The homebuyer education course enhances the success of first-time homebuyers in purchasing and maintaining a home. It provides a comprehensive look at the home buying process and outlines the advantages and responsibilities associated with homeownership.
Homebuyer Education Info
Homebuyer education is required for all NIFA mortgage loans. It is recommended that homebuyers take the education course prior to shopping for a home or applying for a mortgage loan.
While NIFA accepts on-line homebuyer education courses offered by approved providers, NIFA recommends face-to-face homebuyer education. In each case, the course must meet the standards established by REACH (Readiness, Education, Awareness Collaborative for Homebuyers and Homeowners). Contact one of the REACH affiliate organizations in Nebraska who provide homebuyer education or call the REACH office at (888) 879-3403.
Research has shown that those homebuyers completing a homebuyer education course, especially those courses provided face-to-face, have a higher likelihood of staying current on their mortgage payments.
Many courses are free or have a minimal cost. Topics usually include analyzing and managing finances, budget and credit, evaluating homes and affordability, working with Realtors, understanding financial paperwork, closing costs, and money needed to purchase a home. In addition, most courses generally cover 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: