In an effort to empower Phoenix area first-time homebuyers with the knowledge and tools they need to make smart real estate decisions in today’s market, Fannie Mae has launched an educational HomePath Ready Buyer™ program. Not only does it include the most comprehensive online training course of its kind – with topics ranging from lowering down payments and loan options, to choosing a home, and common new-buyer pitfalls – participants are eligible for up to 3% assistance on closing costs when they purchase a HomePath property.
What are HomePath properties?
All homes, condos, and town houses owned by Fannie Mae are referred to as HomePath. Officially classified as Real Estate Owned properties (REO), they end up in possession of the lender as a result of foreclosure or deeds-in-lieu of such. This makes them very appealing prospects for first-time homebuyers, often priced substantially beneath comparable market value in the interest of a quick sale. Many HomePath properties are move-in ready, while some need repairs here and there, and others offer extensive opportunities for renovation.
About the HomePath Ready Buyer™ Program
If you’re in the market for a HomePath property, plan to make it your primary residence, and move in within 60 days, you’ll likely benefit from the program.
Simply pay the $75 training fee, and complete the online course at your leisure. Altogether, it takes roughly 4-6 hours to finish – but you can break it up however you want, even take it on your smart phone! Just remember to download and print the Certificate of Completion when you’re done. Your agent will need to submit this at initial offer in order to request your closing cost assistance and training fee reimbursement.
How Does it Compare to Other New-Buyer Programs?
As the best, most comprehensive online home-buying education resource available today, the HomePath Ready Buyer™ training course is quickly becoming an industry standard, used by an array of other lenders and non-profits. When completed prior to making an offer on a HomePath property, the 3% assistance at closing can help buyers save for repairs, renovations, or improvements to their new home.