First Time Buyers Closing Cost Credits

Buying a home can be a daunting experience for any buyer, especially if it’s your first time. With some education, you can prepare yourself to make the best plan and decisions possible. And now a significant closing costs credit is being offered for first-time homebuyers simply for completing an online education course.

Buying a home is more than simply having an offer accepted and bringing the money. There are many steps involved in a successful purchase: determining what loan you qualify for, finding homes that fit your budget and meet your criteria, making an offer, doing property inspections, reviewing numerous documents, and completing the purchase. As the process can be complex, Fannie Mae (a government lender) has developed an online, educational program that covers that covers both the complexities of home buying and the responsibilities of owning a home, and offers closing cost assistance for completion.

First-time homebuyers may receive up to 3% of the purchase price in closing cost assistance toward the purchase of a HomePath property, upon completion of the online homebuyer education course. On a $150,000 home, this could become a $4,500 savings. To be eligible, you must be a first-time buyer, purchase a HomePath property, plan to occupy the home as your primary residence, and complete the HomePath Ready Buyer training course. The online course consists of nine 30-minute sessions and costs $75, which will be reimbursed when the home purchase is completed.

You might be wondering, “What is a HomePath property?” It is a Fannie Mae foreclosure home, which can be an inexpensive way to purchase property. To promote home ownership, many HomePath homes offer exclusive buying periods for owner occupants (restricting investors for a few weeks), and that can be quite an advantage in the current sellers market, by having fewer buyers to compete with.

Those interested in becoming a homeowner are encouraged to take the course as soon as possible. The course must be completed before submitting an offer to qualify. For more information on the course and to sign up, visit https://www.homepath.com/ready_buyer.html.

NewLook Realty Company is happy to answer your questions regarding this or other first-time home buyer programs. We have worked with numerous first-time home buyers and various programs, including the first-time buyer program offered by the City of West Sacramento.