Fannie Mae Homepath Program Guidelines

Dec 12, 2017. HomeReady® Mortgage. Built for today's home buyers. Our low down payment mortgage designed to help lenders confidently serve today's market of creditworthy low- to moderate-income borrowers. Apr 16, 2014. For buyers who have a signed purchase contract after October 6, Fannie Mae has loosened guidelines somewhat for its REO properties. Keep in mind that these updates only apply to properties that formerly qualified for the HomePath program: Maximum seller contributions of 6% of the purchase price.

Buying a home can be a daunting process, especially for first-time Buyers. At HomePath, we support smart and sustainable homeownership. That’s why we have partnered with Framework, a leading provider of homeownership education, to offer an interactive, online course perfect for first-time homebuyers who are on the go. In addition to breaking down the home buying process into easy-to-grasp lessons online, you can also benefit by receiving up to 3% closing cost assistance toward the purchase of a HomePath property. It’s simple; just successfully complete the online course to receive a course completion certificate. Give it to your real estate agent to include it when submitting your initial offer on a HomePath property. Plus, completion of the HomePath Ready Buyer™ course also meets the homeownership education requirement for the Fannie Mae HomeReady® mortgage loan *.

Find out if the HomeReady mortgage is right for you. Restrictions apply. See full terms & conditions. Tell me more about the training. • It’s intuitive, self-directed and interactive • It breaks home-buying down into easy-to-grasp lessons: most learners finish in 4 to 6 hours. You can fit the course into your busy schedule, during your lunch hour, on the bus.whenever, wherever. • It’s available in English and Spanish.

• The comprehensive curriculum meets HUD guidelines and exceeds National Industry Standards for Homeownership Education. • It has been optimized for seamless learning on both desktop and mobile devices. Nine out of 10 surveyed say they would recommend the course to a friend and for the course costs of $75, consistently exceeds expectations for value. How do I ask for the 3% closing cost assistance (including the $75 course reimbursement)? After completing the course, you must attach the HomePath Ready Buyer course completion certificate to the initial offer submission on a HomePath property.

Your Real Estate Agent must submit this at initial offer through the HomePath Online Offers system. Terms & Conditions To be eligible for the closing cost assistance: • Buyers must complete the full online training course on Homepath.com and receive the official Certificate of Completion. • Buyer must have completed the HomePath Ready Buyer education course and received a completion certificate prior to the initial offer submission to be eligible for the closing cost assistance. • The Certificate of Completion must be attached to the initial offer documents uploaded to HomePath Online Offers.

• The request for closing cost assistance must be made at the initial offer in the HomePath Online Offers system. • The $75 reimbursement for the HomeReady Buyer education course is already included in the closing cost assistance. • The closing cost assistance offer may be adjusted during contract negotiations. • Buyers with total closing costs under 3% will not receive the difference as a credit.

Example: Sales price = $100,000 and 3% is negotiated. Download Soal Sbmptn Soshum 2013 Dan Pembahasannya. The total closing costs and education fee = $3,000 • Buyer must be a First-Time Homebuyer (did not own a property in the past three years). • Buyers must reside in the property as their primary residence within 60 days of closing. • Individual buyers using public funds are eligible. Tenants residing in tenant-occupied properties are eligible. • The property must be listed on Homepath.com and be eligible for the closing cost assistance. Fannie Mae reserves the right to end the promotion at any time.

Any dispute over this program shall be resolved by Fannie Mae in its sole discretion. NOTE: HECM, auction, pool and investor sales are not eligible for this program.

Instructions for Buyer’s Agents: To make the request for closing cost assistance and reimbursement of the course fee at initial offer submission, we recommend the following verbiage for placement in Section 38 of the Fannie Mae Real Estate Purchase Addendum: • Seller will contribute up to $________ towards buyer closing costs, points, prepaids, and reimbursement of HomePath Ready Buyer™ course. In the event that the buyer's lender restricts the allowable Seller contributions toward Buyer's closing costs, Seller's actual and total contribution shall be limited to the allowable amount. • If buyer selected their own settlement vendor in section 10f: Seller will contribute up to $________ towards buyer closing costs, points, prepaids, and reimbursement of HomePath Ready Buyer™ course, excluding title insurance. Chris Brown Feat Tank Take My Time Download.

In the event that the buyer's lender restricts the allowable Seller contributions toward Buyer's closing costs, Seller's actual and total contribution shall be limited to the allowable amount. * There are other requirements for getting approved for a HomeReady mortgage. Speak with your lender to learn more.