In July 2015, Fannie Mae launched its first consumer-focused mobile application, HOME by Fannie Mae™. The app was designed to support business partners’ efforts—to help consumers learn about buying and owning a home, the responsibilities of homeownership, and general mortgage financing literacy.
HOME by Fannie Mae’s value proposition is to bring multiple features and resources together in one application. App users can learn about the homebuying process step-by-step via a checklist; track progress with a dashboard; access financial calculators to estimate affordability, payments, and savings; locate a HUD-approved housing counseling agency; view FAQs, articles, videos, and more.
This app is a unique offering as research conducted by Fannie Mae revealed that comparable apps are not comprehensive. They may include financial calculators, mortgage rates, or home search features but no resources about the homebuying process. Additionally, today’s first-time homebuyers (typically under the age of 40) rely heavily on their mobile devices for in-app features, general information, and a better understanding of the homeownership process.
To enhance the overall user experience, the app incorporates features that help optimize functionality for its users including:
• Four financial calculators that help consumers figure out what they can afford, calculate their mortgage payments, save for a down payment, and even learn how much they can save in interest by paying extra mortgage payments. The calculators can be accessed in two ways, via “Wizard” and “Skip to Calculator” modes. The “Wizard” mode walks the user through each input step-by-step with guided questions. In the “Skip to Calculator” mode, users can input the figures directly.
• The federal government’s Housing and Urban Development (HUD) approved housing counseling agency locator tool which was integrated into the app using API and geo location. This resource enables users to find a local housing counselor that further educates them about the responsibilities of buying and owning a home.
• The Read & Watch section which features robust content (video and articles) from Fannie Mae and government websites by integrating WordPress API.
HOME by Fannie Mae is a strong contender for the best mobile app interface category. The app not only features an incredibly attractive interface that is nimble and intuitive; it provides top notch resources in a comprehensive manner to help demystify the homebuying process for prospective and new homeowners.
The app provides consumers with key resources and tools to aid their homebuying and homeownership journey in a
Since launch, the app has reached over 79,400 downloads (as of 2/5/16).