Fannie Mae has a 3% Closing Cost Aid Program
Fannie Mae's "Homepath Ready Buyer Program" is something new to aid first time home buyers. This program is aimed at potential homebuyers that haven't owned a home within the last three years.
For potential homebuyers, this program may qualify them to receive up to 3% of the home's purchase price in closing costs assistance. The program applies to homes purchased through Fannie Mae's Homepath Program and it does require the potential homebuyer to complete a homebuyer education course that Fannie Mae has instituted.
To give an example of the benefit, on a $150K home purchase, the program could save a homebuyer up to $4,500. Fannie Mae also says they will reimburse the homebuyer the $75 cost of the education program at the closing of the property. The program is definitely a help to the first time homebuyer that is usually cash strapped with limited funds for the down payment and closing costs. This assistance can be the helping hand that makes the difference between a homebuyer making the purchase or falling way short. It's a huge help in the homebuyer experience on the path to understanding and navigating the road to financial responsibilities to owning their own home.
The education program is an online course conducted through Framework, a nonprofit created by the Housing Partnership Network and the Minnesota Homeownership Center. The course entails various aspects of homeownership, buying the home and understanding the financial makeup of actually owning a home and all of the details of the overhead and obviously, the financials of possessing a home.
To be eligible Buyers must complete the full online course at "Homepath Ready Buyer Training" on https://www.homepath.com and receive the Certificate of Completion. Buyers must be first time homebuyers and make the home their primary residence. The request for closing cost assistance must be made when the homebuyers submit their initial offer on a property.
This is a great offer for first time homebuyers entering the Real Estate Arena. Coupled with low interest rates that are prevalent at this time - what else could a homebuyer ask for, a winning Powerball ticket perhaps?