Fannie Announces Closing Cost Assistance for Homepath Loans

First-time homebuyers seeking to buy a house through FanniernMae’s HomePath^® program canrnreceive a significant hand-up from a new program the company announced today.  The new BuyerReady^TM program will allow qualifying buyers to receivernclosing cost assistance of up to 3 percent of the purchase price uponrncompletion of an online homebuyer education course. </p

HomePath is the program through which Fannie Mae collects,rnmanages, and markets its foreclosed property. rnThe owned real estate (REO) is typically sold through local real estaternagents.  </p

The homeownership training course is conducted completely onrnline and consists of nine half-hour sessions. rnFannie Mae has partnered with Framework, a non-profit created by thernHousing Partnership Network and the Minnesota Homeownership Center to designrnand conduct the course which covers the complexities of home buying and thernresponsibilities of homeownership.</p

To obtain the closing cost assistance, as much as $4,500 onrna $150,000 home, the buyer must complete the entire training course and receiverna Certificate of Completion before making an offer and must request the assistancernwhen the initial offer is made. Fannie Mae will also reimburse the $75 cost ofrnthe training at time of closing. </p

Only buyers who have not owned a home for the past threernyears and will occupy the prospective purchase as a primary residence arerneligible.  Auction, pool, and investorrnsales are not included in the program.  </p

“Purchasing your first home can bernan overwhelming process,” said Jay Ryan, Vice President of REO Sales,rnFannie Mae. “We developed the HomePath Ready Buyer program to providernfirst-time homebuyers with the knowledge to make informed decisions as theyrnnavigate the complexities of the home buying process. Closing cost assistancernprovides a cushion many first-time buyers need to more confidently face thernfinancial responsibilities of homeownership.”</p

Potential program participants can signrnup for the training course at   https://www.homepath.com/ready_buyer.html.

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