The formula for successful homeownership? Preparation!
We've all heard the old adage, success is 90% preparation and 10% perspiration. It rings true when it comes to owning a home.
Regardless of whether you're a first-timer or you've been around the block a few times, getting educated about the major step you're about to take is a must — especially in light of recent regulatory changes protecting consumers. The more information you have, the more likely you are to be successful.
There are a couple different paths you may take to achieve homeownership — at your choosing or possibly your lender's:
MGIC Homebuyer Education (No Fees!) for Freddie Mac’s Home Possible® Program and Certain HFAs
Our Homebuyer Education program is perfect for you if:
- You're very new to the idea of owning a home, you don't have a lender and you just want to test the waters
- Your lender or Housing Finance Agency recommends this course and/or your loan is eligible for Freddie Mac's Home Possible® program
Time frame: Study time, approximately 1 hour; registration/testing, 15-20 minutes
If you're purchasing a single-family home
Study each section of the MGIC Homebuyer Education Guide:
- Getting ready to buy a home
- Buying your home
- Getting your mortgage
- Closing your loan
- Being a successful homeowner
Review the test tips at the end of each section.
When you're ready, register to take the Homebuyer Education Test.
Once you submit your registration information, you'll be taken to the test, where you'll be asked a series of questions drawn from the Homebuyer Education material you just reviewed.
If you're purchasing a two- to four-family home:
Study Fannie Mae®'s Becoming a Landlord Guide.
As you complete each chapter, review the Becoming a landlord test tips.
Take the Landlord Education Test.
Fannie Mae’s Framework® Homebuyer Education ($75 Fee) for HomeReady™ Loans
Framework Homebuyer Education is for you if:
- You're ready and committed to buying a home OR
- Your lender requires it and/or your loan is eligible for Fannie Mae's HomeReady™ program
Fees: Framework charges a one-time fee of $75, paid online by the borrower with a credit card or debit card before starting the course
Time frame: Study time, 4-6 hours
There are 9 sessions, each about 30 minutes long. You can exit and return to the course at any time; however, you must complete the session you have started to be given credit. The final quiz must be completed in one sitting and does not save your progress.
To receive a certificate of completion, you must score at least 80% (you have three chances). If you don't need the certificate to get a special loan, you can skip the quiz if you really want to.
If you attempt the Final Quiz three times and do not pass with a score of 80% or better, you must complete an Educational Review to receive your certificate. Educational Reviews are completed over the phone and take about 30 minutes. Appointments are generally available within one business day.
You'll receive a certification of completion once you pass the final quiz. You can download it whenever you're ready.
Click here to go to the Framework Homebuyer Education website.
Home Possible® is a registered service mark of Freddie Mac. Framework® is a registered trademark of Framework Homeownership LLC. HomeReady™ is an unregistered trademark of Fannie Mae.