Are you a first time home buyer? In case you haven’t heard yet, Fannie Mae is offering closing assistance of up to 3% when you buy a home listed on Fannie Mae HomePath. On a $200,000 home 3% would be up to $6000 towards allowable closing cost! This would be a great financial assistance for first time home buyers seeking to buy a house.
To qualify for this buyer incentive program, you must complete the homebuyer education course. Fannie Mae has partnered with Framework to design and conduct the course which covers the complexities of home buying and the responsibilities of homeownership. The training course is conducted online so you can complete the course in the comfort of your home. It takes about 4 to 6 hours to finish and costs $75 which you can reimburse via the assistance program. Once you complete the course, you will receive a certificate of completion that you must submit together with your initial offer documents.
To be eligible in this buyer incentive program, you must be a first time home buyer or you haven’t owned a home in the past three years, you have finished the homebuyer education course, and you must reside in the property as your primary residence within 60 days of closing. Additionally, you must purchase a HomePath property, which you can find on their website. HomePath is the platform through which Fannie Mae manages and markets its foreclosed properties. These properties are typically sold through real estate agents. Another unique part of this homebuyer incentive program is that you must find a real estate agent to submit your final offer. Your real estate agent must request the incentive on the Fannie Mae HomePath website when he submits the online offer and language must also be included in the purchase and sales agreement.
For more information and full terms and conditions to the Fannie Mae HomePath incentive program, click here. If you are considering buying a Fannie Mae HomePath property please don’t hesitate to contact us. We are happy to help you!
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Looking to buy? Are you a first time home buyer? We can help! The J Michael Manley Team go above and beyond to help you find the perfect home, from searching the right property that meets your real estate needs until you finally sign the deal. We will walk you through the process and make sure that you get the best deal possible. Are you ready to find the right home?
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