A first-time home buyer grant, such as the HomePath Ready Buyer program started by Fannie Mae in April 2015, is worth up to 3 percent of the home's purchase price, according to HousingWire. For example, purchasers can save as much as $4,500 in closing costs when buying a $150,000 home.
First-time home buyers are individuals who intend to live in the homes they purchase as their primary residence and have not owned real property in the past three years, according to Fannie Mae. Fannie Mae is a company that offers access to credit for affordable residential mortgages throughout the United States. Under the Ready Buyer program, purchasers must complete an online home buyer education course consisting of nine 30-minute sessions before they make any offers on homes. The program reimburses participants for the cost of the course when they close on their home purchases.