Guess what? On April 11, 2011, Fannie Mae announced new buyer incentives in connection with the sale of Fannie Mae-owned properties. (HomePath properties).
What that means to you is that a buyer of a HomePath property that is to be used as the buyer’s primary residence can receive up to 3.5% of the final sales price to be used toward closing costs. Looks like a great time to buy!
The HomePath property buyer must meet the following qualifications to be eligible:
1. Buyers agents must request the incentive upon submission of initial offer in order to be eligible
2. 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 incentive.
3. The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
4. 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.
5. Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
6. If a buyer’s total closing costs are under 3.5% the difference will not be available as a credit to the buyer.
Fannie Mae can give no assurance of 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.
Yes, it looks like a very good time to buy! Call us for more details.