Would you keep reading if I told you that you could get up to 3% paid towards your closing costs? Good.....then keep reading while I show you how. So, on a $250,000 home, that would be $7,500. Not bad for just taking a class!
Fannie Mae (Federal National Mortgage Association) was established to stimulate the housing market by making more mortgages available to moderate to low income borrowers. These are all foreclosed properties.
They have a program called the Ready Buyer™ program. You take their education course online to prepare you for the responsibilities of homeownership. After completing the course, if your agent attaches the course completion certificate to an initial offer and successfully negotiates a purchase of a HomePath property, you can request up to 3% closing cost assistance toward your purchase.
You can search for properties on their website www.HomePath.com. The program is nationwide. Just type in the criteria, such as city and state, and view the results. You can also automate it so that as soon as a property meeting your critera comes on the market, you will be automatically notified.
Offers must be made through a real estate professional. Your agent MUST attach the completed certificate to the initial offer, or it will not be honored. The cost of the course is $75 and that will be credited back upon successful closing of a property.
The First Look program means that only owner-occupants can have an offer made on their behalf for the first 20 days (30 in Nevada) of the listing. That means no competing with investors.
There are restrictions and limitations, so make sure you check with an eligible lender for more details.
Don't assume that you can't qualify for a home. In addition to this great program, there are other programs that also offer down payment assistance.
Feel free to contact me with any questions.