In an attempt to bolster the buying experience for first-time buyers, Fannie Mae recently announced the HomePath®Ready Buyer™program, qualifying first-time homebuyers to receive up to three percent of the purchase price in closing cost assistance toward the purchase of a HomePath property, upon completion of an online homebuyer education course. On a $150,000 home, this could result in up to $4,500 in savings for the buyer. In addition, Fannie Mae will reimburse the $75 cost of the homebuyer education course at the time of closing.
“Purchasing your first home can be an overwhelming process,” says Jay Ryan, Vice President of REO Sales, Fannie Mae. “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.”
Fannie Mae has partnered with Framework®, a nonprofit created by the Housing Partnership Network and the Minnesota Homeownership Center, to offer homebuyers a homeownership education course that covers both the complexities of home buying and the responsibilities of owning a home. The course contains nine, thirty-minute sessions and is entirely online.
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 www.homepath.com and receive the 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.