Fannie Mae Offers Buyer Assistance on HomePath Properties
As part of its effort to stabilize neighborhoods, Fannie Mae has extended a buyer incentive on eligible purchases of Fannie Mae-owned HomePath properties. If all conditions are met, buyers can receive closing-cost assistance of up to 3.5 percent of the final sales price.
To be eligible for the buyer incentive, the initial offer must have been submitted on or after June 14, 2011, and the sale must close by Oct. 31, 2011. Additionally, buyers must live in the home as their primary residence; sales to investors are not eligible for the incentive.
"Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover," said Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. "Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities."
HomePath offers buyers a wide selection of options, including single-family homes, condominiums and town houses. The properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
In addition to the buyer incentive, a $1,200 bonus is available for selling agents in eligible transactions. This bonus is available if the initial offer is submitted on or after June 14, 2011, and the sale is closed by Oct. 31, 2011.
Freddie Mac has a similar program in place, with both buyer incentives and selling agent bonuses available on sales of its HomeSteps properties. In that program, initial offers must be made between May 16, 2011, and July 31, 2011, with escrow closed by Sept. 30, 2011.
To be eligible for the buyer incentive, the initial offer must have been submitted on or after June 14, 2011, and the sale must close by Oct. 31, 2011. Additionally, buyers must live in the home as their primary residence; sales to investors are not eligible for the incentive.
"Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover," said Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. "Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities."HomePath offers buyers a wide selection of options, including single-family homes, condominiums and town houses. The properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.
In addition to the buyer incentive, a $1,200 bonus is available for selling agents in eligible transactions. This bonus is available if the initial offer is submitted on or after June 14, 2011, and the sale is closed by Oct. 31, 2011.
Freddie Mac has a similar program in place, with both buyer incentives and selling agent bonuses available on sales of its HomeSteps properties. In that program, initial offers must be made between May 16, 2011, and July 31, 2011, with escrow closed by Sept. 30, 2011.
No comments:
Post a Comment