Homebuyer Education Requirement
U.S. Bank Home Mortgage, HFA Division released Bulletin 2017-07 to remind lenders that per Fannie Mae and Freddie Mac guidelines, if homebuyer education is required, it must be completed pre-closing.
The Minnesota Housing Homebuyer Education Policy states:
Minnesota Housing requires homebuyer education if all borrowers are first-time homebuyers and they obtain:
- A conventional loan, and/or
- A downpayment and closing cost loan.
Homebuyer education must be completed before closing and at least one borrower per household must provide a certificate of completion before closing. Minnesota Housing’s online commitment system requires lenders to input an education completion date that occurs prior to closing.
Visit our website to find homebuyer education options in your area.