What are the lender requirements for homebuyer counseling?
The lender is required to certify that the borrower has completed a homebuyer counseling program provided by, or based on one provided by, an organization recognized as experienced in homebuyer or homeowner counseling and as approved by the administrator of the program. Counseling must provide comprehensive financial literacy education, including information that alerts borrowers to potential predatory lending practices. The organization may be your bank or may be an outside party. If your bank provides the counseling, a fee cannot be charged for this service. (Visit the HUD web site for a list of HUD approved counselors.
