Fannie Offers Closing Cost Aid to First-Timers
Daily Real Estate News | Wednesday, April 15, 2015
Visit the Fannie Mae website for additional information about theHomePath Ready Buyer Program
Source: “Fannie Mae Launches HomePath Ready Buyer Education Program for First-Time Home Buyers,” Fannie Mae (April 14, 2015)
Mortgage giant Fannie Mae announced a new program that allows first-time home buyers of its properties to receive up to 3 percent of the purchase price in closing cost assistance. On a $150,000 priced home, for example, buyers could receive up to $4,500 in closing cost savings.
Fannie Mae’s HomePath Ready Buyer Program requires eligible buyers to complete an online home buyer education course as well as purchase a HomePath property – the branding that Fannie Mae uses for the foreclosed properties it owns.
An article in CNNMoney highlighted why this spring may be the perfect time for sellers to get off the fence and move up.
A limited number of homes on the market will help sellers nab top dollar, and may even spur bidding wars and multiple offers.
The National Association of REALTORS® reports that inventory levels nationwide were at a 4.6-month supply in February.
A balanced market is considered to fall between a five- to seven-month supply.
•Mortgage rate hikes loom:
Mortgage rates are still sitting near historical lows, with the 30-year fixed-rate mortgage hovering under 4 percent.
The low rates have helped push more buyers into the marketplace, but they could also be a good thing for sellers
who are looking to rebuy. However, rates aren’t expected to remain this low for too much longer, which may prompt
a rush this spring.