Program Title: OKLAHOMA HOMEBUYER EDUCATION

Theme: Assisting potential homebuyers achieve financial literacy necessary for successful home ownership.

The Challenge: Affordable housing is a major concern for all Americans. A recent survey sponsored by the Fannie Mae Foundation found that 41% of working families consider affordable housing to be a big or fairly big problem. Though the advent of private mortgage insurance and specialized funding and down payment assistance has expanded homebuying opportunities for many potential homebuyers, many still lack the requisite skills and information for maintaining homeownership. Foreclosures cost the lender, the community and the consumer. Homebuyer education can provide a means for assessing the suitability of a home purchase and provide an education in the kinds of financial basics that consumers need to take this step.

Extension’s Recognizing the need to develop standards in homebuyer education for traditionally

Response: underserved audiences, state agencies involved in providing services and education for homebuyers worked cooperatively to develop the Oklahoma Homebuyer Education Association. The organization has developed agreed-upon bylaws, curriculum, and certification standards for homebuyer educators and continuing education requirements for maintaining certification. Oklahoma Cooperative Extension Service has provided leadership and consultation throughout this process. Additionally, state faculty has assisted in providing the instruction for homebuyer educators’ certification. County faculty have provided homebuyer educators on the county level as well as assisting with the training and peer evaluation of other homebuyer educators.

Outcome: The Oklahoma Homebuyer Education Association has grown to include a membership of 185 individuals and agencies. Partners are pleased with the organization, the process, and the results.

Impact: The efforts of the organization and the volunteer trainers have resulted in training and certification of over 217 homebuyer educators providing representation in all 77 counties in Oklahoma. Over 3,500 participants are trained each year. The average cost of homes purchased by the homebuyers going through homebuyer education classes is $54,886 with 32.8% actually purchasing homes. The economic impact of Homebuyer Education through home purchases alone throughout the state is estimated to be $59,408,606.00.

Collaborating organizations, agencies, and teaching, research, extension partnerships:

Oklahoma Association of Community Action Agencies, various regional and local Community Action Agencies, Housing Authorities, Family Self Sufficiency coordinators, Tribal Authorities, Consumer Credit Counseling Services, many of the local banks, Federal Home Loan Bank of Topeka, and Fannie Mae.

Date Posted: November 17, 2005

Sissy Osteen, Ph.D., CFP®

Resource Management Specialist

Cooperative Extension – Family Consumer Sciences

Design, Housing and Merchandising Department

431 HES, Oklahoma State University

Stillwater, OK 74078-6111

405-744-6282 405-744-1461 (Fax)

sissy.osteen@okstate.edu