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HomeReady mortgage: Similar to the Conventional 97 program, Fannie Mae’s HomeReady mortgage program also requires just 3 percent down (with PMI, although it might be less expensive).
In addition, first-time homebuyers who complete Fannie Mae’s HomeView course through the Ready Buyer program are eligible for a closing cost credit of up to 3 percent.There are also certain ...
MakeMyMove breaks down everything to know about first-time home buyer incentives including how they work, who qualifies, and how to make the most of these opportunities.
In addition to the down payment, the final deal of the mortgage includes closing costs which include fees for "points" to lower the interest rate, application fees, credit report fees, attorney fees, title insurance, appraisal fees, inspection fees, underwriting fee and other possible miscellaneous fees. [5]
Up to 10% of funds can support homeownership services for first-time home buyers like down payment and closing cost assistance and funding to reduce interest rates. Funds from surplus revenues generated by Fannie Mae and Freddie Mac were expected to fund the program.
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
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