Fannie Mae: HomePath Ready Buyer Education Program

HomePath® is proud to launch our HomePath Ready Buyer program, a comprehensive online homebuyer education course. First Time Homebuyers who complete this education course by their initial offer may request up to 3% closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.

To be eligible for the offer:

• Buyers must complete the full online HomePath Ready Buyer training course on www.homepath.com and receive the Certificate of Completion.
   
• The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015.
   
• Must be First Time Homebuyer (did not own a property in the past three years) and plans to reside in the property as their primary residence.
   
• Auction, pool and investor sales are not eligible.

Get the full details here on https://www.homepath.com/ready_buyer.html

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Read the press release

Second Chance for Foreclosed Home Owners

The Federal Housing Administration is giving some former home owners another shot at home ownership. The FHA sent a letter to mortgage lenders stating that it would offer mortgage insurance to borrowers who once filed for bankruptcy, or who lost their homes through foreclosure or short sale during the recession. 

Still, potential borrowers must show they can meet all other FHA requirements and that they are no longer financially constrained. Borrowers also will have to undergo housing counseling and FHA is requiring lenders to verify that at least a year has passed since the foreclosure or “economic event" that caused the foreclosure or bankruptcy.

"FHA recognizes the hardships faced by these borrowers, and realizes that their credit histories may not fully reflect their true ability or propensity to repay a mortgage," according to the letter FHA sent to lenders. 

Source: “FHA offers mortgage backing to the once bankrupt,” HousingWire (Aug. 16, 2013)

Waiting Period Matrix After Foreclosure, Bankruptcy or Short Sale

How Long Until You Can Buy Again?