First-Time Homebuyer Counseling Tools
EDUCATION COURSES FOR YOUR HOMEREADY® AND HOME POSSIBLE® BORROWERS
When borrowers purchase their first home through the HomeReady® or Home Possible® programs, they are often required by Fannie Mae or Freddie Mac to complete a homebuyer education course to help them better understand the financial responsibilities of owning a home. The courses below provide a number of options for you to share with your borrowers, and they all follow guidelines from the National Industry Standards for Homeownership Education and Counseling.
CREDITSMART HOMEBUYER U
NO COST
Homebuyer U is a free, interactive course made up of six modules that borrowers can complete at their own pace from a desktop, tablet or mobile.
HOMEVIEW
NO COST
HomeView is a free online course accessible from a desktop, tablet or mobile and is made up of seven modules. It takes about 3-4 hours to complete, and borrowers can pause and resume at any time.
NMLS #2179146
PATHWAYS TO HOMEOWNERSHIP
NO COST
Through Pathways to Homeownership, borrowers receive counseling and education on the benefits and challenges of owning a home to prepare to handle the expenses and responsibilities that will arise — and know where to turn for help.
FINALLY HOME!
$0-$70
Finally Home! is a self-paced, mobile friendly, online homebuyer education course made up of seven chapters that guides your borrowers through the homebuying process from start to finish. Pricing is based on the borrower’s income and determined during course registration.
What documents should I be ready to provide for a pre-approval?
1. Identification
Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.
2. Proof of Income
Employees – most recent pay stubs
Self-employed – profit and loss statement
Passive income – most recent financial asset statements
3. Financial Asset Statements – At least two months of your most recent statements, including:
Bank checking and savings
Brokerage
Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities
Trust
4. Tax Returns
Employees – W-2 forms and tax returns for the last two years.
Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.
Passive Income – Tax returns for the last two years.
