If you’re a Minnesota first time home buyer 2016, you should know about a new program from Fannie Mae. The HomePath Ready Buyer Program from Fannie Mae allows qualifying first time home buyers up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property. To give you an example, if you bought a home for $150,000 you could save 3 percent, or $4500. And Fannie Mae will even pay the cost of your home buyer education class at the time of closing– good deal.
For the Minnesota first time home buyer 2016, Fannie Mae is trying to encourage first home ownership. Traditionally buying one’s first home has been an overwhelming ordeal for many young and financially struggling people, such as just out of school students and part-time workers who also have to care for an aging parent or little kids. Therefore, Fannie Mae’s HomePath Ready Buyer program exists to give first time home buyers knowledge to make smart decisions during their home buying process. By providing the closing cost assistance, Fannie Mae helps give first time home buyers that extra boost of confidence to accomplish what they want to accomplish.
For the 3% rebate, home buyers need to complete an online education course about buying a home. The course consists of nine 30 minute sessions. When completed, the buyer receives their certificate of completion.
If you plan to be a Minnesota first time home buyer 2016, and you did not own a property in the past three years, you might be eligible for Fannie Mae’s helpful deal. Your plans must include residing in the new house as your primary residence and this program is not for auction, pool or investor sales. Meanwhile, the request for closing cost assistance must be made at the initial offer. Fannie Mae suggests people take the home buyer education course since it must be completed before an offer can be made.
The HomePath Ready Buyer Program from Fannie Mae is just one way a Minnesota first time home buyer 2016 can save some money on the path toward owning their new home.