What must applicants complete, often mandated *before* final application approval for SHIP funding?
Answer
A HUD-approved homebuyer education course.
A mandatory component woven into the local application roadmap for prospective SHIP participants is the completion of specific educational requirements. Most local SHIP programs require applicants to successfully complete a homebuyer education course that has been officially approved by the Department of Housing and Urban Development (HUD). The resulting certificate of completion is typically required by the local agency as prerequisite documentation, often needed before they will proceed with the formal review of the applicant's detailed financial documentation.
Related Questions
What unique source provides funding for the State Housing Initiatives Partnership Program (SHIP)?Which entity establishes the final income limits for a specific SHIP assistance offering?When assessing income for SHIP qualification, what specific total must fall at or below the local AMI percentage?What is the typical definition for a 'first-time homebuyer' according to most SHIP administering agencies?What property usage is strictly prohibited when utilizing SHIP assistance funds?What is the repayment structure often associated with SHIP assistance defined as Subordinate Financing?Where must a prospective buyer in Florida first identify their SHIP application contact point?What must applicants complete, often mandated *before* final application approval for SHIP funding?What is the consequence if a borrower moves out and rents their property before the silent second lien is fully satisfied or forgiven?Which other program shares the acronym SHIP, causing potential confusion with the housing initiative?