Fannie Mae’s Community Home Buyer’s Program
Today’s real estate word of the day is Fannie Mae in their community home buyers program. We’re going to do is go ahead and read the definition, using the sentence and quickly discuss it.
Ok, Fannie Mae’s community home buyers program is an income based community lending model under which mortgage users and Fannie Mae offer flexible underwriting guidelines to increase a low or moderate income families buying power and to decrease the total amount of cash needed to purchase a home.
Borrowers who participate in this model are required to attend a pre purchase home where home buyer education session, which I think that’s amazing. I like that. Very good. I think everyone should attend that homebuyer program.
Yeah, yeah. You should be trained a little bit as a first time homebuyer or just a a homebuyer in general. Right. You just need some education to know what’s going on. Some of the questions we get were like, what? That’s it is their sentence. That’s it, yeah, some of the questions we get from first time homebuyers or second or third time homebuyers, all of them, same response.
I like the homebuyer program.
You do? Yes. Good. Shana is in favor. It prepares them for, you know, a little bit of homeownership for them.