Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) has arranged for a springtime treat for first-home buyers through assistance on closing costs. But, the government-sponsored housing entity has one condition – it wants the buyers to sign for its counseling course. The company announced the new HomePath Ready Buyer program this week, which is meant for the first-time home buyers or those who have not owned a property in the last three years.

Register for a course

The company is encouraging the first-time home buyers to register for the course, follow it to certification and reap benefits by way of substantial savings. By looking at the terms of the course, it will be appropriate to state that Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) has left no stone unturned in adding appeal to the course. On successful completion of the course, the housing entity is willing to not only assist the buyers by contribution to the closing costs but by reimbursing the online course cost of $75. ]

Improve credit availability

According to a Chicago-based real estate broker, Frank Montro, the offer is very attractive to buyers’ needs. He added that first-time home buyers are either credit poor or cash poor, who have little savings. Thus, Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA)’s offer will infuse hope in that pool of home buyers, who have not been able to participate in the housing market recovery. As per the National Association of Realtors, first-time home buyers’ participation in the housing market was about 40% this year and 33% last year.

At the same time, Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) latest step adds up to its efforts of easing credit availability to the buyers. However, the clause is applicable only to properties under Fannie Mae. The stock of Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) closed 2.50% higher at $2.87 yesterday while a total of 4.89 million shares traded on the day.