Preparing consumers for all stages of the mortgage and home buying process, Fannie Mae announced the launch of HomeView, the company’s new online homeownership training course. Available for free and accessible online at any time on any device at fanniemae.com/education, HomeView provides comprehensive, easy-to-understand content and resources designed to ensure aspiring buyers are well-equipped to become more informed and successful homeowners.
Misinformation or misunderstanding in the home buying process on qualification requirements can discourage potential buyers from taking their first steps towards buying a home. According to Fannie Mae research, most consumers don’t know the minimum credit score, down payment, and debt-to-income ratio needed to qualify for a mortgage. Less than 1 in 4 Americans know that low down payment options are available.
HomeView meets consumer needs by providing lenders and potential home buyers with an easy, free way to access essential homeownership education. By expanding access to reliable housing and financial literacy, Fannie Mae provides a clearer path to homeownership for more qualified homebuyers, including low- and middle-income and minority borrowers, helping thereby advancing housing equity and closing the homeownership gap within these communities.
“Fannie Mae is committed to creating equitable and sustainable homeownership opportunities for more people. With HomeView, we’re providing aspiring homeowners with free tools and information that will demystify the home buying process. a home and put sustainable homeownership within reach,” said PJ McCarthy, vice president of Affordable. Lending and Home Equity at Fannie Mae. “Expanding access to quality, reliable homeownership education is a proven first step in enabling buyers to become successful homeowners. HomeView puts people on the path to homebuying. a home while setting them up for long-term success.”
Data from Fannie Mae’s second quarter 2021 National Housing Survey shows that consumers continue to want information about buying and owning a home, but they don’t have a reliable source and centralized. Black renters in particular expressed the greatest interest in learning more about the home buying process, including the documents required to obtain pre-approval from a lender, potential down payment and best practices for managing personal finances and credit score.
The course includes seven interactive learning modules that guide the user through the steps of buying and owning a home:
- Know when you’re ready
- Save to own
- Understand the mortgage process
- Buying a house with a real estate agent
- Make an offer on a house
- Preparing to take out your loan
- Welcome to home ownership
Users who complete the course and score 80% or higher receive a certificate of completion to share with their lender to meet training requirements for most mortgage products, including low down payment loans.
“For many buyers, especially first-time homebuyers, the mortgage and homebuying life cycle can be daunting and overwhelming. Having a single, trusted source of information in common , everyday language can make a difference for aspiring homeowners no matter where they are on their housing journey, which is why we’re so proud to launch HomeView,” said McCarthy.
“As a leader in home and mortgage financing in the United States for more than 80 years, Fannie Mae is able to provide intuitive, credible, on-demand learning to empower all consumers to become more engaged and informed homeowners. We’re investing in a full lifecycle education portal that will continue to be updated and tested, providing additional resources and support, and by making HomeView available for free, we’re removing the cost barrier for low-cost borrowers. income to meet the homeownership education requirement for more affordable mortgages.
HomeView also provides access to tools and resources, including checklists and calculators, and a link to find local HUD-approved housing counselors for consumers who want additional support through the process. buying and owning a home.
To view the course and materials online, Click here.