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Fannie Announces Closing Cost Assistance for Homepath Loans

Tuesday, April 14, 2015

First-time homebuyers seeking to buy a house through Fannie Mae's HomePath® program can receive a significant hand-up from a new program the company announced today.  The new BuyerReadyTM program will allow qualifying buyers to receive closing cost assistance of up to 3 percent of the purchase price upon completion of an online homebuyer education course.

HomePath is the program through which Fannie Mae collects, manages, and markets its foreclosed property.  The owned real estate (REO) is typically sold through local real estate agents. 

The homeownership training course is conducted completely on line and consists of nine half-hour sessions.  Fannie Mae has partnered with Framework, a non-profit created by the Housing Partnership Network and the Minnesota Homeownership Center to design and conduct the course which covers the complexities of home buying and the responsibilities of homeownership.

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