Buyers Receive up to 3.5% Toward Closing Costs from Fannie Mae!

Friday, April 29th, 2011

To encourage the purchase of REO properties,Fannie Mae is introducing a closing cost incentive for home buyers for primary residence purchases with a closing date on or before June 30, 2011. This incentive reinforces Fannie Mae’s commitment to stabilizing communities and assisting buyers purchasing a HomePath® REO home.Overview of incentive:
Buyers purchasing properties listed on HomePath.com will be offered an incentive of up to 3.5% of the final sales price that can be used toward closing cost assistance.
To be eligible for the incentive:  
  Initial offers must be submitted on or after April 11, 2011.
  Property sales must close on or before June 30, 2011.
  Purchases must be used by buyers as their primary residence (second homes and investment properties are excluded).
  Buyers and Selling Agents must request incentive upon submission of initial offer in order to be eligible.
  Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  If a buyer’s total costs are under 3.5%, the difference will not be available as a credit to the buyer.
  Pool and auction sales are not eligible.

 
Contact me today to learn how HomePath® financing can get buyers into homes!Ricardo Cobos is a Mortgage Loan Officer in Raleigh North Carolina. For expert advice on FHA loans and other types of low down payment and low interest mortgage loans call
(919) 559-3384.

Tags: , , ,
Posted in Raleigh Mortgage Updates | 1 Comment »