There’s great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.
To be eligible for this incentive, the following qualifications must be met:
- Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
- The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
- The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
- Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
- Buyers must sign an Owner Occupant Certification Rider to the real estate purchase addendum.
- If the buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Dont hesitate – offers submitted after September 15, 2011 may be difficult to close by the October 31, 2011 deadline.
Contact us for specific details on this incentive offer and for all of your Fannie Mae HomePath financing questions.