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The Newsong Down Payment Assistance Program does NOT underwrite loans.
It is the policy of the program NOT to impose any restrictions or guidelines over and above those set forth in HUD Handbook 4155.1, Rev-4, Chg-1, or those required by the prudent underwriting decision(s) of the lender. HUD Handbook 4155.1, Rev-4, Chg-1 does not require or recommend that a buyer take a home ownership education course in conjunction with receiving gift funds from a charitable organization. In accordance with HUD guidelines, the Newsong Down Payment Assistance Program does not currently require the buyer to take a home ownership education course as a prerequisite for obtaining gift funds through the program.
We firmly believe that housing education and counseling are critically important and increase the likelihood that homebuyers will make wise decisions in their home purchases, and will have a better chance of holding onto their homes in the long run. The Newsong Program does encourage, though does not require, home ownership education for homebuyers.
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