Fannie Mae has announced the launch of the HomePath Ready Buyer program, through which qualifying homebuyers can receive up to 3 percent of the home's purchase price in closing cost assistance toward the purchase of a HomePath property.
This calculates to up to $4,500 in savings for a buyer on a $150,000 home. Qualifying homeowners will receive the assistance upon completion of an online homebuying education course, and Fannie Mae will reimburse the homeowner at the time of closing for the $75 cost of the homebuyer education course.
"Purchasing your first home can be an overwhelming process," said Jay Ryan, VP of REO Sales at 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."
The homebuyer education course covers by the complexities of the homebuying process and the responsibilities of owning a home in nine 30-minute sessions, all online. Fannie Mae has teamed with Framework, a nonprofit created by the Housing Partnership Network and the Minnesota Homeownership Center, to offer the course.
In order to be eligible for the closing cost assistance and the reimbursement of the cost of the education course, buyers: must complete the full online training course and receive a certificate of completion; must be a first-time homebuyer or have not owned a property in the last three years; must plan to use the property as a primary residence; and must submit the request for closing cost assistance at the time of the initial offer on or after April 14, 2015. The online course must be completed before the buyer submits an offer in order to qualify for the closing cost assistance.