IHDA Programs require all homebuyers take a pre-purchase education course before taking the big step. This helps ensure that you're financially prepared with the information you need to be a homeowner!
Pre-Purchase Education Providers
Please note, this list is not exhaustive and is provided as a courtesy to lenders and homebuyers. You are not required to select from one of the courses below. Courses provided by MGIC do not satisfy these requirements.
To satisfy the IHDA Mortgage pre-purchase education requirement, the course must:
Meet standards defined by HUD, or the National Industry Standards for Homeownership Education and Counseling
Be completed by all borrowers listed on the transaction
Provide a certificate with the borrower(s) name(s) and completion date
Be completed prior to closing and no more than one year prior to the closing date
For two-unit properties:
FNMA loan types: Landlord Education is required in addition to homebuyer education. Please note that there are no requirements on who provides the education for the borrower. Fannie Mae has also created this document, which can be used in conjunction with the landlord education or as an extra resource for the borrower.
FHA or VA loan types: Landlord Education is not required, but encouraged by IHDA Mortgage.
FHLMC or USDA: Two-unit property types are not allowed, one unit only.