Fannie Mae Launches Home Buyer Education Program

Posted by Patrick Barnard on April 16, 2015 No Comments
Categories : Residential Mortgage

Fannie Mae this week introduced its HomePath Ready Buyer program, which allows qualifying first-time home buyers to receive up to 3% of the purchase price in closing cost assistance toward the purchase of a HomePath property.

Fannie Mae's HomePath program allows home buyers to get first crack at buying real estate-owned (REO) properties. During the ‘First Look’ marketing period, a borrower can make an offer and purchase a HomePath property without competition from investors.

In order to qualify for the 3% assistance, a borrower must complete an online home buyer education course.

The program can deliver significant savings to home buyers. For example, someone buying a $150,000 home could save up to $4,500. In addition, Fannie Mae will reimburse the cost of the education course at the time of closing – a $75 value.

‘Purchasing your first home can be an overwhelming process,’ says Jay Ryan, vice president of REO sales, Fannie Mae, in a statement. ‘We developed the HomePath Ready Buyer program to provide first-time homebuyers with the knowledge to make informed decisions as they navigate the complexities of the home buying process. Closing cost assistance provides a cushion many first-time buyers need to more confidently face the financial responsibilities of homeownership.’

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