Homebuyer Education Requirement
U.S. Bank Home Mortgage, HFA Division released Bulletin 2017-01 today to remind lenders that per Fannie Mae guidelines, if homebuyer education is required, it must be completed pre-closing. Minnesota Housing requires homebuyer education if all borrowers are first-time homebuyers and they obtain:
- A conventional HFA Preferred™, HFA Preferred Risk Sharing™ or HFA Advantage℠ 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 input of an education completion date that occurs prior to closing.