If you've never owned a home before but are interested in buying one, a new program introduced recently by Fannie Mae might be just the boost you need. It's called the HomePath Ready Buyer Program, and new buyers can receive up to 3% closing cost assistance on mortgages. The program was announced in April and applies to initial residential real estate offers made on or after April 15, 2015.
Where does this fit into the larger context of Staten Island residential real estate? Well, with home prices nationally and locally achieving the sort of balance that signifies a healthy real estate market, and with continuing development of Staten Island as a NYC tourist destination (look no further than the commercial development on the North Shore), buying a home now certainly makes sense. The new Fannie Mae program adds a nice incentive for first-time home buyers.
Who qualifies? You must be a "First-Time Buyer," which means you have not owned a home within the last 3 years, you must reside in the home as your primary residence within 60 days of the closing, you must start the mortgage process after April 15, 2015 (at stated above), the real estate must be listed in the HomePath system, and you must request closing cost assistance when you start the process. Lastly, to be considered an eligible home buyer, you need to complete a $75, four-hour HomePath Ready Buyer Training online course. (The $75 will be reimbursed upon completion.) Learn more about the HomePath Ready Buyer Program by clicking here.
Are you ready to jump into the Staten Island real estate market? If you're a first-time home buyer, be sure to check out the information above.
This is my office, which is not for sale. However, I hope to meet you here soon.
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This information, based on New York law, was provided courtesy of The Law Office of Christopher J. Arrigali, P.C. It is intended to inform, not to advise. No one should try to interpret or apply any law without the assistance of legal counsel.