MSHDA - Homebuyer Education Class

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By Matthew Corriveau - Mortgage Loan Officer, Plymouth

MSHDA's MI 10k DPA program is currently one of the most popular down payment assistance (DPA) programs available to prospective Michigan homebuyers. To qualify for the 10k MI DPA, which assists with down payment, closing costs and/or prepaids, a prospective buyer must meet income and sales restrictions, be fully approved through underwriting, and MUST complete a Homebuyer Education Class. While the Homebuyer Education Class may require some time investment, it proves invaluable by providing comprehensive insights into the homebuying process, affordability considerations, and details about the DPA program.

The Homebuyer Education class is designed to help individuals think critically about the advantages and potential challenges of homeownership. They gain insights into choosing affordable homes, selecting suitable mortgage products, and developing the financial knowledge, resources, and behaviors essential for maintaining a sustainable homeownership and ensuring long-term financial well-being. Topics taught during this 4-6 class include:

  • Assessing Readiness to Buy
  • Affordability, Credit and Budgeting
  • Mortgages and DPA Programs
  • Loan Processing and Fees
  • Partner Roles Including Realtor, Title, Loan and Escrow Agents
  • The Closing Process
  • Fair Housing and Consumer Protection Laws

Homebuying Education Information

  • All homebuyers applying for MSHDA mortgage and a MSHDA down payment assistance loan must complete a Homebuyer Education class and receive a 'certificate of completion' from the class provider
  • The homebuyer Education class 'certificate of completion' is valid for 12 months
  • MSHDA has approved the following online Homebuyer Education classes:
    • Fannie Mae HomeView
    • Freddie Mac CreditSmart
    • eHome America
    • Framework
  • MSHDA also accepts Homebuyer Education certificates of completion from HUD approved housing counseling agencies. (Homebuyer Education classes may be delivered in-person or line)

For Homebuyer Education and Credit Repair, please contact a counselor from the MSHDA Housing Education Locator in your area. Or you can take the education course online (no charge) at your own pace: https://www.fanniemae.com/education

There is a lot that goes into buying a house and having the knowledge to be a homebuyer is a must!

Information sourced from the official website of the State of Michigan (mich.gov).

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