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Single Family
Step 1: Homebuyer Education
Homebuyer education enhances the success of first-time homebuyers in achieving and maintaining a home. It provides a comprehensive look at the home buying process and teaches the advantages and responsibilities associated with homeownership.
Homebuyer education is encouraged for NIFA’s First Home and Homebuyer Assistance (HBA) mortgages. Certain loan underwriting guidelines may require homebuyer education. (For example, for conventional My Community Mortgage loans (First Home or HBA), Fannie Mae requires at least tele-education.)
Training must meet the standards established under REACH (Readiness, Education, Awareness Collaborative for Homebuyers and Homeowners). A list of REACH affiliate organizations in Nebraska that provide homebuyer education classes can be obtained from the Nebraska Housing Developers Association or by calling the REACH office at (888) 879-3403.
Research shows that homebuyers having received homebuyer education, especially through face-to-face programs, have a much higher success rate at staying current on their mortgages.
Many programs are offered free to prospective first-time homebuyers and cover topics such as analyzing and managing finances, budget and credit; evaluating homes and affordability; working with Realtors and neighborhood leaders; understanding financial paperwork, closing costs, and money needed for purchasing a home; and learning the rights and responsibilities of homeownership. Classes vary in length and size and are presented in a variety of languages.
Additional first-time homebuyer information:
Now go to Step 2: What Can I Afford
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