Have you ever wanted to buy a foreclosure but was told your type of financing will not lend on that home. Buyers don't miss the boat, Fannie Mae has a new great offer for you! This program can help you find a great forclosed home that meets Miminum Property Standards. 
The new program started June 14th and will be good until October 31st, 2011. Fannie Mae is currently giving buyers up to 3.5% closing cost assistance.
Initial offer must be submitted on or after June 14, 2011and close on or before October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 - October 31 incentive.
This program is for Fannie Mae HomePath foreclosure properties only to be used as a primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
Sales must be closed using cash, retail, HomePath, or public funds financing only. Homes sold through auction or investment pools are ineligible. Properties acquired by Fannie Mae by reverse mortgage will be ineligible.
Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer. If less than the 3.5% is used the buyer does not receive the difference.
Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion
For more information please consult a lender! If you are in Hampton Roads areas and need help finding a reputable lender give me a call!
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