Borrowers purchasing a Fannie Mae property through HomePath may now receive closing cost assistance of up to 3.5 percent. In order to be eligible for this incentive, the initial offer must be submitted after April 11, 2011 and the close of the sale must occur on or before June 30, 2011. Qualified buyers must reside in the house and investor sales are excluded. While pool and auction sales are not eligible for this buyer-assistance offer, retail and public entities are eligible.
A similar 3.5 percent subsidy was rolled out by the government-backed mortgage firm in January 2010. The program has seen considerable success and has therefore extended or restarted the program multiple times. HomePath.com lists all Fannie Mae-owned REO properties. Community and school information, detailed property descriptions and photographs are included in most listings. Special HomePath Renovation Mortgage and HomePath Mortgage financing is available for many Fannie Mae properties. Homebuyers are offered an opportunity to purchase the property with as little as 3 percent down with this financing.
If you want more information about Fannie Mae REO properties or other real estate questions, contact me, Linda Martignetti, and let me help you with your Southeast Florida real estate decisions!