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Posts Tagged ‘closing cost assistance’

First-Time Homebuyer Assistance Offered by Fannie Mae

April 14th, 2015 Comments off

Fannie Mae has just announced the launch of its HomePath Ready Buyer program under which first-time home buyers can receive up to three percent of the purchase price of the property in closing cost assistance towards the overall price. This amounts to a $4,500 savings on a $150,000 home, as MHProNews has learned from housingwire.

home buying   firstbanktrust  creditTo qualify for the three percent rebate, homebuyers must complete a $75 online homebuyer education course, which is also refundable at closing. Fannie is partnering with nonprofit Framework, created by the Housing Partnership Network and the Minnesota Homeownership Center to develop the course. Prospective homebuyers must complete the nine, 30-minute sessions and receive a certificate of completion before applying for the assistance. Homebuyers must also live in the home as their primary residence.

Purchasing your first home can be an overwhelming process,” said Jay Ryan, Fannie Mae’s vice president of REO sales. “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. ##

(Image credit: firstbanktrust)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Maine Offers Energy Star Manufactured Home replacement plan for pre-1976 Mobile Home owner/residents

August 26th, 2013 Comments off

maine-state-housing-authority-MaineHousing’s tells MHProNews about their pre-1976 Mobile Home Replacement Initiative, which provides income-eligible Maine residents with an opportunity to replace the pre-1976 mobile home they own and occupy as their primary residence with a new Energy Star-certified manufactured home. The initiative combines an amortizing, interest-bearing MaineHousing mortgage loan with a $30,000 MaineHousing grant to be used to help get residents into a new energy-efficient home in the same location where they currently live. Down payment and closing cost assistance is available through MaineHousing’s Advantage option. MaineHousing spokesperson Deborah Turcotte told Maine PBN that “Persons interested in this program may meet with one of our partners throughout the state – the list is on our Web site – to get the process rolling.” ##

(Image credit: MaineHousing logo)