Urgent: Homebuyers Education course

Discussion in 'Credit Talk' started by becky20, Sep 18, 2003.

  1. becky20

    becky20 Member

    Has anyone ever taken a Homebuyers Education Course Program as a condition for loan approval??? My hubby and I were approved on the condition of completing this course, and I'm very nervous about it. I guess it is a 10-20 minute conversation, I'm guessing they quiz you and stuff... We're at a big disadvantage - we just got the book 2 days ago, my husband is working nights while I work days so we have to read the book separately, and then I was told that only one of us would have to call (not both), but then I was told since it's FHA we'd both have to do it together. I've pretty much read the whole thing, and since I"m the one that pays the bills and deals with all this stuff, I pretty much knew most of it anyway. My husband hasn't had time to finish it all, and we're told we have to take the test today because the underwriter is looking at the file later today and needs the certificate of completion. We close on Sept. 22nd.

    IF anyone has any insight on how this works, and what sorts of questions they ask, if they'll allow most of the answers to come from one of the two buyers, that sort of thing, please let me know ASAP.... So much is riding on this!
  2. becky20

    becky20 Member

    Update: I was able to take the "interview" by myself, and was able to get the completion certificate.

    For anyone who may have to do this in the future, my experience was that it was so easy - there were only 4 questions:

    What 4 things is your mortgage comprised of (PITI)
    what is Foreclosure
    What is Escrow
    What can you do to prepare against financial hardship

    That was it...

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