Fannie Mae has announced a new program that will allow first-time homebuyers of its properties to receive up to three percent of the purchase price in closing cost assistance. For example, on a $150,000-priced home, buyers could receive up to $4,500 in closing cost savings.
Called the HomePath Ready Buyer Program, it will require eligible buyers to complete an online home buyer education course as well as purchase a HomePath property – the branding that Fannie Mae uses for the foreclosed properties it owns. The education course buyers are required to take covers the responsibilities of owning a home and the home buying process. The course includes nine, 30-minute sessions and is offered exclusively online.