Industry NewsMortgage

Fannie: First-time buyers need counseling

Real estate brief
Published on Oct 29, 2008

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by CareyBot

Fannie Mae is reinstating required home ownership counseling for first-time homebuyers who don't have a solid credit history or are seeking loans tailored for low- and moderate-income buyers.

Beginning Jan. 1, Fannie Mae will require counseling for homebuyers relying on nontraditional credit or obtaining a MyCommunityMortgage loan to by a single family home. Fannie Mae already requires pre-purchase counseling including landlord education for borrowers purchasing a two-to-four-unit property using a MyCommunityMortgage loan.