Fannie Mae has rolled out their newest incentive for home buyers. We’ve seen Fannie do this before with up to partial closing costs paid for or bonuses to buyers agents but their new program will really help out home buyers with limited funds. The current program offers home buyers a concession up to 3.5% for closing costs on Fannie Mae owned properties. This should take care of most if not all the closing costs that buyers will see and hopefully leave a little extra in your wallet. There are a few stipulations so check your eligibility below.
- Concession must be asked for upon offer submission
- The property must close by June 30, 2011
- The property must be purchased as a primary residence
- The buyers must be willing to sign an Owner Occupant Certification
- The Property must be a Fannie Mae HomePath®
*If your closing costs don’t add up to 3.5% the leftover is given back to Fannie Mae. In other words, no cash from closing.
At this point, the biggest hindrance is the deadline of June 30, 2011. For FHA home buyers, you will need to take into account 45 days for the escrow period and anywhere from 7-10 days to get your offer and all addendum’s back with seller signatures. If you want to pursue one of these properties make sure you lender knows time is of the essence.
For more information on this program or to find eligible properties feel free to contact me.