Fannie Mae To Reinstate Home Buyer Counseling Requirement

Fannie Mae plans to reinstate a requirement for homeownership counseling and education for first-time home buyers obtaining a MyCommunityMortgage loan or a loan that relies on nontraditional credit to qualify.

Effective Jan. 1, 2009, the requirement is geared toward helping borrowers better assess their options and responsibilities both before and after they purchase a home, Fannie Mae says.

All required borrower counseling will be provided according to the National Industry Standards for Homeownership Education and Counseling, or those of comparable quality as established by other organizations.

Source: Fannie Mae