First Time Home Buyer Education Requirement
As a first time home buyer, you may have educational requirements of mandatory counseling prior to qualifying for a mortgage. This is an additional step which may take time. Do you have this step in your plan and in your preparation? Do you need to borrow 95% of the purchase price? Are you a Realtor helping first time home buyers?
Fannie Mae requires that when all borrowers are first time home buyers and the Loan To Value is 95% or greater, the borrowers must complete a mandatory education course about mortgages and home ownership. FHA also has education courses for high LTV borrowers, low to moderate income buyers, reverse mortgage borrowers and others.
Don’t jeopardize the timing of a closing by not being prepared! Start with Winning Mortgage, Winning Home as an introduction. Did you know that programs exist to provide financial assistance to first time home buyers. Restrictions and qualifications apply, so understand your budget and your plan.