Homeownership Education & Housing Counseling
Homeownership Education
Original Source: fanniemae.com
Homeownership Education offered through Framework® is an interactive and comprehensive online education program that is designed to help future homebuyers navigate the home buying process. The Framework course makes it simple to meet the requirement. When homeownership education is required, a minimum of one occupying borrower must complete the Framework homeownership education course.
In some situations, borrowers may need to fulfill the requirement in another way. Click here for a list of exceptions. Framework is available in English and Spanish, meets industry standards and consistently receives high marks from learners.
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.
Subscribe to our blog and stay up to date about changes in the market that effect buyers. Or contact us to learn more about mortgage processing services.
