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Fannie Mae Launches Free Online Education Course, Empowering Aspiring Homebuyers to Become Confident, Successful Homeowners

Fannie Mae HomeView Broadens Access to Homeownership Education Resources, Prepares Consumers for All Stages of the Homebuying Process 

 

WASHINGTON, DC – January 12, 2022 – Fannie Mae (FNMA/OTCQB) today announced the launch of HomeView™, the company’s new online homeownership education course, to help consumers navigate the mortgage and homebuying process confidently and responsibly. 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. 

Complexity in the homebuying process and misinformation or lack of understanding about qualification requirements can discourage potential homebuyers from taking their first steps toward purchasing a home. According to Fannie Mae research, a majority of consumers do not know the minimum credit score, down payment, and debt-to-income ratio needed to qualify for a mortgage, and fewer than 1 in 4 are aware that low-down-payment options are available. Additionally, homeownership education that aligns with the National Industry Standards is required for many first-time homebuyers to qualify for certain mortgage products, including low-down-payment loans. Fannie Mae’s HomeView meets this need 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, Vice President of Affordable Lending and Housing Equity, 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. Among those surveyed, all consumer segments – renters and homeowners, and across race and ethnicity – reported significant interest in learning about how much home they could afford as well as their financing options. In particular, Black renters expressed the most interest in learning more about the homebuying process, including the documents required, how to gain pre-approval from a lender, potential down payment assistance programs, and best practices around personal finance and credit score management.

“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.”

Fannie Mae collaborated with consumers and industry experts, including housing counselors, mortgage insurers, government organizations, and other stakeholders, to ensure HomeView content aligns with National Industry Standards for pre-purchase homeownership education and addresses common homebuyer knowledge gaps and pain points. 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

The interactive course components are designed to be completed in 30 minutes or less, and consumers can pause and resume at any time. 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. 

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. There is no limit to the number of times users can take the HomeView modules or access the available resources. At the time of launch, HomeView content is available in English and additional language options will be available in the future.

View the online course and materials at fanniemae.com/education.

 

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