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Requirements for Homebuyers

New Homebuyer Education Requirements on all Idaho Housing Loans

Homebuyer education is an important program for first-time homebuyers and Idaho Housing strives to provide the most effective product for homebuyers. Effective October 1, 2019 Finally Home! Homebuyer Education requirements have changed. See below for an overview of the new requirements. We recently updated our Finally Home! online program and continue to upgrade the program to be more interactive and interesting for participants. Homebuyer education is a great resource for anyone interested in purchasing.

Who is required to take Finally Home! Homebuyer Education:

  • Clients who are receiving assistance through the IHFA Second Mortgage and/or IHFA Forgivable Loan
    • One certificate is required from either the borrower or co-borrower
  • Clients who are using any the following loans:
    • Fannie Mae HFA Preferred LO MI-80% AMI
    • Fannie Mae HFA Preferred 80% AMI Risk Share- NO MI
    • Freddie Mac 80%AMI-HFA Advantage
    • Freddie Mac 50% AMI- HFA Advantage
    • One certificate is required from either the borrower or co-borrower
    • Clients who are first-time homebuyers and using any Fannie Mae or Freddie Mac product that require it
    • Anyone purchasing through the Neighborhood Stabilization Program
      • All parties on the loan must take the LIVE version of Finally Home!
      • All parties on the loan must also receive one-on-one pre-purchase housing counseling from a HUD approved housing counseling agency
      • The combination of the Finally Home! live course and the one-on-one housing counseling must equal a minimum of 8 hours
      • Certificates of completion for both counseling and Finally Home! are required and must be completed prior to closing
      • Some IHFA loan products allow for FICO scores below 620. Anyone using an IHFA product that has a credit score below 620 is required to complete Finally Home!
        • Certificates are required for any borrower and/or co-borrower that has a FICO under 620

      Thank you for your support of homebuyer education. If you have any questions, please contact us at resloan@ihfa.org or call 1.855.505.4700.