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Homebuyer Education Prepares Borrowers for Successful Homeownership

MGIC’s Homebuyer Education program helps build better borrowers by preparing them for the home-buying process. Select the appropriate program that meets your investor requirements.

MGIC Homebuyer Education (No Fees!) for Freddie Mac’s Home Possible® Program and Certain HFAs

Our Homebuyer Education program works for you and your borrowers.

It's perfect for borrowers who:

  • Are very new to the idea of owning a home and just want to test the waters
  • Are eligible for Freddie Mac's Home Possible® program and/or recommended by a Housing Finance Agency

Details

Our program provides convenient, easy-to-understand, no-cost tutorials that break down the home-buying process. Once through the tutorials, potential borrowers can take the Homebuyer Education test and earn a Certificate of Achievement that fulfills Freddie Mac's and some Housing Finance Agencies' education requirements.

It goes to work for you as a lead generator and a means to educate your borrowers at no cost. It begins with registering your email address as your unique Homebuyer Education Code and then sharing it with your borrowers. They use it to register for their Homebuyer Education test.

Fees: None

Time frame: Study time, approximately 1 hour; registration/testing, 15-20 minutes

Program highlights:

  • No fee for you or your customers
  • Fulfills Freddie Mac's Home Possible and some Housing Finance Agencies' education requirements
  • Homebuyer education, testing and certification are available on these websites:

Testing and certification: Potential borrowers register to take the Homebuyer Education test using your Homebuyer Education code.

  • The test is open book and isn't timed
  • After they pass the test, borrowers' contact information and Certificate of Achievement are forwarded to you

IMPORTANT: Stress to your borrowers the importance of accurately entering your Homebuyer Education code so that their certification is delivered to you.

Homebuyer Education code registration

Complete the form below. The e-mail address you enter will become your Homebuyer Education code.

Please note:

Originator Registration Form

All fields required unless marked 'optional.'

 More information available.

Yes/Sí     No/No
Bank
Credit Union
Mortgage Banker
Mortgage Broker
Savings Bank
Savings and Loan
Other  
Yes      No

The e-mail address you enter below must be unique to you; for example, do not enter an e-mail address that others you work with might also use. This e-mail address will become your Homebuyer Education code and can only be registered to one individual.

 

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Fannie Mae’s Framework® Homebuyer Education ($75 Fee) for HomeReady™ Loans

Framework Homebuyer Education is specifically for borrowers who qualify for homeownership through Fannie Mae's HomeReady™ program. We are a Framework partner, providing those borrowers direct access to the Framework education website.

The Framework program is right for your borrowers if:

  • They're ready and committed to buying a home OR
  • Your investor requires it and/or you are participating in Fannie Mae's HomeReady program

Details

Fees: Framework charges a one-time fee of $75, paid online by the borrower with a credit card or debit card before starting the course

Time frame: Study time, 4-6 hours

Program highlights:

  • There are 9 sessions, each about 30 minutes long.
  • Borrowers can exit and return to the course at any time; however, they must complete the session they have started to be given credit.
  • The final quiz must be completed in one sitting and does not save progress.

Testing and certification:

To receive a certificate of completion, borrowers must score at least 80% (they have three chances). If they don't need the certificate to get a special loan, they can skip the quiz if you really want to.

If they attempt the Final Quiz three times and do not pass with a score of 80% or better, they must complete an Educational Review to receive their certificate. Educational Reviews are completed over the phone and take about 30 minutes. Appointments are generally available within one business day.

Borrowers will receive a certification of completion once they pass the final quiz. They can download it whenever you're ready.

Click here to go to the Framework Homebuyer Education website.

Home Possible® is a registered service mark of Freddie Mac. Framework® is a registered trademark of Framework Homeownership LLC. HomeReady™ is an unregistered trademark of Fannie Mae.

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