What your borrowers will learn:

• How much home they can afford
• How to choose the best loan
• How to lower their down payment
• What to include in their offer
• What happens at closing
• What pitfalls to avoid before and after closing
   

Housing Counseling

Housing counseling, also known as advising, is best suited for borrowers facing complex challenges – those who need one-on-one assistance to develop a deep understanding of their housing needs, household budget, and how to resolve potential issues.

Potential borrowers who are pursuing eligibility may benefit greatly from housing counseling from a HUD-approved nonprofit housing counseling agency.

For counseling to fulfill the HomeReady Mortgage education requirement:

• Counseling should occur as early as possible and before a buyer selects a home.
• Required components must be completed before a buyer enters into a contract to purchase a home.
• The assistance must meet HUD standards and cover the content detailed on the Certificate of Completion of Housing Counseling (Fannie Mae Form 1017), which must be signed by the buyer and the HUD counselor.
• By signing the form, the HUD counselor certifies that the assistance provided meets HUD standards and our requirements.
• The lender must retain the completed Form 1017 in the loan file.