Buying a new home can be a nerve-wracking experience. If you’re a first-time homebuyer, the process can seem even more complex, especially if you have budget constraints. There are, however, certain mortgage programs that are specifically for first-time buyers. The Fannie Mae HomePath-Ready Buyer Mortgage is one of them.
Fannie Mae Homepath Mortgages: Guidelines for First-Time Home Buyers
• What is Fannie Mae HomePath-Ready Buyer Mortgage?
Fannie Mae is how we say the acronym used for the Federal National Mortgage Association (FNMA), a government organization founded to boost house sales by facilitating affordable mortgage programs.
Fannie Mae HomePath-Ready Buyer Mortgage is designed for buyers in the low to middle income groups. All the properties eligible for HomePath-Ready Mortgages are owned by Fannie Mae. Although the program ended in October 2014, it was updated in 2015 with many foreclosed properties still on sale. The easiest way to find HomePath-Ready Buyer Mortgage properties is through a licensed real estate agent.
• The Benefits of a HomePath-Ready Buyer Mortgage
HomePath-Ready Buyer Mortgage properties are generally either foreclosed, deed-in-lieu of foreclosure, or forfeited. These properties have several benefits:
- The property is empty – this creates an easy method for first-time buyers to get into the property market.
- The sale price is generally less than average market value.
- Low- and middle-income groups are eligible.
- The mortgage requirements are simple and straightforward.
• How to Qualify for Fannie Mae HomePath-Ready Buyer Mortgage
To be eligible for the Fannie Mae HomePath-Ready Buyer Mortgage program homebuyers must:
- Be first-time buyers (i.e. not owned a home for 3 or more years).
- Occupy the property within 60 days and maintain it as their primary residence.
- Complete a homebuyer course focused on sustainable homeownership to qualify for the 3% closing cost assistance on HomePath.com.
- Provide verification of tax returns and credit scores.
- Work with a Fannie Mae-approved mortgage lender, such as Drew Mortgage Associates.
Applying for the Fannie Mae HomePath-Ready Buyer Mortgage will help first-time homebuyers in MA fulfill their dreams of buying a house, even if they have with outstanding loans and tight budgets. For more information on Fannie Mae property mortgage loans, please visit: https://www.drewmortgage.com/fannie-mae-homepath-mortgage/