Current through Register 2021 Notice Reg. No. 52, December 24, 2021
(a) For purposes of this section, "homebuyer
education" means a specific course of instruction, designed pursuant to this
section, to educate first-time homebuyers regarding various aspects of
purchasing and maintaining a home.
(b) Homebuyer education shall be provided to
all homebuyers receiving HOME funds for mortgage assistance. The state
recipient or CHDO shall determine the format best suited for providing
homebuyer education to its homebuyers (for example, classroom instruction,
one-on-one counseling, written materials, internet).
The homebuyer education curriculum shall
be described in the applicant's program or project guidelines, shall be subject
to Department review and approval, and shall at a minimum address the following
(1) preparing for
financing and credit analysis;
loan closing and homebuyer responsibilities;
(4) home maintenance and budgeting for
mortgage payments and other expenses;
(5) The impact of refinancing on the
long-term financial health of the homebuyer.
a certificate of successful completion of
homebuyer education shall be issued to each prospective homeowner and a copy
retained by the State Recipient or CHDO for inspection and review by the
Department on request. This information shall be retained for the period of
time set forth in 24 C.F.R.