Additional Assistance for Home Buyers Using HomePath Mortgage Loans

Fannie Mae has formally announced the launching of the HomePath Ready Buyer program, which is designed to assist first-time home buyers using the company’s HomePath mortgage. Qualifying borrowers will receive assistance with closing costs of up to 3% of the purchase price of the property. They have to undergo an education course and meet a set of general requirements.

The HomePath mortgage program of Fannie Mae enables buyers to obtain loans for the purchase foreclosed properties which are collected and managed by the government-sponsored entity. The properties are marketed as owned real estate (REO homes).

The Vice President of REO sales at Fannie Mae, Jay Rayan, said that HomePath Ready Buyer program was developed to provide first-time home buyers with the knowledge necessary for making well-informed decisions throughout the home purchase process. The assistance with the closing costs would serve as a cushion helping buyers to face the financial responsibilities associated with owning a home.

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The government-sponsored entity estimates that for a home with a purchase price of $150,000, the buyer can save up to $4,500 via the new program. Additionally, the borrower will receive reimbursement for the cost of the education course which is $75.

The completion of the homeownership education course is the main requirement for participation in the HomePath Ready Buyer program. The course takes place entirely online. It is divided into nine sessions lasting thirty minutes each. It covers both home buying and homeownership.Upon the completion of the course, the home buyer will receive a certificate.

Only first-time home buyers can qualify for the new program. These are individuals who have not owned a property over the course of the past three years and who plan to reside in the new property and make it their primary residence. The request for assistance with the closing costs has to be submitted along with the initial offer for the property.

Jessie

Jessie

Jessie Jessie is a corporate communications and public relations professional skilled in media relations, strategic communications, crisis and issues management, writing and editing. She excels in managing multiple, high-priority tasks and working in high-stakes environments. Jessie has more than 10 years experience writing editing both print and online content. She is a graduate of Illinois State University with a Masters degree in English and writing.

Contact: jessie@mortgage.info
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