By EquityPoint Real Estate
PORTLAND OR – There’s no denying that Fannie Mae has stepped up their efforts in the last year to help first time home buyers, including offering mortgage loans which enable borrowers to buy homes with a down payment as little as 3%.
Thankfully Fannie Mae has continued its efforts to help first time home buyers by starting their HomePath Ready Buyer Program which will enable home buyers to receive up to 3% of the purchase price that they can use towards closing cost assistance.
Huge Advantage for First Time Home Buyers
The new Home Path Ready Buyer Program will be a huge advantage for first time home buyers since this program offers them a significant savings off the costs they can expect to pay when buying a home.
For example: A home buyer who pays $300,000 for a Portland Oregon home can expect to save $9,000 in closing costs.
About The HomePath Ready Buyer Program
In a recent interview about their Home Path Ready Buyer program, Jay Ryan, Vice President of REO Sales at Fannie I said this: “We developed the HomePath Ready Buyer program to provide first-time homebuyers with the knowledge to make informed decisions as they navigate the complexities of the home buying process. Closing cost assistance provides a cushion many first-time buyers need to more confidently face the financial responsibilities of homeownership.”
What’s required to Qualify for This Program?
To qualify for the Fannie Mae Home Path Ready Buyer Program a home buyer will need to complete an online home buyer course which costs $75, but the good news is that this cost will be reimbursed to the home buyer when they close on the home they are buying. They must also meet this criteria:
· Must not have owned a property in the last three years.
· Plan on living at the property and using it as a primary residence.
Learn More about Portland Oregon Real Estate
For more information about Portland Oregon Real Estate, or to view homes for sale across town, contact EquityPoint Real Estate today by calling us at (503) 595-8800.