Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus to Buyers Agents (BA) on HomePath (HP) properties that close escrow on or before December 31, 2010.
In order to be eligible for these special HP incentives, properties must close within 60 days of the offer being accepted and buyers must be occupying the property as their primary residence. Furthermore the BA's must submit the offer after September 23rd and must request the incentives in the initial offer.
The 3.5% seller contribution must be used towards closing costs and the seller credit may be subject to additional lender overlays. Some Fannie Mae HP properties may be excluded from these special incentives at the discretion of Fannie Mae.
Other benefits of Fannie Mae's HP program are that there are no appraisal requirements and no monthly mortgage insurance. Here in Simi Valley, there are several HP properties that qualify for these special incentives. These are just a few HP properties that are available:
This 3bd/2ba Valley Vista home offers nearly 1,100 sq. ft. of living space on a nearly 7000 sq. ft. lot. This wonderful property has also just been freshly painted throughout with new carpeting, new heating and air conditioner as well as many other repairs and upgrades. Too many to list! There is also a large backyard with covered patio and lots of grass, trees and landscaping.
This incredible HP home is walking distance from the Rancho Simi Recreation Park as well as lots of shopping and entertainment destinations and is just minutes from freeway and public transportation access.
This 3bd/2ba with nearly 1,100 sq. ft. on a large lot of more than 8,000 sq. ft. of living space has been completely remodeled. This fabulous property offers new flooring, new paint as well as upgraded bathrooms.
This incredible HP home is walking distance from the Rancho Simi Community Park & Center as well as the Arroyo Grand Bike Path that offers miles and miles of beautiful bike trails throughout the Simi Valley hillside.
This terrific Stonegate 4bd/2ba 2-story home offers more than 1,600 sq. ft. of living space on a large lot of nearly 8,000 sq. ft. With spacious rooms and hardwood floors there is also a huge backyard and a 2-car garage that also has a workshop too.
This incredible HP home is just minutes from the Simi Valley Equestrian Center & Park as well as the Arroyo Grand Bike Paths. This neighborhood also sits in the shadows of the Simi Hills.
This home is also one of HP's First Look properties so until October 12th, only offers from buyers wanting to purchase a primary are accepted, which means no competition from all-cash investors.
The best thing about the properties are that they qualify for the City of Simi Valley First-Time Home Buyer Assistance Program. This program is specifically geared for the low-medium income first-time homebuyers who wish to purchase their first home in Simi Valley.
The program is available to those who have not owned a home in the last three years. Single parents who owned a home while married and displaced homemakers may qualify even if they owned a home in the previous three years.
Program eligibility will be based on total household income, a housing cost ratio not to exceed 35%, and a debt-to-income ratio not to exceed 45%.
- The primary loan must be a fully amortized loan. No interest only loans for the first trust deed.
- Buyers must occupy the unit as their primary residence.
- A portion of the proposed $50,000 per bedroom subsidy may be used for necessary repairs to bring the property into compliance with the City's Housing Quality Standards (HQS).
The maximum home price and City subsidy limits appear below:
|
# Bedrooms |
Maximum Market Purchase Price |
Per Bedroom Subsidy Limits |
Maximum Affordable Sales Price |
|
1 |
$206,700 |
$50,000 |
$156,700 |
|
2 |
$280,900 |
$100,000 |
$180,900 |
|
3 |
$349,300 |
$150,000 |
$199,300 |
|
4 |
$418,600 |
$200,000 |
$218,600 |
For more info on how you can qualify for down payment assistance to purchase one of these homes, contact me, Donne Knudsen of Cobalt Financial Corp, at 805.5278554 or donne4loans@earthlink.net.
Today's real estate market and lending environment can be really scary, which is why it's important to get as much information as possible before starting your search. Finding out more about affordable home loan options and getting pre-approved is an absolute must. The pre-approval process is relatively simple so contact me today to get pre-approved for this incredible program and make one of these fantastic properties your next home.
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