Cash Assist for Buyers of Fannie Mae Foreclosed Homes

By
Real Estate Broker/Owner with Associate Broker ~ Premier Team, KW Realty Licensed: VA DC MD SC GA

Cash Assist for Buyers of Fannie Mae Foreclosed Homes

Fannie Mae Foreclosed Homes for Sale

Cash at closing program is available for a limited time offer from Federal National Mortgage Association "Fannie Mae" on foreclosed homes. This program is for owner-occupied buyers only and is called First Look. This allows buyers to purchase a foreclosed home owned by Fannie Mae to get a 3.5% of sales price cash contribution paid to the seller at settlement towards the purchase of an owner-occupied home.

For example, a home costing $300,000 will grant the purchaser a $10,500 cash payment from Fannie Mae towards the purchase at closing.

A $500,000 home will give the buyer $21,875.

This credit is not paid directly to the buyer, but is paid at settlement toward purchase price.

Please note this program is NOT available to investors. The purchaser must agree the home will be their primary residence for a minimum period of one year. Buyers must fill out a Certification Form when bidding on a home agreeing to these terms. (Penalties for submitting a fraudulent occupant certification form will result in loss of earnest money deposit and a $10,000 penality.)

 

"First Look" Program for Owner-Occupied Buyers

Owner-occupied buyers get a "first look" at Fannie Mae foreclosed homes for sale when they initially hit the market. There is a 20-day window of time when only potential owner-occupied buyers can bid on these homes (some states have a longer First Look program). Once this period of time has elapsed, the home can be purchased by any buyer, including investors. However, the cash incentive program is no longer available to other buyers. Buyers will need to quality for the mortgage loan and get prequalified for morgage financing up to a specic dollar limit at current interest rates. The mortgage lender will then likely factor in the 3.5% closing cost incentive in calculating your mortgage application. 

 

Fannie Mae Foreclosed Homes for Sale can be found on the website www.homepath.com. Potential buyers should visit this website to view homes. Please be aware that not all states have Fannie Mae foreclosed homes for sale.

Be aware that you are buying these homes in "as is" condition, meaning no repairs will be provided by Fannie Mae. Homes are in various conditions as they were previously owned. The prices reflect the conditions of the homes and some have been "improved" as evidenced by the Home Depot symbol, or "repaired" by an independent contractor as signified by the hammer symbol next to the pictures on www.homepath.com.

 

...AVAILABLE FOR A LIMITED TIME ONLY!

Fannie Mae cash incentive program is available for a very limited time.

Home buyers must submit their:

  • initial offer to purchase before March 31,2014 and must
  • close on the sale by May 31,2014

in order to qualify for the Fannie Mae cash contribution program.

So be sure to contact your real estate professional to assist you through the process and make sure your buying experience is a smooth one! 

Fannie Mae Foreclosed Home Cash Program

 

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 to get professional advice on buying your Fannie Mae or Freddie Mac foreclosured home. Gene is an expert in distressed property sales and can guide you through the process. Don't delay, contact Gene today!

 

Cash Assist for Buyers of Fannie Mae Foreclosed Homes

 

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Do you have any questions?   

 www.LoudounCountyHomes.com  - visit my website!

Gene Mock, GRI, CRB, CRS, ABR, CIPS, TRC, SFR, SRES (Associate Broker ~ Premier Team, KW Realty)

Keller Williams Realty of Leesburg

Keller Williams Realty of Leesburg 

 

 

 

 

 

 

Gene Mock ~ Making It Easy! ™
GRI: Graduate, Realtor® Institute, CRS: Certified Residential Specialist, ABR: Accredited Buyer Representative, CIPS: Certified International Property Specialist, SRES: Seniors Real Estate Specialist, SFR: Short Sales and Foreclosure Certification, TRC: Transnational Referral Certification, CDPE: Certified Distressed Property Expert, CIAS: Certified Investor Agent Specialist, CLHMS: Certified Luxury Home Marketing Specialist & Million Dollar Guild, RCC: Residential Construction Certified, CNHS: Certified New Home Specialist, CRB: Council Of Real Estate Managers, Candidate.
Licensed Broker in Virginia, Washington DC, Maryland, South Carolina and Georgia
Cell Phone: (703) 342-8100
Toll Free:   (877) 342-8100
Visit my websites for more information:

LoudounCountyHomes.com

LoudounHorse.com

AvoidForeclosureRealty.com

NorthernVirginiaRealty.com

NorthernVirginiaRealEstate.net

NorthernVirginiaLuxuryProperty.com

NorthernVirginiaLuxuryProperties.com

CommercialPropertiesVirginia.com

 

In Virginia

In South Carolina

Keller Williams Realty of Leesburg
50 Catoctin Circle NE, Suite 101
Leesburg, VA
(703) 342-8100 - Main Office
(877) 342-8100 - Toll Free
Keller Williams Realty Augusta Partners
3633 Wheeler Rd Suite 125
Augusta, GA 30909    
(803) 617-8875 - Main Office
(877) 617-8875 - Toll Free

 

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