Sioux City Journal, IA
07-01-07
Online course helps Iowans buy home
Iowa State University Extension has a new online course to help first-time
homebuyers learn about the process of buying a home. Education is the first step
in purchasing a home of your own.
That, in fact, is the name of the new online course, "A Home of Your Own." Mary
Yearns, ISU Extension housing specialist, has converted the information she
teaches in the classroom to a Web course.
"In five lessons, people will prepare for the responsibilities of homeownership and
learn about looking for a home that fits their needs and budget," Yearns said.
"There are study questions at the end of each lesson to help people prepare for
the final exam, pass it and receive a certificate they can take to a lender."
USDA Rural Development has a new requirement as of May 7, 2007, that first
time homebuyers must complete education from a certified provider to qualify for
rural housing loans.
Mark Reisinger, Iowa’s director for USDA Rural Development, said his
department provided Iowans with $125 million in housing assistance last year
and helped more than 1,300 families become homeowners.
"Often the people who qualify don’t have experience dealing with the finances of
purchasing a home and managing their assets," Reisinger said. He noted the
people who qualify for the program cover a wide range, from single individuals,
people starting out after finishing college, to families who lack a down payment.
"This nationwide initiative to require certified education is to help people better
prepare for homeownership and lower the default rate on loans," said Reisinger.
"Iowa State’s online course lets people fit the studying in when they have time.
The extension course is innovative and more interactive than simply reading
lesson material."
The course, Yearns said, provides valuable information for any first-time home
buyer whether they qualify for special loans or not. When Yearns teaches the
course around the state, she says people spend six to 10 hours learning the
material, depending upon how familiar they are with financial and housing terms.
She expects the same time commitment to be common with the online course.
The course is available anytime, anywhere, from any computer with Internet
access. The cost including the certificate is $45. Computers at public libraries,
ISU Extension county offices across the state or USDA offices are options for
those who don’t own a computer.