Fannie Mae announced April 14th a new HomePath Ready Buyer program under which qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property.
On a $150,000 home, this could result in up to $4,500 in savings for the buyer, Fannie said. In addition, Fannie Mae will reimburse the $75 cost of the homebuyer education course at the time of closing.
According to Fannie, to be eligible for the closing cost assistance and the reimbursement of the training cost:
- Buyers must complete the full online HomePath Ready Buyer training course on the HomePath website and receive a certificate of completion
- The buyer must be a first-time homebuyer (did not own a property in the past three years) with plans to reside in the property as their primary residence. Auction, pool and investor sales are not eligible
- The request for closing cost assistance must be made at the initial offer submitted on or after April 14, 2015
The home buyer course containing nine thirty-minute sessions is entirely online. The course offers homebuyers a homeownership education course that covers both the complexities of home buying and the responsibilities of owning a home.
Fannie Mae is encouraging interest parties to take the homebuyer education course as quickly as possible as the course must be completed before an offer can be made.
Contact me if you, or someone you know, would be interested in this program.