IHFA, Idaho Partners for Home Buyer Education, Inc. Launch New Statewide Home Buyer Education Program

BOISE – A new statewide home buyer education program—Finally Home!—was launched today by the Idaho Housing and Finance Association and the Idaho Partners for Home Buyer Education, Inc. Representatives from the Governor’s Affordable Housing Task Force, The U.S. Department of Housing and Urban Development and Fannie Mae were on hand to officially introduce the new program and present the Finally Home! logo.

"When home buyers are educated about the process of purchasing a house, they become more successful home owners," said Gerald Hunter, IHFA president and executive director. "This, in turn, leads to lower default rates and healthier neighborhoods. It’s a winning situation for everyone involved—home buyers, lenders and communities."

Funding for the education initiative comes from HUD, IHFA, U.S. Bank, Bank of America, First Security Bank, N.A. and Fannie Mae. The Idaho Partners for Home Buyer Education, Inc. will manage implementation and administration of the program’s four objectives:

• to develop programs of quality standardized home buying and home ownership education,
  
• to facilitate wide delivery of its home buying and home owner educational programs throughout Idaho;
  
• to target its educational programs to reach diversified markets, including various socioeconomic groups—specifically low and moderate-income households and first-time home buyers; and
  
• to enhance the lives of citizens throughout Idaho, as well as the participating communities, by providing better home buying and home ownership education.

Bannock County Commissioner J.O. Cotant served as Chair of the Governor’s Affordable Housing Task Force. "If we look at what people need to survive, one of the most basic requirements is shelter," Cotant said. "Having a place to live—a home—is important for building a strong family unit and a healthy community. Teaching people about the home buying process can help them take that first step toward buying a home of their own."

"I want to commend the Idaho Partners for Homebuyer Education, Inc. for their collaboration and work on home ownership," stated Bob Santos, representing Secretary Andrew Cuomo on behalf of HUD, who provided initial funding for the program. "Partnerships can be the most effective use of time, talent and resources to help address the needs of our communities. HUD looks forward to future joint efforts that provide safe, clean and affordable housing in the state of Idaho."

"Fannie Mae is committed to helping Idaho families become homeowners, and recognizes that education is an integral part of the home-buying and home ownership process," said Colette Mosley of Fannie Mae, a corporate financial sponsor and the nation’s largest source of financing for home mortgages. "That’s why Fannie Mae is a member of the Idaho Partners for Home Buyer Education—to support the effort to help more people become homeowners by addressing home buyer, post-purchase, money management and home maintenance education needs."

The Idaho Partners for Home Buyer Education, Inc. was created by a group of organizations interested in promoting home buyer education throughout Idaho. The organization was formed in response to one of former Governor Batt’s Affordable Housing Task Force recommendations and led by IHFA. IHFA, along with other housing-related organizations, developed the home buyer education program to be implemented throughout the state.

Qualified industry professionals volunteer their time as instructors and teach home buyer education to potential or existing home owners in a tradition classroom setting. Participants are required to spend six to eight hours in the class to successfully complete the course. Lenders around the state are offering various incentives to potential home buyers for their participation, including qualifying for down-payment assistance, reduced mortgage insurance premiums and access to special loan programs.

Currently, three Regional Training Partners are offering home buyer education classes at no cost to the participant: Neighborhood Housing Services, Inc. in Boise, Pocatello Neighborhood Housing Services and the Community Action Agency, Inc. in Lewiston. Three additional partners will be added in the next few weeks in Idaho Falls, Twin Falls and Coeur d’Alene where classes will be available by mid-summer.

Membership in IPHBE, Inc. is open to organizations statewide. For more information on Finally Home! contact Darlene Joyce at 208-331-4847.