Preparing consumers for all stages of the mortgage and buying process, Fannie Mae announced the launch of HomeView, the company's new online homeownership education course. Available free of cost, and accessible online anytime on any device at fanniemae.com/education, HomeView provides comprehensive, easy-to-understand content and resources designed to ensure aspiring homebuyers are well equipped to become more informed and successful homeowners.
Misinformation or lack of understanding in the homebuying process about qualification requirements can discourage potential homebuyers from taking their first steps toward purchasing a home. According to Fannie Mae research, most consumers do not know the minimum credit score, down payment, and debt-to-income ratio needed to qualify for a mortgage. Fewer than 1 in 4 Americans are aware that low-down-payment options are available.
HomeView meets consumer needs by giving lenders and prospective homebuyers a free and easy way to benefit from critical homeownership education. By expanding access to reliable housing and financial knowledge, Fannie Mae provides a clearer path to homeownership for more qualified homebuyers, including low- and moderate-income and minority borrowers, helping to advance housing equity and address the homeownership gap among these communities.
"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 homebuying process and put sustainable homeownership within reach," said PJ McCarthy, VP 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."
Data from Fannie Mae's Q2 2021 National Housing Survey show that consumers continue to want information about purchasing and owning a home but have lacked a trusted, centralized source. Black renters in particular expressed the most interest in learning more about the homebuying process, including the documents required to gain pre-approval from a lender, potential down payment assistance programs, and best practices around personal finance and credit score management.
The course includes seven interactive learning modules that guide the user through the steps of buying and owning a home:
- 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
Users who complete the course and achieve a score of 80% or higher receive a certificate of completion to share with their lender to meet the education requirement for most mortgage products, including low-down-payment loans.
"For many homebuyers, especially first-time homebuyers, the mortgage and home purchase lifecycle can be intimidating and overwhelming. 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," said McCarthy.
"As a leader in U.S. 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. And by making HomeView available for free, we are removing the cost barrier for lower-income borrowers 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 HUD-approved local housing counselors for consumers who would like additional support throughout the process of buying and owning a home.
To view the online course and materials, click here.