As many of you will hear, Fannie Mae has joined Freddie Mac in requiring homebuyer education for first time homebuyers. There are several options out there for folks. The best ones are the ones offered buy Neighborworks HomeOwnership Centers. But sometimes, work schedules will confilict with the ability to attend the class. MGIC has introduced a class that can be taken online complete with testing and a certificate that can be sent directly to the Loan Officer. The test can be taken multiple times and the class can be re-visited. Only one party of a buying couple needs to complete the test, though it is a good idea to have both take the class.
The only thing lacking from what you would see in a HBE class from Neighborworks is the credit counseling piece. But, that can be covered by the Loan Officer. Loan Officers may want to take the class as well. It is never a bad thing to say, "I took the class myself. I think you will learn a lot from it." This could be a compensating factor for FHA & VA loans as well. Encouraging all first time homebuyers to take the class would be a great idea.