Cal. Code Regs. Tit. 25, § 8207.1 - Homebuyer Education Requirements

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).

(c) 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 topics:

(1) preparing for homeownership;

(2) available financing and credit analysis;

(3) 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.

(d) 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. 92.508(c).

Notes

Cal. Code Regs. Tit. 25, § 8207.1

Note: Authority cited: Sections 50406 and 50896.3(b), Health and Safety Code. Reference: 24 CFR Sections 92.206 and 92.508; and Sections 50896 and 50896.1, Health and Safety Code.

1. New section filed 12-10-2007; operative 12-10-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 50).