Over the last few days, it is clearly noticeable that Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) is doing everything possible within its control to help home borrowers. The government sponsored entity has rolled out a HomePath Ready Buyer Program, which is tied with an exciting offer of assisting the mortgage payers with closing costs.
New course for discount
The program is launched to encourage first-time home buyers take up the course, who will automatically become eligible to get a discount of up to 3% on the closing costs of the home price. The housing giant has also kept the option of reimbursing $75 online course. For example, a buyer, who has cleared the course will receive up to $3,000 from Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) on a home valued at $100,000. Moreover, the buyer could also get the program fee of $75 reimbursed by the housing entity. However, the program benefits is available only on properties that owned by Fannie Mae.
According to industry experts, the move will give a boost in the percentage participation of first-time home buyers in the current recovering housing market. Moreover, it will also help the government-backed enterprise to offload its inventory that consists of houses across the U.S., which are seized for foreclosure.
Previously, Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) had also announced a marginal reduction in fees to help high-risk borrowers. As guided by the Federal Housing Finance Agency (FHFA), the housing entity had disclosed a slightly lower mortgage feel for those, who have trouble paying down payments.
However, a close analysis of the company’s move revealed that such reduction in mortgage fees will leave a negligible impact on the overall housing market. While low-risk borrowers will see little or no benefit from the move, the high-risk borrowers will witness some amount of savings on their home mortgages.
The stock of Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) was down by 1.74% to $2.82 during the previous trading session as nearly 5 million shares traded on the day.