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Fannie Mae offers closing cost assistance!!

By Molly LeBlanc

Real Estate Agent with Elevate Realty Group NW by Keller Williams 200802165

February 15, 2010 07:57 AM

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

Closing costs;
The purchase of new Whirlpool® appliances by Fannie Mae; or
A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

Offers must be accepted on or after January 28, 2010
Property sales must close before May 1, 2010
Buyers must be owner-occupants, investors are excluded

Contact a Fannie Mae listing broker for more information.

*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.

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Pat Champion

John Roberts Realty - Eustis, FL

Call the "CHAMPION" for all your real estate needs

Great incentives for buyer's one more reason for the buyer's to act now and don't delay. Thanks for sharing this information.

Feb 15, 2010 08:00 AM

Anonymous

Sara Jones

It is indeed a great initiate taken by Fannie Mae to help homebuyers. This will attract a large number of buyers in buying property. Both the first time homebuyers tax credit and the new Fannie Mae incentive, will help in increasing the property sales thereby reducing the inventory of vacant homes. Get an overview of closing cost assistance offered by Fannie Mae at http://www.mortgagefit.com/news/fanniemae-assistance.html#150570

Feb 15, 2010 08:05 PM

Steve Roesch

PDX Home Group, LLC - Portland, OR

PDX Home Group - A dynamic team who works for you

i wrote an offer on the 28th of Jan, for a HomePath property using HomePath financing, and it was accepted on the 31st of Jan, and will close within the timeframe. But after the offer was accepted the listing agent had no knowledge of the incentive, and stated that it must not count. Whatever is in the contract counts, she said. So, if you see this incentive on the website, you have to write it into the contract. Unfortunately, we saw incentive on the website after we had written the contract, because we viewed the house prior to the incentive.

My buyers are very upset. They feel that the way it is advertised on the website, (which is similar to what is on this post) that they are entitled to it. There don't appear to be any special restrictions. Just be in contract by X, and close before X and you are entitled to these extra incentives.

signed,

Underwhelmed by Fannie Mae HomePath Policies

Feb 17, 2010 06:31 AM

Fannie Mae offers closing cost assistance!!

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

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Molly LeBlanc

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