HomePath Ready Buyer financing, available only on Fannie Mae-owned properties, offers eligible borrowers benefits such as 5% down payment, no mortgage insurance, expanded seller contributions, and more. The Fannie Mae HomePath Ready Buyer loan is available to move-in ready properties for both owner occupants and investors. As a HomePath Ready Buyer renovation mortgage lender, we may be able to provide the funds to purchase and renovate together in one loan. This is a great option for Fannie Mae-owned homes.
Qualified Fannie Mae HomePath Ready Buyer Program Mortgage Company in MA
Fannie Mae HomePath Ready Buyer Renovation Loans
Fannie Mae HomePath
Ready Buyer home loans program was started in 2009 as a way for Fannie Mae to sell homes that it had reclaimed via foreclosure. Because of the US housing market collapse of the late 2000s, this became a significant issue. The
Fannie Mae HomePath Ready Buyer Program
Ready Buyer loan program provided assistance in helping the country’s housing market get back on track. The original Fannie Mae
home loan program was discontinued in October 2014, but a revised version of the HomePath loan program started in early 2015, focusing itself around the HomePath Ready Buyer Program.
First-time homebuyers can take the HomePath education course about home ownership, aimed at ensuring smart and sustainable homeownership. In return, the homebuyers can request up to 3 percent closing cost assistance toward their purchase. This is all part of the federal government’s direction to create more affordable homeownership opportunities for a larger segment of the population.
Fannie Mae is the term used to describe the Federal National Mortgage Association (FNMA). The Fannie Mae HomePath loan was first created in 1938 as part of the New Deal. Its goal was to create a secondary mortgage market that would in turn expand the flow of mortgage money. The objective of the
program when it began was to create more affordable housing options for low, moderate, and middle-income Americans, and this continues today.
There are also a number of terms and conditions that must be met in order to qualify for a HomePath Ready Buyer mortgage, in addition to completing the training program mentioned above. In particular, buyers must be first-time homebuyers, meaning that they haven’t owned a home in the previous three years, and they must reside in the property they purchase as their primary residence.