An early Easter present has been announced by FannieMae who in an effort to stabilize communities through the speedy resale of Fannie Mae owned homes is providing buyers with a 3.5% credit towards closing costs. This extra credit is being offered on Fannie Mae "HomePath Properties". The HomePath loan also available for borrowers to use in the purchase of these homes includes an additional "no appraisal" required benefit and a 3 to 5% down payment. The 5% can be a gift. The "catch" on the closing credit is that the contract needs to be written AFTER April 11th 2011 and escrow MUST close by June 30th, 2011.
In this situation, again... It is crucial to be pre-approved with a lender BEFORE shopping for your home. If you aren't pre approved, and by that I mean that the lender has ALL your documentation... w-2′s, pay stubs, bank statements, rental history... etc. and preliminary underwriting. You may not meet the closing time frame - especially if you haven't written a contract as yet.
Good luck in the "hunt". There are great homes, great prices and great rates for current house hunters. Best of luck.
As always, I can be reached via e mail for comments or questions...
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