Homebuyer Education Requirement for the Downpayment Plus® Programs
All homebuyers accessing the Downpayment Plus® Program or Downpayment Plus Advantage® Program are required to complete pre-purchase education. To meet this requirement, homebuyers may choose a provider that has adopted the education component of the National Industry Standards for Homeownership Education and Counseling (NIS) or an online provider approved by the Federal Home Loan Bank of Chicago (FHLBank Chicago). This requirement is designed to prepare borrowers to successfully navigate the homebuying process. In selecting a provider, it is important to also consider the pre-purchase education requirement, if any, of the first mortgage lender.
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A Local Organization
The NIS are a set of guidelines for quality homeownership and counseling services. Homebuyers seeking a traditional classroom experience may find an organization in their community that has adopted the education component of the NIS through their online search engine.
eHome America is an online homebuyer education provider approved by the FHLBank Chicago. Homebuyers may choose the Homebuyer Express course (education-only) for $50 or the same Homebuyer Express course in addition to required counseling with a HUD-certified homeownership advisor through eHome America’s Virtual Counseling Center for $99.
Framework is an online homebuyer education provider approved by the FHLBank Chicago. Homebuyers may complete their pre-purchase education course for $75. If interested, homebuyers may receive a referral for individual counseling; an additional cost may apply.