HomePath® Buyer IncentiveFannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011 when you buy one of their REO properties. The HomePath property buyer must meet the following qualifications to be eligible:
- Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
- The initial offer must be submitted on or after April 11, 2011 and close by June 30, 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 June 30, 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.
- Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
- If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.
Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.
Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible. The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details 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. Buyers should consult their lenders for guidance on financing. 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. Contact me if you would like the current list of Homepath Properties.