Homebuyer Education Requirement Reminder

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. 
If you have questions or concerns, contact Partner Solutions Team at 651.296.8215 or 800.710.8871.
Boarder Income and Non-Borrower Household Income
The inclusion of boarder income and non-borrower household income is now permitted for Minnesota Housing’s HFA Preferred™ and HFA Preferred Risk Sharing™ products. Please refer to the “Other Income” and “Non-Borrower Household Income” sections of Fannie Mae’s HomeReady® Mortgage Product Matrix for guidelines.  
January Webinars
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training page for more details and register for these upcoming Webinars:
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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