Change to Homebuyer Education Requirement
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The Iowa Finance Authority (IFA) will be requiring homebuyer education for all borrowers under the FirstHome and Homes for Iowans programs for reservations on or after April 1, 2025. Additionally, non-IFA MHOA will require homebuyer education if the military member is a first-time homebuyer.
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This initiative is invaluable to homebuyers for several reasons:
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Informed Decision-Making: Homebuyer education provides essential knowledge about the home buying process, helping buyers make informed decisions.
- Financial Preparedness: It equips buyers with the skills to manage their finances effectively, ensuring they are prepared for the financial responsibilities of homeownership.
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Avoiding Pitfalls: Education helps buyers understand potential pitfalls and how to avoid them, leading to a smoother and more successful home buying experience.
- Long-Term Success: By understanding the ins and outs of homeownership, buyers are more likely to maintain their homes and build long-term wealth.
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Deadline for Completion: The homebuyer education must be completed prior to closing, but should be done as early in the process as possible to maximize the benefits. The Homebuyer Education (HBE) certificate will be required in the pre-close package. The transmittal checklist will be updated accordingly.
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If a borrower lacks access to the internet, in-person homebuyer education with a HUD-certified counselor is allowed. Additionally, if a provider of a community second program requires its own HUD-approved homebuyer education, this is acceptable.
We believe that this requirement will greatly benefit our clients and contribute to their success as homeowners.
Thank you in advance for your understanding and cooperation. Please contact the Homeownership team with questions.
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