HOME BUYER CERTIFCATE
Every down payment Assistance Program requires the completion of some form of pre-purchase counseling class. The type of assistance or affordable lending program that is used will dictate the type of class that needs to be completed. Once the borrower(s) have completed the class proof of completion will need to be provided to lender – this would be the Home Buyer Certificate.
Borrower(s) now have many options to choose from and can either physically attend a class which are typically eight hours long; start the process On-Line with One-on-One counseling; or complete an On Line course. Listed below are links and resources you can access.
Please contact us to determine what type of class you can take based on your specific situation.
HUD Approved Housing Agencies
In all cases it is always advisable to take an eight hour course, especially if this is the first time you are going through this process. The physical eight hour classes are Free of charge and some on-line courses do charge a nominal fee. The pre-purchase counseling sessions provides invaluable information for first time home buyers. You may contact any of our HUD Approved agency partners for more information.
Provides a Home Buyer Education course through HUD approved agencies throughout the U.S. This qualifies for an eight hour class where some of the hours are completed On-Line for a Fee and the rest of the required hours are completed with a one-on-one session with the housing agency.
Fannie HomeReady Framework
If you are using Fannie’s HomeReady program you will be required to compete Fannie’s home buyer education class unless you completed a HUD approved eight hour class prior to executing a real estate contract. There is a $75.00 charge for this course and you will receive your certificate electronically upon completion.
Freddie Mac Home Possible or Home Possible Advantage
If you are using Freddie Mac’s Affordable Lending Program you will be required to compete Freddie’s home buyer education class. The class is on line and you must pass a test in order to receive your home buyer certificate. There is NO cost for the class.
Please visit http://www.freddiemac.com/creditsmart/tutorial.html