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#1973853 - 11/03/14 10:28 PM first time home buyers
Anonymous
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is it required that a first time home buyer receive the housing counseling before closing or is it just on high cost mortgage loans and loans with negative am?"

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#1973995 - 11/04/14 05:02 PM Re: first time home buyers Anonymous
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,400
a quick google search came up with this as a starting point.

Quote:
The final rule requires lenders to provide a list of homeownership counseling organizations to consumers within three business days after they apply for a mortgage loan, with the exclusion of reverse mortgages and mortgage loans secured by a timeshare

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#1973999 - 11/04/14 05:08 PM Re: first time home buyers Anonymous
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
Anonymous - I believe the only time the counseling is required before closing is if you have a HOEPA loan - and the borrower cannot finance the fees. This is from memory since we do not have HOEPA loans here.

And for the notice I agree with Truff.
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