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First Time Homebuyers Face New Fannie Mae Requirements

October 29th, 2008

Happy New Year to first-time buyers! Now, unless you have perfect credit and a solid application, get your butt to a housing counselor. In 2009, Fannie Mae will require counseling for first timers using non-traditional credit to qualify or getting a MyCommunityMortgage loan. You already have to undergo pre-purchase counseling and landlord training if you want to buy multi-family property (like a duplex or four-plex) with a MyCommunityMortgage loan.

Only  independent and certified third-party agencies or counselors are accepted, and your education will include budgeting and credit, choosing a home, and obtaining a mortgage. Homebuyers receive custom assessments of their financial positions aincluding their readiness for homeownership, and an analysis of their finances and credit history. Click HERE to find a list of accredited counselors.