Buying a home for the first time can be a very confusing time. There are so many things that go into the process, particularly in relation to preparing yourself to get a mortgage. For first-time homebuyers, this is all foreign territory. Many people do not even realize the complexities involved in getting a mortgage or what they need in order to qualify for one. To alleviate the confusion and help more first-time homebuyers navigate the waters of qualifying and applying for a mortgage, and to offer advice and information on the entire buying process Fannie Mae has created an online course that all can access.
Fannie Mae’s new educational platform is called HomeView. The free online series consists of seven online modules that users can complete in around 30 minutes per module. The series consists of the following topics:
How to know when you are ready to purchase a home
Tips on saving enough to purchase a home
The in’s and out’s of the mortgage process
Finding the right agent and the right home
Guiding you through making an offer on a property
Preparing to close
A guide to homeownership
Each user that completes the entire course and passes an end of course exam with an 80% or higher is eligible to receive a certificate of completion to show lenders. Many mortgage lenders require an educational component for mortgage products, and this course meets those requirements. Fannie Mae assures that HomeView is in line with the National Industry Standards requirement for first-time homebuyers.
The HomeView platform also has many resources that buyers can use to help them as they go through the buying process, everything from mortgage calculators to checklists and counselors onhand.
When asked what motivated them to create this educational course, Fannie Mae responded that the need was there to create a more educated first-time buyer base. When they conducted surveys, they found that the vast majority of first-time buyers were unaware of even the most basic or important elements of buying a home. Most did not know how much down payment they would be expected to have, the debt-to-income ratio needed to be eligible for a mortgage or even the minimum credit score required by most lenders. This course is meant to fill in those blanks for buyers and make homeownership more attainable for more buyers. Read more and how to access Fannie Mae’s HomeView program.
One of the most important steps in first-time homeownership is having the right agent at your side to guide you. Let us at Broker’s Edge Realty use our years of experience to make your process of purchasing Florida Keys real estate a breeze!