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.
To 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.” ##
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Article submitted by Matthew J. Silver to Daily Business News-MHProNews.