Michael Klacik's blog

Are You a First-Time Homebuyer? Fannie Mae Wants to Help You Buy a Foreclosed Home!

Would you spend 4-1/2 hours and $75 for a homebuyer education course if doing so would save you 3% on closing costs?  This equates to $4,500 on a $150,000 house.

Are you a first-time home buyer?  If you haven't owned a home for the past 3 years, then, YES, you are a first-time home buyer by Fannie Mae's definition!

Fannie Mae has a new program to help buyers save money on closing costs when they purchase a Fannie Mae HomePath listing, which is a foreclosed home owned by Fannie Mae.  Under the program, qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance and reimbursement of the $75 cost of the homebuyer education course at the time of closing.

The homeownership education course, which contains nine, thirty-minute sessions, is entirely online and covers both the complexities of home buying and the responsibilities of owning a home.  To be eligible for the closing cost assistance and the reimbursement of the training cost:

Buying Is Cheaper Than Renting . . . So Why Are You Still Renting?

It has been cheaper to own a home than rent one for a long time in the Greater Youngstown/Warren Metro Area.  Why?  Low interest rates coupled with being The Most Affordable Housing Market in the World.  

Yes, you will end up spending more money over the course of time on repairs, improvements, and other things that you will want to do, and then there's lawn maintenance and regular home repairs, which means it's more work.  But . . . you own your home, you are free to decorate it the way you want, plant whatever you want . . . and the list goes on.  How about making your money work for you instead of for your landlord!  

BE SMART: Get the NEW "Know Before You Owe" Tool Kit

The Consumer Financial Protection Bureau debuted a new tool kit to help you be a smarter mortgage shopper.

The updated tool kit includes interactive worksheets and checklists to help you, the home buyer, understand the costs of a real estate transaction.  It defines what affordability could mean to you, and provides tips on how to shop for the best mortgage.

“This tool kit is a great resource for consumers navigating the homebuying process, and will help consumers make well-informed decisions about the biggest financial transaction of their life,” says CFPB Director Richard Cordray. 

To get your tool kit, visit the CFPB Website.