In a Notice HERE, Fannie Mae has announced reinstatement of homebuyer education prepurchase requirements for some programs and some borrowers:
"To help ensure that borrowers have the skills necessary for successful and sustainable homeownership, MyCommunityMortgage® (MCM®) loans require prepurchase home-buyer education (effective January 1, 2009) for first-time home buyers (to be completed by at least one borrower if all borrowers are first-time buyers) and all buyers of a two-, three-, or four-unit property. MCM borrowers also must consent to post-purchase early delinquency counseling.
Additionally, effective January 1, 2009, prepurchase counseling is required for at least one borrower, regardless of product or home buyer status, when all borrowers on the loan are relying solely on nontraditional credit to qualify."
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