Fannie Mae’s HomePath® Ready Buyer™ Program provides up to 3% closing cost assistance for qualified creditworthy first time home buyers.
The purpose of Fannie Mae’s HomePath Ready Buyer Program is to educate first time home buyers to help them better understand the home buying process……essentially to make better buying decisions which, which in theory, should create more sustainable and affordable homeownership.
The HomePath Ready Buyer program is not a down payment assistance loan program, it’s a closing cost assistance program. However, we do specialize in down payment assistance programs if money is needed….inquire ==> HERE.
How to Qualify for HomePath Ready Buyer Assistance
- HomePath Ready Buyer Education – Must complete this online homebuyer education course and receive the Certificate of Completion. The course costs $75 but is reimbursed at time of closing.
- Must be a first time home buyer – meaning not have owned a home in the last 3 years and primary occupancy only….cannot be buying an investment property.
- Request for closing cost assistance must be made at time of offer, along with copy of official home buyer education certificate.
- Home must be listed on HomePath.com as an eligible HomePath Ready Buyer eligible property
HomePath Ready Buyer Home Loan Options
Since Fannie Mae discontinued their actual HomePath mortgage program, you now have to figure out what the best loan programs are to use with the Fannie Mae’s HomePath Ready Buyer Assistance Program.
I always help my borrowers compare multiple options…..even if I can’t provide one to, to make sure you understand what your options are and gain access to the best program.
Three of the most popular loan programs to use with the HomePath Ready Buyer closing cost assistance program is the
We can compare all three loans, in addition to VA military financing and USDA financing if the property is eligible. The goal is to find which program will benefit you the most.
We will also research and determine if you are eligible for a down payment closing cost assistance program as well as check your eligibility for a Mortgage Credit Certificate.
Work with a HomePath Professional
When buying a home that has any type of assistance connected tot he transaction, it’s CRITICAL you work with a a Real Estate Agent and mortgage lender who specializes in these niche programs and will help you explore all your options with complete transparency.
It’s also important you work with a Real Estate Agent who knows how to properly submit an offer on a HomePath home. If the process is not followed to an exact ‘T’, there is a good chance your offer will get declined even if it is the best offer.
Contact me HERE to get referred to a knowledgeable Real Estate Agent in your area who knows how to navigate the HomePath buying process and ask up to 100 questions about the home buying and home financing process.