsibilities of homeownership, such as mortgage payments, property taxes, and homeowners insurance.

3. Homeownership Readiness: This section may provide tips for determining whether you are ready to become a homeowner, including assessing your financial situation, evaluating your long-term goals, and understanding the home buying process.

The “Welcome to Homeownership” section of the Fannie Mae HomeView course is designed to provide participants with a broad understanding of homeownership and to help them decide if owning a home is right for them.

Saving for Homeownership

The “Saving for Homeownership” section of the Fannie Mae HomeView course is designed to help participants understand how to save money and budget for the costs associated with buying a home. This section may cover topics such as:

1. Setting a Savings Goal: This section may provide tips for setting a savings goal and developing a plan to achieve it, such as establishing a timeline and determining how much money to save each month.

2. Building a Budget: This section may provide tips for creating a budget that includes savings for a down payment, closing costs, and other homeownership expenses. It may also discuss strategies for reducing expenses and increasing income to save more money.

3. Saving for a Down Payment: This section may provide information about different types of down payment assistance programs that may be available, as well as tips for saving for a down payment on your own.

4. Managing Debt: This section may discuss the importance of managing debt and improving credit score to increase the chances of obtaining a mortgage with favorable terms.

The “Saving for Homeownership” section of the Fannie Mae HomeView course is designed to help participants understand the financial aspects of the homeownership journey and to provide them with practical tips and strategies for saving money and budgeting for the costs associated with buying a home.

Making an Offer on a House

The “Making an Offer on a House” section of the Fannie Mae HomeView course is designed to provide participants with an understanding of the home buying process, including how to make an offer on a house. This section honestly great course may cover topics such as:

1. Understanding the Home Buying Process: This section may provide an overview of the home buying process, including finding a home, getting pre-approved for a mortgage, and making an offer.

2. Determining a Fair Price: This section may provide tips for determining a fair price for a home, including researching recent sales of comparable homes in the area and considering the condition of the home.

3. Making an Offer: This section may provide information about the different components of an offer, such as the purchase price, earnest money deposit, and contingencies. It may also cover negotiation strategies and how to work with a real estate agent to make an offer.

4. Understanding the Purchase Agreement: This section may provide an overview of the purchase agreement, including the different types of contingencies that may be included and the timeline for closing.

The “Making an Offer on a House” section of the Fannie Mae HomeView course is designed to provide participants with practical tips and strategies for making an offer on a house, as well as an understanding of the home buying process.

Getting Ready to Close on Your Loan

The “Getting Ready to Close on Your Loan” section of the Fannie Mae HomeView course is designed to help participants prepare for the final steps of the home buying process. This section may cover topics such as:

1. Understanding the Closing Process: This section may provide an overview of the closing process, including what to expect on the day of closing and the documents that will be required to complete the transaction.

2. Reviewing the Closing Disclosure: This section may provide an explanation of the Closing Disclosure, which is a document that details the final terms of the loan, including the interest rate, loan amount, and closing costs.

3. Conducting a Final Walk-Through: This section may provide tips for conducting a final walk-through of the home before closing to ensure that any agreed-upon repairs have been completed and that the home is in the expected condition.

4. Finalizing Homeowners Insurance: This section may provide information about homeowners insurance and the importance of having coverage in place before closing.

5. Understanding Closing Costs: This section may provide an overview of the different closing costs that may be incurred, such as loan origination fees, title insurance, and prepaid taxes and insurance.

The “Getting Ready to Close on Your Loan” section of the Fannie Mae HomeView course is designed to provide participants with an understanding of the final steps of the home buying process and to help them prepare for a successful closing.

Understanding the Mortgage Loan Process

Learn about the best mortgage products and lenders in the country as well as the most important mortgage terms.

The mortgage loan process is a series of steps that a borrower goes through to obtain a mortgage loan to purchase a home. The steps of the mortgage loan process can vary depending on the lender and the type of loan, but typically the mortgage process will include the following:

1. Pre-qualification: The borrower completes an initial application and provides basic financial information to the lender, who then provides a pre-qualification letter stating how much the borrower may be able to borrow.

2. Pre-approval: The borrower submits additional financial information to the lender, who verifies income, employment, and creditworthiness. The lender then provides a pre-approval letter indicating the maximum loan amount for which the borrower is qualified.

3. Property Search: The borrower finds a property that meets their needs and budget, and negotiates a purchase price with the seller.

4. Loan Application: The borrower submits a formal loan application to the lender, providing detailed financial and personal information, and the lender orders a property appraisal.

5. Underwriting: The lender reviews the borrower’s application, credit history, income, and assets, and verifies the property value to determine if the loan is approved.

6. Closing: The borrower signs the loan documents and pays closing costs, including lender fees, appraisal fees, title fees, and other expenses. The lender then funds the loan, and the borrower takes ownership of the property.

The mortgage loan process can be complex and may involve multiple parties, including real estate agents, appraisers, title companies, and others. It is important for borrowers to work closely with their lender and other professionals throughout the process to ensure a successful outcome.

Shopping for a Home with a Real Estate Agent

Here are some methods to shop for a home with your real estate agent:

1. Prioritize your needs and wants: Before you start house hunting with your real estate agent, it’s important to prioritize your needs and wants for your new home. Make a list of the features and amenities that are most important to you, such as the number of bedrooms, location, price range, and any special features you’re looking for.

2. Use online resources: Online resources such as real estate websites and apps can be helpful tools for searching for homes. Many of these resources allow you to filter your search based on your criteria, such as location, price range, and features.

3. Attend open houses: Attending open houses can be a great way to get a feel for different neighborhoods and to see a variety of homes in a short period of time. Be sure to bring a list of questions for the listing agent and take notes about the homes you visit.

4. Go on home tours with your agent: Your real estate agent can help you schedule tours of homes that meet your criteria. Be sure to communicate your feedback to your agent after each tour to help narrow down your search.

5. Don’t be afraid to ask for more options: If you’re not finding what you’re looking for, don’t be afraid to ask your agent for more options. They may be able to suggest different neighborhoods or types of homes that you haven’t considered.

6. Keep an open mind: It’s important to keep an open mind during the home shopping process. A home that doesn’t meet all of your criteria on paper may still be a great fit for you once you see it in person.

Overall, the key to shopping for a home with your real estate agent is to communicate openly and work together to find a home that meets your needs and budget.  Learn more about the hometown heroes program with no money down if you live in Florida.

Certificate for First-time Homeowners

Homeview conforms to the National Industry Standards of the homeownership education course. Once your final score is 80% or above, your course can conclude.