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What's New
Mortgage Products
Underwrite and Process with Loan Prospector
Sell & Deliver Loans
Service Loans
Training and Education
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Meeting Home Possible® Mortgages homeownership education requirements
With the release of our February 21
[PDF 286K] and April 22, 2008 [PDF 94K] Single-Family Seller/Servicer Guide (Guide) Bulletins, we provided information and guidance on our homeownership education requirements for first-time homebuyers, as defined by the Guide Glossary, seeking Home Possible Mortgages. First-time homebuyer education requirements for Home Possible Mortgages are effective for mortgages with Freddie Mac settlement dates on or after June 1, 2008.
Our updated requirements reflect our ongoing commitment to improve borrowers' ability to have a successful homeownership experience. Our revised requirements specify:
- For purchase transaction Home Possible Mortgages when all the borrowers are first-time homebuyers, at least one qualifying borrower must participate in a homeownership education program before the note date.
- Homeownership education must be provided by a party not involved in the sale or financing of the property.
- Homeownership education must be conducted by someone not directly involved in the loan origination, processing or approval process.
- Homeownership education programs may use different formats and require different lengths of time to complete. The following are acceptable:
For more information
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