FNMA Requires a Home Buyer Education Course
If you are a first time buyer with a limited down-payment, FNMA (Fannie Mae) requires a home buyer education course. The course must be completed before a lender can make you a loan using FNMA funds. This also applies to borrowers with low-to-moderate income and to those borrowers without a credit score. Prepare to ante at least $75 for the course. As the largest source of home loan funds in the US with more $3 Trillion in loans and loan guarantees, FNMA essentially makes the rules. FHLMC (Freddie Mac) has similar requirements.
Winning Mortgage, Winning Home provides more information, more recommendations, more depth and more detail at about a tenth of the price. The FNMA borrower education course provides very basic information on your obligations, buying and borrowing. More of a pamphlet than education. If you’re serious about buying, get a better education with Winning Mortgage, Winning Home. It covers mortgages, qualifying, rates, insurance, inspections, due diligence, property taxes as well as pitfalls to avoid. Preparation will make the difference in closing a purchase and a loan timely without extra costs, hassles, or stress.
Unlike the FNMA education course, Winning Mortgage, Winning Home provides in depth information for all borrowers and buyers, not just first timers.