If you’re a first-time homebuyer, there’s a chance you can get some financial help from Fannie Mae for your closing costs when you purchase a new home.
The mortgage giant is offering to pay up to 3% of the price of your new home. The only requirement thy ask for is to complete their home-buyer counseling course. The HomePath Ready Buyer program allows first-time buyers to take an online course, get certified, and become eligible for what could amount to significant savings. They define first-time buyers as those who have never owned a home or those who have not owned a home in the past three years. Some might even be eligible to receive a reimbursement of their course fee of $75.
This program potentially opens the doors for many of those who haven’t been able to purchase because of lack of savings or lack of a good credit score, which some estimate as comprising of 40% of the market. According to the National Association of Realtors, first-time buyers accounted for 33% of the housing market.
“This could actually get someone in the game,” said Frank Montro, a Chicago-area real estate broker who specializes in selling rehabbed homes. “First-time home buyers are usually either cash-poor or credit-poor. They pay their bills on time and they qualify for the mortgage, but they just don’t have the savings.”
For more information on this program, please visit fanniemae.com.
Click on this link to get started on the program.