As part of its effort to stabilize neighborhoods, Fannie Mae announced on April 11 that those who purchase a Fannie Mae-owned HomePath® property will receive closing cost assistance up to 3.5 percent of the final sales price.
The initial offer must be made on or after April 11, and the sale must close on or before June 30, 2011, to be eligible for the incentive. Additionally, buyers must live in the home as their primary residence, as sales to investors are not eligible for the incentive.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover,” says Terry Edwards, Fannie Mae Executive Vice President of Credit Portfolio Management. “Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home. So this is a great time for Fannie Mae to offer some assistance.”
Most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
Eligibility for the Incentive
HomePath buyers must meet these qualifications to be eligible for the incentive:
- The incentive must be requested at the initial offer submission.
- The initial offer must be submitted on or after April 11, 2011 and the property sale must close on or before June 30, 2011.
- Buyers must be owner occupants – auction, pool and investor sales are excluded.