Read this in the Sunday edition of our state newspaper...
Fannie Mae Will Require First-Time Home Buyers To Get Counseling Before Closing!
Effective Jan 1, 2009, Fannie Mae will require counseling for home buyer's relying on nontraditional credit or obtaining a MyCommunityMortgage loan to purchase a single-family home. Topics such as budgeting & credit, selecting a home, & obtaining a mortgage will be covered in the education counseling. Fannie Mae offers counseling resources, including a "Find A Counselor" search tool, on it's web site, www.fanniemae.com (Information supplied by the Inman News Service).
I believe that educating our buyers is the single most important thing that we can, as real estate professionals. Our efforts will now be reinforced with the required participation in these educational classes. Here's the Bobby Flay throw-down: Let's All Commit To Educate all buyer's so that they're more equip to handle the challenge of negotiating through the complex processes of today's financing.
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