Fannie Mae unveils free homeownership education course for first-time homebuyers

Online portal aims to "demystify the home buying process" for aspiring homeowners

Fannie Mae unveils free homeownership education course for first-time homebuyers

Fannie Mae has launched a new homeownership education course in an effort to remove the cost barrier for lower-income borrowers to meet the education requirement for more affordable mortgages.

The free online course, called HomeView, provides comprehensive, easy-to-understand content and resources designed to prepare first-time homebuyers for all stages of the homebuying process.

First-time homebuyers are required to take a homeownership education course that meets the national industry standards to qualify for certain mortgage products, including low down-payment loans. The mortgage giant said it has teamed up with consumers and industry experts (housing counselors, mortgage insurers, government organizations) to ensure HomeView content aligns with these standards.

Users who complete the interactive course and get a score of 80% or higher will receive a certificate of completion, which they can share with their lender to meet the education requirement. There is no limit to the number of times users can take the HomeView modules or access the available resources.

Read next: Fannie Mae launches effort to educate homeowners, renters on COVID-19 options

“Fannie Mae is committed to creating equitable and sustainable homeownership opportunities for more people. With HomeView, we are providing aspiring homeowners with free tools and information that will demystify the home buying process and put sustainable homeownership within reach,” said PJ McCarthy, vice president of affordable lending and housing equity at Fannie Mae. “Broadening access to quality, trustworthy homeownership education is a proven first step to empowering homebuyers to become successful homeowners. HomeView puts people on the path to buying a home while preparing them for long-term success.”

The pre-purchase homeownership course includes seven interactive learning modules:

  • Knowing When You’re Ready
  • Saving for Homeownership
  • Understanding the Mortgage Loan Process
  • Shopping for a Home with a Real Estate Agent
  • Making an Offer on a Home
  • Getting Ready to Close on Your Loan
  • Welcome to Homeownership

In addition to the modules, Homeview also provides access to tools such as checklists and calculators, as well as a link to find HUD-approved local housing counselors for consumers who would like additional support. At the time of launch, HomeView content is available in English, with additional language options to be added in the future.

“Having a reliable, single source of information in common, everyday language can make the difference for aspiring homeowners, no matter where they are on their housing journey. That’s why we’re so proud to launch HomeView,” McCarthy said. “As a leader in US housing and mortgage finance for more than 80 years, Fannie Mae is able to provide intuitive, credible, on-demand learning to enable all consumers to become more engaged and informed homeowners. We are investing in a full-lifecycle education portal that will continue to be updated and tested, offering additional resources and support.”