Closing Cost Aid To First-Time Buyers

On April 14, 2015, Fannie Mae released the announcement that first-time qualifying home buyers can receive up to three percent off the purchase price of a house back towards closing costs. This offer is available through the HomePath Ready Buyer program and is only available when purchasing a HomePath property and only after the buyer has completed a homebuyer education course available online. For example, a $150,000 house could yield $4,500 of closing cost savings for the home buyer.

Additionally, Fannie Mae offers to reimburse at closing time the $75 fee for taking the homebuyer education course. Fannie Mae’s vice president of REO sales, Jay Ryan made the statement that purchasing the first home is overwhelming for most people, but that the HomePath Ready Buyer program is there to help first-time home buyers make informed decisions during the buying process. The closing cost offer is there to help give home buyers a cushion as they get ready to take on the financial responsibility of owning a home.In order for buyers to be eligible for the assistance with closing costs and reimbursement of the education fee, they must complete the entire training course for HomePath Ready Buyer online. The buyer must also be a first-time home buyer, which is described as someone who has not owned a property in the previous three years. They must also intend to live on the property as their main residence.

Those who want to use the program must complete the course and receive their completion certificate before making an offer on a property. The Fannie Mae education course is completely online and has nine 30 minute sessions. The course covers the process of buying a home as well as all the responsibilities of owning a home. Fannie Mae encourages prospective home buyers to take the course as soon as possible to prepare for buying a home.