November 2015

HomePath Ready: A First Time Home Buyer Program

HomePath Ready: A First Time Home Buyer Program

You’re a First Time Home Buyer scavenging the web, looking for THEE first time home buyer program that you swear is out there…somewhere.  Suddenly, everything just looks the same – pages upon pages of words and letters on a screen.

Well…look no further – your home loan friends at Get A Rate just saved you 5 hours of search.  We’ve got the scoop on this first time home buyer program, right here, just for you!  Now you can get “TheSkimm” version in easy to digest nuggets.  We will cover the following:

Topics Covered

  1. HomePath Ready Buyer Program Details
  2. Eligibility Requirements
  3. Online Course Details
  4. Getting Closing Cost Assistance

1. HomePath Ready™ Buyer Program Details

This program was created by Fannie Mae to first and foremost, educate AND help first time home buyers.  The program offers:

  • As low as a 3%  Down Payment option
  • Up to 3% of Closing Cost Assistance on a HomePath Property
  • A First Time Home Buyer Online Education Course
  • $75 Course Reimbursement at closing

Yes – you read that correctly – as low as a 3% down payment option & up to 3% on closing costs.  More money in your pocket that you won’t need to pay up front at the closing table. (Cha-Ching!)

2. Requirements & Eligibility

Below are the requirements for the offer:

  • Property is listed on & is eligible for the program
  • Property will be a primary residence
  • Buyers must live in the property within 60 days of closing
  • Complete the Online Training Course
  • Receive a Certificate of Completion

And here are details on who is eligible:

  • First Time Home Buyer (hasn’t owned property in the past 3 years)
  • Buyers using public funds
  • Tenants living in tenant-occupied properties

Now on to the online course details…

3. Online Course Details

Here is the run down of what to expect from the course:

  • Self-directed & Interaction (Go at your own pace)
  • 9 modules to go over
  • 4 hour Quiz at the end
  • $75 Fee (You’ll get this back at closing if you pass & receive a Certificate of Completion)

Make sure you download and save your Certificate of Completion.  We’ll cover why in the next section…

4. Getting Closing Cost Assistance

To get up to 3% closing cost assistance towards your home purchase, you’ll have to do the following:

  • Complete the Online Course & Receive your Certificate of Completion before submitting an initial offer
  • Attach the Certificate of Completion when your Real Estate Agent submits an initial offer on the HomePath Online Offers System

DON’T FORGET: You can also submit your $75 training cost reimbursement with your closing cost assistance request.

That wasn’t so bad, right?  You can also find out more information on Fannie Mae’s HomePath Ready Buyer Program & Course page.

Feel free to speak with one of our non-commissioned Home Loan Advisors if you have more questions.

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